U.S.-Canadian Tax and Estate Planning for Cross-Border Clients

Reconciling U.S. and Canadian Law on Trusts, Deemed Dispositions on Death, Situs Wills, and Wealth Transfers

Recording of a 90-minute CLE/CPE webinar with Q&A


Conducted on Tuesday, October 30, 2018

Recorded event now available

or call 1-800-926-7926
Program Materials

This CLE/CPE webinar will provide estate planners with a comprehensive guide to estate planning tax challenges and opportunities for clients who have a tax presence in both the United States and Canada. The panel will discuss the U.S. tax law and treaty provisions that govern tax and fiduciary rules in both Canada and the United States. The webinar will focus on the U.S. tax and other consequences for Canadian clients with U.S. tax presence and U.S. taxpayers with Canadian-based pensions and other assets.

Description

The long Canada-U.S. border and extensive ties between the two countries provide a significant amount of economic migration for citizens of both countries. Many U.S. citizens and permanent residents have property interests in Canada and vice-versa. Estate planning counsel and advisers must be able to identify the tax and wealth transfer planning rules and opportunities specific to U.S. and Canadian citizens with assets and presence in both countries.

The differences between U.S. and Canadian estate and wealth transfer rules present several challenges. Canada does not impose an estate tax. However, Canadian law provides for a “deemed disposition” of all capital assets on the death of a taxpayer. This disposition triggers tax on all unrecognized gains and losses of Canadian-sourced assets.

While the U.S.-Canada tax treaty allows for reciprocal credits for U.S. estate tax and Canadian taxes, estate planners must be able to reconcile the differences between the two countries’ tax regimes and proactively minimize the tax impact of wealth transfers. Tax advisers must have a thorough grasp of treaty provisions, identifying whether a client needs separate estate documents specific to each country, and recognizing the U.S. and foreign income and estate and gift tax implications of wealth planning transactions.

Listen as our experienced panel provides guidance on how to plan the estates of clients with U.S. and Canadian tax presence, including interests in business entities, real estate and financial accounts. The panel will cover the legal and tax considerations when planning for the disposition of each type of asset.

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Outline

  1. U.S. estate tax regime
  2. Canadian “deemed disposition” rules
  3. Tax treaty credit provisions
  4. U.S. and Canadian tax treatment of trusts
  5. Filing and reporting deadlines and timelines to consider

Benefits

The panel will review these and other essential issues:

  • When is it appropriate for clients to have separate estate plan documents specific to the U.S. and Canada?
  • How does the “deemed disposition” rule work to create a recognition event upon death or transfer of assets deemed to be Canadian-sourced?
  • What are the tax treaty provisions to ameliorate dual taxation issues in estates and post-mortem tax events?
  • How to avoid inadvertent gift tax triggering events on spousal transfers
  • Options for transferring estate assets outside of an estate in Canada

Faculty

Coleman, Darren
Darren Coleman

Senior Vice President, Private Client Group, Portfolio Manager
Raymond James

Mr. Coleman started in the industry in 1992 and with Raymond James in 2012, providing comprehensive wealth services for...  |  Read More

Eberl, Catherine
Catherine B. Eberl

Partner
Hodgson Russ

Ms. Eberl regularly advises clients on all aspects of estate planning, including estate, gift, and fiduciary income tax...  |  Read More

McKenna, Britta
Britta L. McKenna

Partner
Hodgson Russ

Ms. McKenna concentrates her practice in all areas of domestic and complex cross-border estate and trust matters,...  |  Read More

Reed, Max
Max Reed, LLB, BCL

Tax Lawyer
SKL Tax

As a cross-border tax lawyer, Mr. Reed assists clients with tax problems that span the US/Canada border with a...  |  Read More

Other Formats
— Anytime, Anywhere

Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Video

$297

Download

CPE Not Available

$297