U.S.-Canadian Tax and Estate Planning for Dual Residents
Reconciling U.S. and Canadian Law on Trusts, Deemed Dispositions on Death, Situs Wills, and Wealth Transfers
Recording of a 90-minute CLE/CPE video webinar with Q&A
This CLE/CPE course 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 a U.S. tax presence and U.S. taxpayers with Canadian-based pensions and other assets as well as the basics of cross-border estate law.
Outline
- Planning a cross-border estate from an estate law perspective
- U.S. estate tax regime
- Canadian "deemed disposition" rules
- Tax treaty credit provisions
- U.S. and Canadian tax treatment of trusts
- 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
Susan J. Merritt
Senior Vice President and Chief Fiduciary Officer, Wealth Management
Northern Trust
Ms. Merritt is responsible for overseeing all aspects of the Orange County region’s fiduciary practice including... | Read More
Ms. Merritt is responsible for overseeing all aspects of the Orange County region’s fiduciary practice including oversight of all trust relationships, management and mitigation of fiduciary risk, review of all new trust business, and oversight of all court related matters including administrative petitions and fiduciary litigation. She also works with select Wealth Management clients and their advisors to develop integrated tax and estate plans based wealth management strategies. Prior to joining Northern Trust, she was a practicing attorney with a large business law firm and focused on domestic and offshore tax and estate planning for high net worth individuals.
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Max Reed, LLB, BCL
Principal
Polaris Tax Counsel
As a cross-border tax lawyer, Mr. Reed assists clients with tax problems that span the US/Canada border with a... | Read More
As a cross-border tax lawyer, Mr. Reed assists clients with tax problems that span the US/Canada border with a particular emphasis on US taxation for Canadian corporations, trusts, and individuals. He has written widely on the topic of cross-border taxation and is the co-author (with Dick Pound of Stikeman Elliot) of A Tax Guide for American Citizens in Canada, technical articles on the U.S. tax treatment of the Tax Free Savings Account and Canadian mutual funds, and a series of columns for the National Post. One of this articles was given a technical award by the Canadian Tax Foundation. He is regularly invited to speak on cross-border tax issues.
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