Executor’s Personal Liability for an Estate’s Taxes
True personal anecdote A few years ago, I agreed to act as Estate Trustee During Litigation. I was appointed on a Wednesday. Late that Friday afternoon (just before a long weekend), I received a call...
View ArticleBuying Property Abroad? Consider these Estate Planning Issues First
This blog has been written by Pritika Deepak, Associate at Fasken LLP Many Canadians dream of owning property abroad and many already do. Whether it is a winter retreat in Florida, a villa in France,...
View ArticleCorporate Financial Statements: An Overlooked Estate Planning Tool
For many business owners, the corporation is often the largest asset in the family’s estate and the key asset to their succession plan. For estate planners, the discussion often focuses on a review of...
View ArticleThe End of the Delinquent FBAR Safe Harbour: What U.S. Persons and Advisers...
On June 30th, 2026, the Internal Revenue Service (“IRS”) removed its “Delinquent FBAR Submission Procedures,” representing a significant development for U.S. persons with foreign financial accounts who...
View ArticleU.S. Estate Planning & Step-Up in Basis: A Key Rule for Inherited Assets
When advising Canadian clients with cross-border estate planning considerations involving U.S. beneficiaries, the step-up in basis is an important tax concept that can materially affect the...
View ArticleThat Foreign Property Question
Today’s Blog was written by Rahul Sharma, Partner, Fasken LLP, Toronto Many Canadians today have or are thinking of acquiring some form of foreign real estate. For some, the property was inherited...
View ArticleQualified Disability Trusts: Some Positive Commentary from the Canada Revenue...
This blog has been written by Darren G. Lund, Partner at Fasken LLP Each year in June, the Canadian branch of the Society of Estates and Trusts Practitioners holds its annual conference. One of the...
View ArticleLife Insurance & U.S. Citizens
When considering life insurance, it’s important to ask: are you a U.S. citizen? The reason for this question is that U.S. citizens who own foreign life insurance policies face a surprisingly complex...
View ArticleNavigating Tax Dual-Residency: Treaty Tie-Breakers
Written by Eric Hendry, Associate, Gowling WLG (Canada) LLP What happens when the domestic tax rules of two different countries look at the same person and both conclude that the individual is a tax...
View ArticleThe “Surprise” Asset – What to Do When You Discover Estate Assets After Probate
Even with careful record-gathering at the beginning of an estate administration, it is not uncommon for an estate trustee to later discover an additional asset. The estate trustee may think they have...
View ArticleNew Form T1141 and T1142 Filing Requirements
Today’s Blog was written by Rahul Sharma, Partner, Fasken LLP, Toronto About three years ago, at this time of year, I wrote about T1141s and T1142s: Don’t Forget the T1141s and T1142s! – All About...
View ArticleEstate Freeze & U.S. Citizens
Before recommending an estate freeze to a client, advisors should first ask them a simple question: Are you a U.S. citizen? By failing to ask this question, advisors may be overlooking significant...
View ArticleGifting Farmland, an Estate Strategy?
Gifting property to the next generation is an estate strategy at its simplest form. For farming families, farm succession planning can often be complex considering the difficulties associated with...
View ArticleDual Citizens, U.S. and Tax
Dual U.S.-Canadian citizens residing in Canada may want to pay particular attention to the Exclusive Citizenship Act of 2025 (the “Act“); a proposed bill establishing that “citizens of the United...
View ArticleA Pragmatic and Positive Approach Towards International Migration
Today’s Blog was written by Rahul Sharma, Partner, Fasken LLP, Toronto This is a short blog post written on a cold morning in Toronto. It is currently -12 degrees in Toronto (with a windchill factor...
View ArticleLove, Marriage and U.S. Tax…
Love knows no boundaries and neither do the U.S. tax rules. Marrying a U.S. citizen will result in U.S. tax implications for the couple that should not be ignored. This article will review a few U.S....
View ArticleTransferring the Family Home to the Next Generation
This blog post was written by: Rebecca Tong, Senior Manager, Scotiatrust Tax Services, Vancouver Ever thought about gifting a property to your children? As most parents would think – yes why not and...
View ArticleRRSPs Aren’t the Villain – But Misunderstanding Them Is
This blog post was written by: Melissa Plunkett, Director, Scotiatrust On Friday, September 26, 2025, when CTV news published their story “Daughter hit with $660,000 tax bill when both parents died in...
View ArticleThe Year of the Audit and the Introduction of “Prompted” Disclosures
This blog has been written by Rahul Sharma, Partner, at Fasken Martineau DuMoulin LLP, Toronto 2025 is flying by. We are now in its final quarter. Looking back at the year, I can think of one...
View ArticleEstate Planning and Rental Properties
Over the last couple decades, many Canadians have invested in real estate, more specifically, in rental properties. As a result, their real estate holdings will constitute a substantial part of their...
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