Entries by Steve

Multiple taxation on death: the taxpayer’s nightmare

Steps to limit tax in other jurisdictions When clients and their assets become more globalized, they may face the possibility of multiple taxation on death. Most jurisdictions impose some type of death, succession or estate tax. While some countries tax the deceased or the estate, others tax the beneficiary. There are also different bases for […]

Tax issues when Canadians have U.S. executors

Tips to avoid cross-border complications A common and problematic occurrence in cross-border families is for a Canadian to select a close relative in the U.S. as an executor. Clients considering this option should weigh the potential consequences. To illustrate the problems, let’s use an example. Fictional couple Noah and Shayna live in Edmonton but their […]

Canadians concerned about aging parents becoming financial burdens

Survey respondents worried about postponing retirement, being unable to pay off debt Many Canadians are worried about the financial strain of supporting their elderly parents, according to a survey commissioned by FP Canada and Chartwell Retirement Residences. The survey, conducted by Leger, polled more than 1,500 Canadians. Fourteen percent of respondents who had a living […]

Discuss final expenses before it’s too late

If clients plan for final expenses, it’ll make things easier on their children. When she reflects on a messy estate battle involving one of her clients, one Alberta lawyer says the family fight became so petty, that there was almost a sense of gallows humour about the situation. The conflict began over the will, and […]

How to handle rental properties in estates

Executors must balance responsibilities to tenants and beneficiaries Rental properties can be significant assets in estates, but they also present a challenge for executors. What obligations and responsibilities does an executor have to tenants, and how should those be balanced with responsibilities to beneficiaries? Connie den Hollander, partner at Knott den Hollander in Saskatoon, Sask., […]

More than one-third of mass market households don’t receive financial advice

A new poll reveals why that’s a problem As the industry continues to examine whether an advice gap exists in Canada among mass market households, a new poll finds that a significant proportion of middle-income households aren’t working with financial advisors, with negative results. A poll conducted for Primerica found that more than one-third (37%) […]

U.S. regulators halt alleged Ponzi scheme

The scheme raised US$30 million from more than 300 investors in the U.S. and Canada A U.S. court has issued an order shutting down an alleged multi-million dollar Ponzi scheme targeting investors in Canada and the U.S. A U.S. district court judge in the southern district of Florida has granted the U.S. Securities and Exchange […]