Death and US taxes

Article Abstract:

Canadian residents who have estates in the US should be aware of the different tax treatment given to estates of deceased spouses in the US. In Canada, such an estate would automatically be entitled to spousal rollover provisions. In the US, only a qualified terminable interest property (QTIP) trust is deductible from the deceased spouse's taxable estate, and only if the surviving spouse is the sole appointee of the QTIP trust. Upon the death of the second spouse, the QTIP trust is subject to estate tax with only the remains of the tax-exempt terminable interest to be passed on to heirs.

Tax Deductions & Exemptions, Estate Planning, Analysis, Tax deductions, Estate tax, Estate taxes, Qualified terminable interest property, Qualified terminable interest property trusts, Canadians, Marital deduction

---

Step-up transactions

Article Abstract:

Canadian taxpayers need to be aware of the pitfalls and complications that could arise should they opt to claim their capital gains exemption. One reason for this is that the rules for treating capital gains were changed in 1994. Previously, taxpayers where permitted a lifetime capital gains exemption of 100,000 Canadian dollars. However, in 1994, the government eliminated this provision, but gave taxpayers a one-time opportunity to claim deductions on the unused portion of the capital gains exemption by filing a special form along with their 1994 returns.

Capital Gains Taxes, Laws, regulations and rules, Capital gains tax, Tax elections

---

Strong medicine

Article Abstract:

The new tax rules imposed on Canadian emigrants have considerable disadvantages to a number of taxpayers and businesspeople, who will then contend with various concerns when migrating from Canada. The proposed regulations could scare and lead entrepreneurs to leave before making new or additional investments. Taxpayers would also have to deal with such concerns as the price of their property that they will need to sell when they leave, the provision of proper security, and planning for departure tax reduction.

Personal Income Taxes, Income tax, Personal income tax

Similar abstracts:

• Abstracts: Fire and ice. Art of palm. It's Lacroix darling
• Abstracts: Global bonds: US shackles. Global bonds: wait for it. Bonds: attracting foreign cash
• Abstracts: Japan. France
• Abstracts: Asset allocation and the equity premium puzzle. Investment horizon effects. Modelling stock market volatility in Australia
• Abstracts: Occupational slips and falls: more than a trivial problem. Progress in systems ergonomics: a selective review

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.