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Domestic and foreign assets of all U.S. citizens and decedents are subject to U.S. estate tax law when they are above the allowed limit. The estate tax exclusion limit sits at $5,250,000, leaving a large number of estates below it and not subject to federal estate taxes. In addition, federal estate tax does not apply...
Canada, unlike the United States, taxes entities on the basis of their ‘resident’ status during a tax year rather than basing it on their citizenship. However, in the case of a Canada-situs property it could be taxable even if the taxpayer is a non-resident during the year, with the situation growing in complexity if it...
It’s never too early to start tax planning for the New Year. Done properly, tax planning has the potential to minimize tax obligations. AG Tax professionals have prepared a list of certain tax strategies for consideration by a Canadian taxpayer. With the help of a tax specialist, taxpayers can develop their own personalized tax strategy....
We are aware that fraudulent emails are being received that appear to come from info@agtax.ca and require the recipient to enter personal details in order to get a refund from the CRA. These emails are phishing scams, using the contact details of many accounting firms, and should be ignored and deleted. The Canadian Anti-Fraud Centre...
For a U.S. taxpayer, gifts made to, and estates left to, grandchildren and great-grandchildren are subject to the Generation Skipping Transfer (GST) Tax, along with Gift Tax and/or Estate Tax. In order to answer the question of why gifts or bequests made to a grandchild need to be taxed additionally, our tax professionals have prepared...
If all of the beneficiaries of a Canadian estate are resident in Canada, administration of an estate is relatively straightforward. However, an estate with beneficiaries living outside of Canada presents challenges for the executor, as distributions of property to non-residents involve a number of additional tax issues. It is important that the executor of a...
In the U.S., gifts between spouses, who are both U.S. citizens, are non-taxable. However, when one of the spouses is a non-resident alien, the tax rules can vary and the situation can become complex. As the U.S. gift tax rules can be confusing, the tax professionals at AG Tax have prepared a general overview of...
Gift tax may be one of the IRS’s most-hated practices, but there are several ways to eliminate it. As discussed in our previous article (Gifts and Gift Tax Return), not only is gifting beyond a certain limit (to anyone other than one’s spouse) taxable by the Internal Revenue Service (IRS), but also any delay in...
Married couples can use gift-splitting to double the amount of their tax-free gifts. Gift tax applies to U.S. citizens and residents making transfers of property by gift. Gifts in excess of the annual exclusion amount ($14,000 for 2013) to a third party, other than a qualifying charitable organization or political party, are taxable. The exclusion...
Who controls your estate or trust? Their residence may have serious tax implications and it might not be where you expect. The Canada Revenue Agency (CRA) taxes on the basis of the resident status of an entity in a particular tax year. This can raise concerns about the residency status of an estate which is held...
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