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Tax

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Monday, February 12, 2018 @ 9:03 AM

More property in foreign jurisdictions complicates estate planning global_property_sm

In an increasingly global and mobile society, where people move between jurisdictions with relative ease, the number of people who acquire property in foreign jurisdictions, inherit foreign property from a relative, or own a foreign property and then move to Canada, is multiplying. While these developments may speak to the increasing prosperity and cosmopolitan nature of Canadian society, foreign property can create problems for families if proper planning is not put in place prior to the owner's death. ... [read more]

Wednesday, February 07, 2018 @ 11:19 AM

Snowbirds and the tangled web of cross-border estates crossborder_tax_sm

A Toronto executive was responsible for administering the estate of his uncle who had retired to Florida. The uncle died and held investment accounts worth millions with two U.S. brokerage firms. The nephew, recognized by the state of Florida as executor for the estate, worked with his uncle’s lawyer to file for probate in Florida under the formal administration process. Then he and his lawyer received a surprise — those U.S. investment firms wouldn’t take instructions from him. ... [read more]

Wednesday, February 07, 2018 @ 9:39 AM

What to do when third parties impede settlement hard_mediation_sm

While most family law cases involve only two parties, there can be many other parties who may play a significant role in the settlement of the case. These can include cheerleaders, those involved in third party claims, third parties from whom disclosure is sought, creditors, the Canada Revenue Agency or the Children’s Aid Society. ... [read more]

Monday, February 05, 2018 @ 9:02 AM

Asset allocation: Simple instructions, complicated results estate_decision_sm

Many clients have seemingly simple instructions for their wills.  Gifting specific assets to certain beneficiaries are logical and straightforward for many testators.  “I want to give my investment account to John”. Such simple instructions give rise to many dramatic consequences that should raise red flags for the advisor.   ... [read more]

Tuesday, January 30, 2018 @ 9:20 AM

How to know who’s legally on the hook for tax return errors tax_blame_sm

For most people, preparing a tax return ranks only slightly above getting a root canal on the enjoyment scale. Many seek to avoid — or at least minimize — this suffering by engaging an accountant to prepare their tax returns. Those that do may reasonably question to what extent they are responsible for spotting errors or omissions in their returns. ... [read more]

Monday, January 29, 2018 @ 9:40 AM

Financial implications a consideration when deciding U.S. status green_card_sm

Lawful permanent residents should only decide to maintain status, abandon their green cards or apply for U.S. citizenship with the knowledge of how this can affect them. Understanding the implications of these actions before they are taken could save tax or tuition dollars, ensure continued ability to live in a desired location, and prevent legal proceedings. ... [read more]

Friday, January 26, 2018 @ 8:43 AM

Litigation beyond Tax Court: Injunctions, appeals and mandamus orders

The Tax Court has two procedural veins, general and informal, and the Federal Court of Appeal’s (FCA) ability to hear an appeal is constrained by the procedure chosen. Specifically, an appeal lies to the FCA from informal procedure at Tax Court only on the limited grounds set out in s. 27(1.3) of the Federal Courts Act. Some of the grounds are quite specific, such as basing a decision on an erroneous finding of fact that it made in a perverse or capricious manner while other grounds are broader, such as failure to observe a principle of natural justice or procedural fairness. ... [read more]

Thursday, January 25, 2018 @ 1:14 PM

Judge appointed in British Columbia

The regional director general and senior general counsel with Justice Canada, Jasvinder S. (Bill) Basran, has been named as a judge with the Supreme Court of British Columbia in Vancouver. ... [read more]

Wednesday, January 24, 2018 @ 8:25 AM

Valuation of IP based on a royalty stream

Challenges arise in the valuation of intellectual property (IP) due to a number of factors, including: difficulties in estimation of cash flows to be generated from the IP’s use or licensing, particularly for early-stage or disruptive IP; tax considerations due to the ease of migration of IP; and selection of an appropriate discount rate and the quantification of risk. ... [read more]

Monday, January 22, 2018 @ 12:37 PM

Tax Views: The OECD's reaction to international tax planning | Vern Krishna

As in Newtonian physics, actions in tax law attract reactions. As global trade expands, so do the problems of monitoring the taxation of multinational enterprises (MNEs). Countries are eager to claim taxing jurisdiction over foreign corporations that operate within their borders as they provide revenues and cannot generate the political emotion that domestic persons muster. ... [read more]