Canadian Cottage: Update and Refresh

Presented on January 19, 2019
1.0 CLE credit: Areas of Professional Practice

U.S. Attorneys should be aware of the Canadian tax consequences related to U.S. clients buying, selling, and holding Canadian property as well as consequences of owing Canadian property at death. Learn the “Deeming” rules which require U.S. residents to file Canadian tax returns and pay capital gains tax in the case of family transfers and in the case of death. Avoid penalties and interest for failure to file or on time.   Learn of new taxes and new filings that are required of U.S. residents, including filing requirements on transfers of shares in U.S. cottage holding companies. Understand how Ancillary Estate proceeding are handled in Ontario. This should prove to be a very useful and informative program for the U.S. attorney who wants to understand how certain events can trigger Canadian tax consequences with respect to the holding of Canadian property for the benefit of your clients.  The program includes a review of what has been in place and what new things are applicable to U.S. clients in these situations.

During this lecture, you will learn:

  • Procedures in transfers of Canadian property
  • Procedures on Ancillary Probate proceedings in Ontario
  • Canadian taxes applicable to transfers and dispositions
  • Estate planning techniques
  • Use of Trusts and U.S. resident corporations
  • Application of new Land Speculation Tax
  • Filing requirements by U.S. Resident Corporations in Canada
  • Filing requirements by owners of U.S. Resident Corporations in Canada
  • Tax Consequences of gifting, death and divorce
  • Capital gains tax and the U.S. – Canada Tax Treaty
  • Filing requirements when U.S. Resident corporation shares are disposed of or transferred

Available Formats: CD, DVD and OnDemand