Cross Border Series EP 13 – Maggie : Personal Ownership


Warning: sprintf() [function.sprintf]: Too few arguments in /home/altrolev/public_html/wp-content/plugins/addthis/addthis_social_widget.php on line 1532

Warning: sprintf() [function.sprintf]: Too few arguments in /home/altrolev/public_html/wp-content/plugins/addthis/addthis_social_widget.php on line 1536



Cross Border Video Series


Maggie: Personal Ownership

Maggie and her husband bought a house in Naples for $500,000 and put the title in her husband’s name. After her spouse passed away, Maggie couldn’t sell her house as her estate was frozen, probate took over a year to sort out and cost her over $15,000 in fees.

David A. Altro explains how to avoid these problems, starting by putting the property in a Cross Border Trust which avoids probate fees in the future.

Cross Border Series EP 12 – George : Cross Border Trust


Warning: sprintf() [function.sprintf]: Too few arguments in /home/altrolev/public_html/wp-content/plugins/addthis/addthis_social_widget.php on line 1532

Warning: sprintf() [function.sprintf]: Too few arguments in /home/altrolev/public_html/wp-content/plugins/addthis/addthis_social_widget.php on line 1536



Cross Border Video Series


George: Cross Border Trust

George’s mother is ill with dementia. He would like to sell her condo before she dies to avoid probate fees.

David examines the situation and informs George that his mother loses the right to sign any documents because of her dementia.

The best solution in this difficult situation would be to put the property in a Cross Border Trust and be a trustee. This procedure would would bypass the complicated and expensive alternative of ‘Guardianship’.



Cross Border Series EP 11 – John : RRSPs in Canada


Warning: sprintf() [function.sprintf]: Too few arguments in /home/altrolev/public_html/wp-content/plugins/addthis/addthis_social_widget.php on line 1532

Warning: sprintf() [function.sprintf]: Too few arguments in /home/altrolev/public_html/wp-content/plugins/addthis/addthis_social_widget.php on line 1536



Cross Border Video Series


John: RRSPs in Canada

John moved to Atlanta in 2005, and has an RSSP worth $400,000 back in Canada.

John want to know if he can access his money since he is currently a non-Canadian resident? Would there be any tax implications?

David A. Altro informs John that as a Canadian, he would be subject to almost 50 % tax if he were to withdraw his RRSP. However, since John is a a non-resident of Canada he is eligible to collapse his RRSP at a tax rate of 25%. David goes on to further explain that the tax can ultimately go down to 15% and if put in the appropriate structure the tax may be recovered by redeeming foreign tax credits.



Cross Border Series EP 10 – Andy: U.S. Estate Tax


Warning: sprintf() [function.sprintf]: Too few arguments in /home/altrolev/public_html/wp-content/plugins/addthis/addthis_social_widget.php on line 1532

Warning: sprintf() [function.sprintf]: Too few arguments in /home/altrolev/public_html/wp-content/plugins/addthis/addthis_social_widget.php on line 1536



Cross Border Video Series


Andy: U.S. Estate Tax

Andy’s father lives in Toronto and owns a million dollar Miami condo in his name. His worldwide assets are around $10,000,000. Andy is wondering if there is any estate tax on his father’s assets.

David A. Altro explains that Andy’s father will have to pay a lot of estate tax if he dies after January 2011 when the estate tax law comes back. Moreover, U.S. Estate tax is a huge problem and even more so for Canadians who own in the U.S.. The best option would be to see qualified cross border professionals before buying the property. However in Andy’s father’s case, the best option for him would be to sell the estate to a trust in favor of Andy. That way the trust doesn’t die and there will be no U.S. estate tax upon Andy’s father’s death.

You may also use our online U.S. estate tax calculator, which will help you calculate your exposure.


Cross Border Series EP 9 – Jacques: Canadians Starting a Business in the U.S.


Warning: sprintf() [function.sprintf]: Too few arguments in /home/altrolev/public_html/wp-content/plugins/addthis/addthis_social_widget.php on line 1532

Warning: sprintf() [function.sprintf]: Too few arguments in /home/altrolev/public_html/wp-content/plugins/addthis/addthis_social_widget.php on line 1536



Cross Border Video Series


Jacques: Canadians Starting a Business in the U.S.

Jacques wants to buy a business in Florida and continue living in Montreal. What structure should he consider for his business to avoid double taxation?

David A. Altro recommends consulting with a professional cross border consultant before embarking on their new US venture, as there are lots of aspects to take into considerations such as number of employees and the type of investment required.

The most popular structure recommended by US attorneys is the LLC, which provides lots of advantages to US citizens, but allows for the dreaded ‘double taxation’ for non residents.

One of the best structures for Canadians is to incorporate as a C-Corp, and have the shareholder of the C-Corp to be the Canadian company. This structure allows the least amount of taxes payable in both the U.S. and Canada.



Cross Border Series EP 8 – Katie: Partnership



Cross Border Video Series


Katie: Partnership

Katie bought a beautiful home in Palm Springs for $800,000 cash. Her attorney advised her to place it in a limited partnership to avoid taxes. Later that year she wanted to refinance and take out a mortgage from a U.S. bank. They refused her request because her home was in a limited partnership.

David stresses the importance of your attorney knowing all of your goals and objectives to ensure that he structures your property in the most effective way. In Katie’s situation, he recommends transferring her home out of the limited partnership into a Cross Border Trust which will allow her to get the mortgage.



Cross Border Series EP 7 – Jacob: Revocable Trust



Cross Border Video Series


Jacob: Revocable Trust

Jacob bought his Florida property in 2000 for $300,000 and six years later had it valued at $650,000. He was ecstatic about the $350,000 gain and retained the advice of a Florida attorney who recommended he establish a revocable trust. Everything was swell and dandy until he found out that he had triggered a disposition in Canada, meaning he had to pay capital gains tax on the $350,000 even though he still owned the property!

David informs Jacob that a Florida revocable trust is one of the worst structures for a Canadian citizen who owns U.S. property that has gone up in value. Having a Florida attorney who has knowledge of the Canadian tax effects is crucial. David recommends setting up a Cross Border Trust which offers all the advantages of a Florida Revocable Trust (avoiding probate, incapacity, low capital gains tax rates, etc) and does not create any problems on the Canadian side such as double taxation.



Cross Border Series EP 6 – Justin: U.S. Citizen in Canada



Cross Border Video Series


Justin: U.S. Citizen in Canada

Justin is a U.S. citizen living in Toronto.  After a long chat with a friend who was in a similar situation, Justin revealed that he did not file with the Internal Revenue Service (IRS). His friend got concerned and urged Justin to take action right away, as he might be a shareholder in a Passive Foreign Investment Company (PFIC)!

Justin does not realize that he is still subject to all the U.S. tax rules as well as the Canadian. In addition to having to file is 1040 tax return every year that he’s living outside the U.S., Justin will need to be aware of PFIC implications if he is running a business in Canada.



Cross Border Series EP 5 – Carole & Steve: Becoming a U.S. Resident – Tax Planning



Cross Border Video Series


Carole & Steve: Becoming a U.S. Resident – Tax Planning

Steve and Carole are sick of the Canadian winters and want to move to Arizona to spend more time with their grandchildren. They are excited and ready, but worried about the tax ramifications given that they have a significant estate in Canada.

David A. Altro recommends tax planning before they become non-residents to avoid departure tax in Canada. He also examines other estate planning opportunities to avoid probate and estate tax as residents of the U.S..


Cross Border Series EP 4 – Doris: Children Living in the U.S.



Cross Border Video Series


Doris – Children Living in the U.S.

Doris has a son who is a doctor living and working in Boston. She wants to make sure that the money he will inherit from her will be shielded from U.S. tax on his subsequent death. What strategies can be considered to achieve the desired result?

David A. Altro recommends establishing a Trust for Life in Doris’s Canadian will. Watch the video below for details.