October 2014 – Dollars and Sense Radio Show on CJAD

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Montreal, Quebec – September 30, 2014

On the September 30th episode of Dollars and Sense on CJAD 800 AM, Matt C. Altro, Cross Border Financial Planner, Partner & COO at Altro Levy LLP and President & CEO at MCA Cross Border Advisors Inc. was joined by Jason Ansel, Ontario & Quebec lawyer at Altro Levy was our on-air cross border expert.

The show reviewed some frequently asked questions that our cross border experts receive regularly. Matt and Jason answered these FAQs during the show: Read the rest of this entry »

September 2014 – Dollars and Sense Radio Show on CJAD

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Montreal, Quebec – September 3, 2014

On the September 3rd episode of Dollars and Sense on CJAD 800 AM, Matt C. Altro, Cross Border Financial Planner, Partner & COO at Altro Levy LLP and President & CEO at MCA Cross Border Advisors Inc. was our on-air cross border expert.

The show focused on the services of Altro Levy’s affiliated entity MCA Cross Border Advisors with Matt reviewing threshold issues for Canadians moving to the US and Americans living in Canada. The main topics which were discussed are listed below along with several questions from individuals who called in to speak with Matt. Read the rest of this entry »

News Summary for the Weeks of November 17 & 24 2014

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Over the past week, our team has noted interesting cross-border news stories and written blogs on current cross-border topics. We’ve shared these articles on our Twitter, Facebook and LinkedIn pages, but recap them for you here: Read the rest of this entry »

Estate Planning Considerations for the Family Cottage

Blog by Samantha Wu

In the last few years, I had the pleasure of spending many summer weekends at a friend’s family cottage in the beautiful Georgian Bay. Like many retired Canadians, my friend’s parents spend virtually every weekend at their cottage, which they built with their own hands decades ago, and plan almost every holiday and major family event there. As a result, this cottage has significant emotional value to the family and will likely require special consideration and discussion in their estate-planning scheme.

Cottage and vacation home succession is a conflict-ridden area of estate planning as family members may have different personal goals and levels of emotional attachment to the property. The parents may want the cottage to be kept in the family for generations while the children may balk at the high maintenance costs and long drives to the property and would rather sell the property when the parents pass away. Consequently, planning for the family cottage should always start with a family conference with your children and discuss how they may wish to deal with the property in the future. Read the rest of this entry »

The Montreal Gazette – Tax Strategy: RESP contributions are not deductible

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Matt C. Altro is a regular contributor to Paul Delean’s business column in the Montreal Gazette. Click here to view the article online or scroll down to read Matt’s answer to the third question below. Read the rest of this entry »

News Summary for the Week of November 10, 2014

Weekly-update_blog

Over the past week, our team has noted interesting cross-border news stories and written blogs on current cross-border topics. We’ve shared these articles on our Twitter, Facebook and LinkedIn pages, but recap them for you here: Read the rest of this entry »

The Benefits of Buying in the Sunbelt

Blog by Shlomi Steve Levy

With winter just around the corner, many Canadians are dreaming about escaping to the U.S. sunbelt.

Luckily, according to BMO Bank of Montreal’s Annual Snowbird Outlook, U.S. vacation homes in popular snowbird destinations like Florida remain affordable compared to the housing prices we saw in 2006.

At the same time, as noted in a recent Financial Post article, snowbirds face a tough rental market. While the American economy has been recovering, many Americans have been renting homes instead of buying them. As a result, rental prices across the U.S. are increasing while the number of rental properties available for Canadian snowbirds is decreasing. Read the rest of this entry »

US Real Estate Transactions and the Perils of Post Occupancy

Blog by Jason S. Ansel

There are many Canadians buying real estate in the US and anyone who has made a purchase south of the border can attest to how different the process can be. One of the main differences, which we have discussed in previous publications, is that the US does not require you to have your own legal representative. In fact, it is likely that your realtor has gone as far as saying that you do not need to have a lawyer review your contract or assist in the closing of the transaction. While that is technically true, it is not something we recommended. Having proper counsel over the course of your US purchase or sale can be the difference between a smooth or bumpy transaction. Read the rest of this entry »

News Summary for the Week of November 3, 2014

Weekly-update_blog

Over the past week, our team has noted interesting cross-border news stories and written blogs on current cross-border topics. We’ve shared these articles on our Twitter, Facebook and LinkedIn pages, but recap them for you here: Read the rest of this entry »

Cross Border Estate Planning: Gifting to US Resident Children

Blog by Heela Donsky

Canadian parents are no strangers to losing their kids to the US – some may leave Canada to study in the US never to return, while others are recruited by US companies and sponsored by them for immigration purposes.

Once becoming a US person, the child becomes subject to the dreaded US gift and estate tax regime. Click here for a review of these rules. While this may not have an immediate impact on a child whose assets are below the exemption amount of $5.34 million USD, the child may be impacted downstream once he or she has amassed some personal wealth and/or received an inheritance from mom/dad’s Canadian estate. Read the rest of this entry »