Welcome!

News Feed Item

Global Family Trees: BMO Study Shows Canadians with Family and Investments Abroad Unfamiliar with Tax and Estate Laws

- One quarter of Canadians have family and assets abroad

TORONTO, ONTARIO -- (Marketwire) -- 12/23/12 -- With the holiday season now upon us, many Canadians have travelled abroad to visit family and friends. But while more than one-quarter (26 per cent) of Canadians have either family members or assets outside of Canada, a study by BMO Harris Private Banking found that more than one-third (36 per cent) of international asset holders are not familiar with the taxes and laws pertaining to wills that include assets or properties outside of Canada.

"Those fortunate enough to own assets or property outside of Canada - or those thinking about it - need to do their due diligence to ensure their estate will be settled as they have planned," said Sara Plant, Vice President and National Director, BMO Harris Private Banking. "If your beneficiaries live abroad, it is critical to be aware of tax issues, inheritance laws and other legalities to avoid any potential issues with your estate plan."

According to the study, one-in-five (19 per cent) Canadians have assets abroad, including:


--  Vacation home/second property 
--  Bank account 
--  Investments 
--  Other real estate holdings 
--  Business holdings 

Family abroad

Statistics Canada predicts that the Canadian population will grow 0.7 per cent in each of the next two years, with 82 per cent of that growth expected to come from immigration.

An increase in immigration could contribute to the proliferation of global families with relatives staying behind in home countries, noted Ms. Plant.

The BMO study found that 16 per cent of Canadians currently have family members living outside of Canada whom they have named or plan to name as beneficiaries in their will, including children, parents and other relatives.

"Today's families are becoming much more global, with children heading to the United States or overseas for school and work, and many adults purchasing property for family vacations or retirement," said Ms. Plant. "From an estate planning perspective, there are many important considerations that Canadians must keep in mind to ensure that their assets and property will be easily transferred to their beneficiaries down the road."

Ms. Plant offers the following tips for Canadians for creating a will that incorporates global components:


--  Seek Guidance Early: Be sure to obtain professional advice from lawyers
    and tax advisors - both in Canada and in the country where the assets
    are situated - before signing on the dotted line. Investigate the
    inheritance rules in that country to see how they may affect your estate
    and beneficiaries.

--  Communicate: Have discussions with your immediate family about foreign
    holdings. This lets those who will be impacted by your passing know the
    plan and avoids surprises later on. 

--  Consider a Corporate Executor: Settling an estate can be complicated and
    require knowledge of tax, inheritance and family property laws. When
    global assets are included, one of the challenges is finding the best
    people to administer those assets at the time of need and protect the
    interests of beneficiaries. A corporate executor provides peace of mind
    knowing that the estate will be settled efficiently and impartially.

--  Review Regularly: While it is a best practice to review your will every
    time you file taxes, most people revisit theirs every seven to 10 years.
    This typically occurs when there is a life change, new assets are
    purchased (whether held in Canada or abroad) or when there are additions
    to the family that might impact estate planning. Take that time to make
    sure your wishes are in place and to make any necessary amendments.

"You have built your wealth - why not safeguard your prosperity for the future?" added Ms. Plant. "All Canadians should have a well-structured estate plan that takes into account their beneficiaries' unique circumstances and any associated inheritance and tax implications. Having a corporate executor in place can help make the transfer of assets go smoothly."

For more information on BMO Estate Planning: www.bmo.com/estate.

Get the latest BMO press releases via Twitter by following @BMOmedia.

The results cited in this release are from an online Pollara survey with a random sample of 1,004 Canadians 18 years of age and older, conducted between September 18th and September 24th, 2012. A probability sample of this size would yield results accurate to +/- 3.1 per cent, 19 times out of 20.

Contacts:
Media Contacts:
Amanda Robinson, Toronto
416-867-3996
[email protected]

Valerie Doucet, Montreal
(514) 877-8224
[email protected]

Laurie Grant, Vancouver
(604) 665-7596
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Akana has announced the availability of version 8 of its API Management solution. The Akana Platform provides an end-to-end API Management solution for designing, implementing, securing, managing, monitoring, and publishing APIs. It is available as a SaaS platform, on-premises, and as a hybrid deployment. Version 8 introduces a lot of new functionality, all aimed at offering customers the richest API Management capabilities in a way that is easier than ever for API and app developers to use.
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...