BMO Nesbitt Burns
1 First Canadian Place
39th Floor, P.O. Box 150
Although Canadian snowbirds reside in the U.S. for only a part of the year, there is the potential of being considered a U.S. resident and, in turn, having to pay U.S. income tax on the same basis as a permanent U.S. resident. This article outlines how the U.S. government determines whether you are a resident for income tax purposes; namely, it covers the criteria for meeting the Substantial Presence Test, Closer Connection Exception and the Canada U.S. Income Tax Treaty Tie-Breaker Rules.
This is a helpful resource summarizing important tax, retirement and estate planning information.
If you own a vacation property, this provides information on the tax consequences of selling a second home and highlights important estate planning considerations, if your plan is to keep your vacation property in the family for the next generation.
The attached article – Preparing Your Last Will and Testament – explains various aspects of Will preparation including, the importance of appointing an appropriate executor, life events that warrant a Will review and the use of testamentary trusts.
A look at what happened in the equity markets over the past week and an update on the earnings reports.
Strategic commentary and an overview of financial markets.
Strategic commentary on fixed income and an overview of fixed income markets.
Focus is a weekly financial digest.