Steven Flynn Quoted in The Globe and Mail on Tax Implications of Having an Executor or Beneficiaries Outside Canada.
As an increasing number of Canadians are shifting to remote work and living outside the country, family estate planning has become more complex. In a recent Globe and Mail article Steven Flynn was asked to comment on tax considerations relevant to non-resident beneficiaries. Steven emphasized the importance of understanding the tax laws and reporting requirements in a beneficiary’s country. He also noted that a key issue for parents these days is how they can effectively leave an inheritance to grandchildren who may have been born and raised outside Canada. Steven says that while trusts are one vehicle that may assist because scenarios for non-resident beneficiaries are unique, advisors should seek to work with experts to ensure that their clients make the best decisions for themselves and their beneficiaries.
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Having an executor or beneficiary in another country could have major tax implications