Business
Alex Bainov

U.S. Transition Tax

NEW BURDEN FOR CANADIANS WITH U.S. CITIZENSHIP There are many reasons as to why a person may want to maintain dual citizenship with another country. It may be to allow for easier travel, or ability to work without acquiring a special visa, or ability to stay in the country for an extended duration for family reasons. Whatever the reason, the latest tax changes in the U.S. may once again force some to reconsider maintaining the U.S. citizenship. Taxation based on citizenship   U.S. is one of the countries that bases its taxation on citizenship instead of residency. Consequently, a person

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A home document mentioning "last will and testament.
Estate Planning
Alex Bainov

Why do I need an estate plan?

Many of my clients ask why a person needs an estate plan. Especially if a person is not married and not in a common-law relationship, has no children, and thinks that does not have many assets. The truth, however, is that each of us has assets. A single chequing account at a bank where you deposited your allowance since you were young is still an asset. Consequently, each of us needs an estate plan. Certainly, a person may not have many assets and a simple estate plan is sufficient, but you still need one. Goals of an estate plan A

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