The new U.S. Tax Cuts and Jobs Act has made renouncing U.S. citizenship easier than ever by reducing the exit tax threshold. This change combined with the features of being a non-U.S. person have made renouncing citizenship an attractive idea worth considering.
The new Liberal government outlined several significant tax changes in their election platform. If they make good on those election promises in tax year 2016 and beyond, millions of Canadians will be affected financially; some will be winners and some will be losers.
We put together this infographic for 2015.
- Look at everything from an overall portfolio perspective.
- Understand the importance of asset allocation.
- Calculate investment performance.
- Define a time horizon when making a purchase.
- Save more every year.
- Focus only on what you control.
- Delay gratification.
On the death of your spouse or a loved one or friend you may find that you have been named as the Executor (or Executrix) of a Will. The Executor could also be a trusted friend or an advisor or even a trust company. If the deceased did not have a Will or the Will did not name an Executor then the Surrogate or Probate Court will have to be approached and the court will appoint an appropriate person as the representative. This person is called the Administrator and fulfills the same role as the Executor.