Welcome!

Agile Computing Authors: SmartBear Blog, Yeshim Deniz, Liz McMillan, Elizabeth White, PagerDuty Blog

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.

@ThingsExpo Stories
SYS-CON Events announced today that IoT Now has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
As businesses adopt functionalities in cloud computing, it’s imperative that IT operations consistently ensure cloud systems work correctly – all of the time, and to their best capabilities. In his session at @BigDataExpo, Bernd Harzog, CEO and founder of OpsDataStore, will present an industry answer to the common question, “Are you running IT operations as efficiently and as cost effectively as you need to?” He will expound on the industry issues he frequently came up against as an analyst, and...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, represent...
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, will posit that disruption is inevitable for c...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buyers...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. 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.
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.