Welcome!

Web 2.0 Authors: Pat Romanski, Aria Blog, Elizabeth White, Carmen Gonzalez, Jnan Dash

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
Technology is enabling a new approach to collecting and using data. This approach, commonly referred to as the "Internet of Things" (IoT), enables businesses to use real-time data from all sorts of things including machines, devices and sensors to make better decisions, improve customer service, and lower the risk in the creation of new revenue opportunities. In his General Session at Internet of @ThingsExpo, Dave Wagstaff, Vice President and Chief Architect at BSQUARE Corporation, discuss the real benefits to focus on, how to understand the requirements of a successful solution, the flow of ...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your online presence.
In this Women in Technology Power Panel at 15th Cloud Expo, moderated by Anne Plese, Senior Consultant, Cloud Product Marketing at Verizon Enterprise, Esmeralda Swartz, CMO at MetraTech; Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems; Seema Jethani, Director of Product Management at Basho Technologies; Victoria Livschitz, CEO of Qubell Inc.; Anne Hungate, Senior Director of Software Quality at DIRECTV, discussed what path they took to find their spot within the technology industry and how do they see opportunities for other women in their area of expertise.
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of presentation. In her session at @ThingsExpo, Jocelyn Scheirer, CEO & Founder of Bionolux, will discuss ho...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
“With easy-to-use SDKs for Atmel’s platforms, IoT developers can now reap the benefits of realtime communication, and bypass the security pitfalls and configuration complexities that put IoT deployments at risk,” said Todd Greene, founder & CEO of PubNub. PubNub will team with Atmel at CES 2015 to launch full SDK support for Atmel’s MCU, MPU, and Wireless SoC platforms. Atmel developers now have access to PubNub’s secure Publish/Subscribe messaging with guaranteed ¼ second latencies across PubNub’s 14 global points-of-presence. PubNub delivers secure communication through firewalls, proxy ser...
We’re no longer looking to the future for the IoT wave. It’s no longer a distant dream but a reality that has arrived. It’s now time to make sure the industry is in alignment to meet the IoT growing pains – cooperate and collaborate as well as innovate. In his session at @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, will examine the key ingredients to IoT success and identify solutions to challenges the industry is facing. The deep industry expertise behind this presentation will provide attendees with a leading edge view of rapidly emerging IoT oppor...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective storage designed to handle the massive surge in back-end data in a world where timely analytics is e...
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrategies, will examine why IT must finally fulfill its role in support of its SBUs or face a new round of...
The BPM world is going through some evolution or changes where traditional business process management solutions really have nowhere to go in terms of development of the road map. In this demo at 15th Cloud Expo, Kyle Hansen, Director of Professional Services at AgilePoint, shows AgilePoint’s unique approach to dealing with this market circumstance by developing a rapid application composition or development framework.
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...

Building low-cost wearable devices can enhance the quality of our lives. In his session at Internet of @ThingsExpo, Sai Yamanoor, Embedded Software Engineer at Altschool, provided an example of putting together a small keychain within a $50 budget that educates the user about the air quality in their surroundings. He also provided examples such as building a wearable device that provides transit or recreational information. He then reviewed the resources available to build wearable devices at home including open source hardware, the raw materials required and the options available to power s...
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.