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Estate Tax Update: Cross-border Estate Planning
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Effect of Fifth Protocol to the Canada-US Income Tax Treaty
On September 21, 2007, after nearly 10 years of negotiation, the United States and Canada jointly released the fifth Protocol to the Canada-US Income Tax Convention. The Protocol includes important changes that may affect cross-border estate planning in the areas of:
- charitable deductions; and
- taxes imposed by reason of death on:
- Registered Retirement Savings Plans (RRSPs); and
- US stock options.
The Protocol will become effective on January 1, 2008, if it is ratified on or before that date. Otherwise, it will come into effect upon ratification.
