The US Congress is concluding its deliberations on a historic tax reform effort to revise the US tax code. If tax reform efforts become law (which now seems likely), the consequences will be felt throughout the US and the global economy, creating new opportunities and risks. Who will be the “winners” and “losers”? What will the pending changes mean for you? What are the new planning opportunities and pitfalls? This webcast will review the proposed individual, trust, estate, pass-through, corporate and international provisions; effective dates and actions that need be taken.  

Topics will include:  

• A policy perspective – what is congress hoping to achieve

• An overview of important changes impacting those in the STEP community

• How these changes will affect Canada-US tax planning

• Strategies to implement  

For Canadians with a US connection, the changes will be of major importance. They include:

• A maximum federal personal tax rate for individuals of under 30% on pass through income, what will that do to Canadian business as the rate in Canada is 50% to 55%? With such a large difference, how can it be ignored and how will it influence tax planning and behavior?

• A doubling of the exemption for estate tax, how does this change tax planning for Canadians with vacation properties in the US?

• An exemption from gift tax of around $23 million US for a married couple, does this create cross border opportunities for trust arrangements or estate freezes for Canadian relatives?

• A corporate tax rate of 21% federally, what will this do to Canadian competitiveness?

• Changes to certain US rules will affect US citizens living in Canada in a variety of ways, what are the new issues and challenges created?

• A new liability for capital gains for Canadians selling an interest in a US partnership or LLC, backed up with a withholding tax effective January 1, 2018. Double taxation is a real threat without preemptive tax planning.

Why Attend? Tax reform will impact everyone that has or will have a US connection. Our panel of experienced US and Canadian practitioners will provide incisive and practical commentary, distilling the most sweeping rewrite of the tax code in decades. 

Who Should Attend? Tax reform and its effects should be of interest to all members of the STEP community – financial advisors, trust officers, bankers, accountants, and lawyers who provide advice and services in the private client area.