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Avoiding double taxation with international assets

The world is getting smaller. Not only do the internet and electronic forms of communication make it easier to relate to people all across the globe, safe and convenient travel has made it possible for more people to visit new countries and even invest in those countries. As a result, more people own property beyond the borders of their homes.

While this is an exciting and advantageous era in which to be living, it does add complications to one's estate planning efforts. You may be one for whom estate planning is a way to protect your assets and your loved ones from tax ramifications. Therefore, you may benefit from understanding some of the factors that may frustrate your efforts to avoid tax penalties after your death.

Dealing with foreign business income as a Canadian-based business

Are you an Ontario resident with business ties in Germanic countries? Do you have income from Germany, Switzerland or Austria? Then you might have concerns and questions about double taxation. Did you know that Canadian residents who are sole proprietors or who are in partnerships must convert any foreign income into Canadian dollars before it is included as part of their overall income?

Gaining knowledge of the cross-border tax treaties between Canada and the other countries in which you do business might help you to optimize the tax provisions for your situation. You would naturally want to avoid paying both domestic and international taxes on the same income.

Resolving international child abduction isn’t a one-person battle

Anytime a contentious relationship ends, it may not be the end of the problems -- especially when there are children involved. In situations where the parents originate from different countries, there is always the unfortunate potential that one parent might abduct a child and return to his or her home country.

If you are the custodial parent of the abducted child, you will likely do whatever you can to secure the safe return of your child. Whether you reside in Ontario and your child was abducted out of Canada, or you are a resident of another country and the other parent brought your child to Canada, navigating the legal procedures to get your child back in your care can be extremely daunting and complicated.

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