On June 3, 2020, the US Department of Labor published an information letter assuring that private equity investments may be included in 401(K) plans. The inclusion is permitted if private equity is a component of an asset allocation fund, target-dated fund, or balanced fund. Plan sponsors are not allowed to offer private equity as direct investments in defined-contribution plans such as 401(K)s.
We are pleased to announce that Jonah Ravel has recently contributed an article for Advisor’s Edge, which was published on June 30, 2020. His article titled “Comparing Canadian and U.S. Covid-19 measure for retirees” serves as a thorough review of Canada's RRIF relief and US relief for retirement plans.
Employee stock options have become an increasingly popular form of compensation, especially for start-ups and tech companies in Canada and the US. They are designed to be mutually beneficial to employees and employers.
The Internal Revenue Service (IRS) imposes estate taxes on US citizens, US residents, and some non-residents. Estate tax is calculated using an individual’s worldwide estate. One’s total US estate tax liability is subject to applicable exclusions, credits, and deductions. In 2020, the federal estate and gift tax exemption is $11.58 million USD per individual and ...
As you may be aware, US citizens living abroad, including those living in Canada, have an obligation to report and pay taxes on their worldwide income. They do so by filing annual tax returns as well as by complying with various foreign account reporting requirements.
The COVID-19 crisis is affecting individuals on a global scale, with governments across the world responding in myriad ways. In the US, the federal government has enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).