TORONTO, ONTARIO — (Marketwire) — 12/13/12 — Canadians are finalizing their travel plans for the upcoming winter holidays, with many travelling 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 issued today 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:
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:
“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: .
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
Valerie Doucet, Montreal
(514) 877-8224
Laurie Grant, Vancouver
(604) 665-7596