March 10, 2021
Download PDF here.
Whether in the sunny south or in ski country, many Canadians have invested in holiday homes outside of Canada. Property ownership often means vehicles, furniture and bank accounts are also located in the jurisdiction of the holiday home. These foreign assets become an important part of an estate plan and necessitate the review of wills and powers of attorney.
While in most cases one will can dispose of all assets regardless of where they are located, it is a common planning technique to enter a will in each jurisdiction where property is owned.
Multiple wills have several advantages:
Both a power of attorney for personal care (a document allowing another to make personal care decisions on behalf of the grantor) and a financial care power of attorney (a document allowing another to manage the finances of another) can be complicated by foreign ownership.
Several of the considerations discussed above apply to powers of attorney, however, in addition to the following:
Snowbirds, or other Canadians who travel regularly or own property in foreign jurisdictions, need to consider their estate plans carefully. It is often a good idea to have estate planning documents completed both at home and in their holiday destination. It is also important to consult tax and estate planning specialists in both jurisdictions to avoid problems and expenses in the future.
This communication is published by CI Global Asset Management (“CI GAM”). Any commentaries and information contained in this communication are provided as a general source of information and should not be considered personal investment advice. Facts and data provided by CI GAM and other sources are believed to be reliable as at the date of publication.
Certain statements contained in this communication are based in whole or in part on information provided by third parties and CI GAM has taken reasonable steps to ensure their accuracy. Market conditions may change which may impact the information contained in this document.
Information in this communication is not intended to provide legal, accounting, investment or tax advice, and should not be relied upon in that regard. Professional advisors should be consulted prior to acting based on the information contained in this communication.
You may not modify, copy, reproduce, publish, upload, post, transmit, distribute, or commercially exploit in any way any content included in this communication. You may download this communication for your activities as a financial advisor provided you keep intact all copyright and other proprietary notices. Unauthorized downloading, re-transmission, storage in any medium, copying, redistribution, or republication for any purpose is strictly prohibited without the written permission of CI GAM.
CI Global Asset Management is a registered business name of CI Investments Inc.