Tax Resources

All Cross-Border Tax Issues Canadian Taxation U.S. Taxation

Cross-Border Tax Issues: Canadian Residents with U.S. IRAs

A number of tax traps lie in wait for Canadians returning to Canada, and U.S. citizens moving to Canada, who hold a U.S. Individual Retirement Account (IRA). Diligent tax planning requires awareness of these traps before making a move to (or move back to) Canada.

Cross-Border Tax Issues: Tax Treaties

Do you engage in international business or investing activities? If so, it is highly recommended that your tax planning take into consideration tax treaties.

Cross-Border Tax Issues: Are LLCs Suitable for Canadians?

The Limited Liability Company (LLC) is a popular type of entity with U.S. investors. It is distinct from other entity types such as corporations, partnerships, and limited liability partnerships.

Canadian Taxation: Tax Residency

Are you a Canadian considering a move to another country? If so, there are important elements of Canada’s tax system relating to international activities that should be aware of. One is tax residency.

Canadian Taxation: The Departure Tax

When a Canadian resident severs ties with Canada and becomes a non-resident, they are required to file a final resident income tax return and pay their final resident income tax to the Canada Revenue Agency (CRA).

Canadian Taxation: Government Pensions

There are two primary federal government pension programs for retired Canadians: Canada Pension Plan (CPP) and Old Age Security (OAS). One of these (CPP) is based on contributions you make during your working years, while the other one (OAS) is based on age and income.

Canadian Taxation: International Tax Rules Related To Ownership Of Foreign Corporations

Many Canadian investors create foreign corporations as part of their asset ownership structure. This may be done for various non-tax reasons.

Canadian Taxation: Electing to File a Section 217 Tax Return for Pension Income

A separate article in these web pages discusses the taxation of Canadian government pension benefits. As explained there, a non-resident is taxed on Canada Pension Plan (CPP) and Old Age Security (OAS) pension payments via a withholding tax of 25% (or, if applicable, a lower rate under a tax treaty...

Canadian Taxation: Electing to File a Section 216 Tax Return for Rental Income

A separate article in these web pages discusses the Section 217 election, an election that can reduce a non-resident’s taxes on Canadian-source pension income. In this article I discuss a similar but different election for non-residents, one that is available for rental income from Canadian property

Two Key Observations from Canadian Tax Conference

At a tax conference in Toronto this month I learned several interesting things, two of which I want to share here. They are labeled below as “Bringing in CPAs to Their Side” and “Tax Planning is an Uncertain Art”.

U.S. Taxation: The Foreign Earned Income Exclusion

Are you a U.S. citizen moving to a foreign country for work? If so, this article is for you.

U.S. Taxation: The Housing Exclusion

Are you a U.S. citizen moving to a foreign country for work? If so, this article is for you.

U.S. Taxation: The Foreign Tax Credit

Are you a U.S. citizen moving to a foreign country for work or investing in a foreign country for income? If so, this article is for you.

U.S. Taxation: Information Reporting – Foreign Bank and Financial Accounts

This article discusses information reporting requirements that relate to foreign bank accounts and other foreign financial accounts.

U.S. Taxation: Information Reporting – Foreign Corporations and Form 5471

This article discusses information reporting requirements that relate to foreign corporations. More specifically, a particular type of foreign corporation called a Controlled Foreign Corporation (CFC).

U.S. Taxation: Information Reporting – Foreign Trusts

This article discusses information reporting requirements that relate to foreign trusts.

U.S. Taxation: Expatriation

One might say that the ultimate break from the U.S. tax system is expatriation, i.e., renunciation of U.S. citizenship (or renunciation of permanent residency). Renunciation is a serious action that should only be taken after careful consideration of its many ramifications.