Apr 11, 2019 | Business U.S. Expat Taxes, Personal U.S. expat taxes
U.S. citizens and residents have to file Form 5471 if they are shareholders in a foreign corporation. In addition, many categories of income would be categorized as a subpart F income and taxed currently. The Tax Cuts and Jobs Act has expanded that with the GILTI...
Apr 11, 2018 | Business U.S. Expat Taxes
Do you know that owning a Controlled Foreign Corporation got affected by New Tax Bill? In a nutshell, Trump’s tax reform now means that all income is Subpart F income. In addition, all currently untaxed retained earnings will be subject to a one-time tax. Read...
Dec 6, 2017 | Business U.S. Expat Taxes, Personal U.S. expat taxes, US expat taxes by different countries
In order to combat tax evasion, the United States has put in place many rules. Today we discuss the ones directed at US citizens investing outside the U.S. These are traps for many US citizens living in Canada, simply doing the sort of things that many Canadians...
Jan 28, 2016 | Business U.S. Expat Taxes
This week’s question is a follow-up from last week’s blog post but comes from Loretta from Quebec, Canada. The question is: So, are TFSAs considered trusts for US tax purposes? If so, what are the implications of that? Is it a trust? Again, here is the regulation...
Jan 28, 2016 | Business U.S. Expat Taxes
This week’s question comes from Amy from Canada. “I have heard that Canadian RESPs (Registered Education Savings Plans) may be considered trusts for US tax purposes. Is that true? If so, what are the implications of that?” Is RESP a Trust? Here is the...
Jan 28, 2016 | Business U.S. Expat Taxes, Personal U.S. expat taxes
This week’s question comes from Kathleen from Canada. She heard that Canadian retirement plans (RRSPs) are treated as trusts for US tax purposes. Now she wants to know how to meet the reporting requirements for US tax as well as the way it is taxed. Did you know that...
