US Estate Tax May be Payable by Canadians

US Estate Tax May be Payable by Canadians

Canada-U.S. Tax Treaty Article XXIX B Taxes Imposed by Reason of Death A U.S. estate tax return must be filed if a deceased Canadian resident who is not an American citizen-owned U.S.-situated asset exceeding $60,000 fair market value at death.  However, if the...
GATCA is coming to town

GATCA is coming to town

As many of you know, the United States has implemented FATCA (Foreign Account Tax Compliance Act), requiring financial institutions around the world to report the names of their depositors who are US persons (hence potentially liable to pay US tax) – or else face a...
PFIC and Canadian mutual funds

PFIC and Canadian mutual funds

Why are PFIC rules important for holders of Canadian mutual fund? Many American citizens living or working in Canada have invested in Canadian mutual funds – likewise, many Canadians who subsequently moved to the United States retained their Canadian mutual funds...
Form 8891 – an obituary

Form 8891 – an obituary

Before April 15, 2002, and despite the fact that tax deferral for RRSPs was provided by the US Canada tax treaty of September 26, 1980, RRSPs didn’t have specific forms, hence 3520s and 3520-As were used by the minority of taxpayers wanting to be compliant with the...
FATCA ‘Tormenting’ Taxpayers, Olson Says

FATCA ‘Tormenting’ Taxpayers, Olson Says

By the time lawmakers and taxpayers have figured out whether the Foreign Account Tax Compliance Act (FATCA) was worth the trouble, it might be too late to undo any damage, National Taxpayer Advocate Nina Olson said October 7. “However much I’ve tried to...