Nov 3, 2014 | Personal U.S. expat taxes
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...
Nov 2, 2014 | Personal U.S. expat taxes
While not everything is good news, I think that the concerns found in this comment (similar to the ones voiced by Moodys Gartner here) are not always founded. I will elaborate more in-depth below, as well as the US-Canada treaty Article XVIII(7) with emphasis on...
Nov 2, 2014 | Personal U.S. expat taxes
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...
Oct 29, 2014 | FBAR and FATCA, US expat taxes by different countries
By way of background, as per the Canadian IGA, credit unions can apply to be classified as a “local client base” financial institution. In this case, the credit union would be FATCA compliant by reporting to the IRS only the names of clients who are US...
Oct 20, 2014 | Personal U.S. expat taxes
We’ve seen the basics of tax obligations and PFIC taxation in post Passive Foreign Investment Companies (PFIC) and Canadian mutual funds, although truth be told, it applies to PFICs anywhere, now let’s dig in! The scenario is that John Doe (SSN: 000-00-0000). He...
Oct 18, 2014 | Personal U.S. expat taxes
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...
Oct 13, 2014 | Personal U.S. expat taxes
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...
Oct 9, 2014 | FBAR and FATCA
Former acting IRS Commissioner Steven Miller on October 6 said that while he hopes the Foreign Account Tax Compliance Act leads to less offshore tax evasion, he’s not sure if the benefits of the law will outweigh its costs. “I can’t even say with...
Oct 9, 2014 | FBAR and FATCA
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...
Oct 8, 2014 | Personal U.S. expat taxes
Original source: IRS Simplifies Procedures for Favorable Tax Treatment on Canadian Retirement Plans and Annual Reporting Requirements – RRSP IR-2014-97, Oct. 7, 2014 WASHINGTON ― The Internal Revenue Service today made it easier for taxpayers who hold interests...
