Jul 9, 2019 | US expat taxes by different countries
The Canadian tax system is based on residency and not on citizenship, unlike its neighbour to the South. That means the main element of the tax system in Canada is your residency. It leads to the laws that those who are residents of Canada should declare their...
Dec 6, 2017 | Business 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...
Oct 1, 2015 | Personal U.S. expat taxes, US expat taxes by different countries
Hello from the Amtrak bus! Now, being a tax geek, the question that comes to mind is related to tax treaty: if a Canadian tax accountant (Canadian resident, US citizen) prepares tax returns in the US, will he have tax owing for that US-sourced income? Foreign Earned...
Jan 12, 2015 | FBAR and FATCA
It is estimated that the five largest banks in Canada have already spent about C $ 750 million (or US $ 693.5 million). This amount does not include the ongoing costs of compliance -only expenses related to the initial launch for FATCA reporting. The cost of FATCA...
Dec 14, 2014 | Business U.S. Expat Taxes
Not an update in that the rules didn’t change, just an update in my reasoning. After reading the private ruling letter #200752029 in the context of PFIC rules, my opinions tilts even towards the idea that Canadian mutual funds are not corporations and as such...
