On March 27th 2020, President Trump signed into law the Coronavirus Aid Relief and Economic Security (“CARES”) Act which contains certain US tax relief, low interest and forgivable loans and other direct subsidies to US businesses and individuals to deal with COVID-19. These measures could provide relief for our US clients so we should make […]
The US Internal Revenue Services (IRS) have provided commentary confirming action items the statement released on March 18th, 2020. Key-points to note: US income tax payment deadlines for individuals, trusts and estates have been automatically extended to July 15, 2020, for up to $1 million of 2019 tax due, For C Corporations, income tax payment […]
Are TFSAs and RESPs US Tax Traps? The headlines tell us (Canadian residents over the age of 18) why we should contribute to a Tax Free Savings Account (TFSA) every year. They also tell us how to support a child’s future education by opening a Registered Education Savings Plan (RESP). As attractive as TFSAs and […]
Are you a resident of Canada thinking about selling your U.S. real property? Whether you hold the property for investment, rent it out, or use it as an escape from Canadian winters, you should be aware of the rules outlined in the Foreign Investment in Real Property Tax Act (FIRPTA). Sellers If you are a […]
Are you a non-resident of Canada thinking about selling real property located in Canada? Whether you hold the property for investment, rent it out, or use it as a vacation home, you should be aware of the Canadian tax rules that will apply when you sell the property. Sellers If you are a non-resident of […]
The new US global intangible low-tax income (GILTI) regime was introduced as part of US tax reform changes announced in December of 2017 and applies to foreign corporation’s first tax year beginning after 2017. How the GILTI Rules Work The GILTI rules require US taxpayers who own 10% or more of the votes or value […]
Are you a Canadian company selling goods to US customers? If so, the Wayfair decision might drastically alter your US Sales Tax Exposure. The clear implication of the Wayfair decision is that there will likely be a mass rush of states adopting new sales tax laws that will mirror the far lower threshold of “economic nexus” that has been implemented by South Dakota.
If you own a U.S. vacation home – or are thinking of buying one – make sure you understand the U.S. tax deductions that are available to you if you rent it out.
The internet has changed how business is conducted, especially in a cross-border context. The ease and relatively inexpensive access to the internet, the emergence of social media sites such as YouTube, and the proliferation of company websites that operate as virtual storefronts, has created business opportunities where none existed before
If you are a Canadian who spends winters in the U.S., keeping track of your days in the U.S. is important in order to avoid becoming an “accidental” U.S. resident.