If you plan on leaving Canada, whether for the U.S. or another country, here are some things to know: Each country has its own rules for taxing individuals. Canada will tax you on your worldwide income if you are considered a “Canadian resident” whether you live in Canada or temporarily somewhere else or are a Canadian […]
If you make payments to non-residents of Canada, you may be required to withhold an amount from the payment and remit it to the CRA. Additionally, you may be required to file an annual information return and distribute tax slips to the recipients of the payments. Failing to do any one of these things could […]
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 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.
With the recent passing of the U.S. Tax Cuts and Jobs Act of 2017, many Canadians who own U.S. vacation property (or other U.S. assets) will no longer be subject to U.S. estate tax at death…