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Repaying your Canadian-dollar mortgage? Don’t be surprised by a US tax bill.

Andersen 01/01/1970
The ownership of real property is often made possible with mortgage and other debt financing. Such mortgage financing offers a U.S. taxpayer the ability to deduct for income tax purposes the interest paid, subject to some limitations. The repayment of the mortgage would not normally ...
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Canada-United States Social Security Agreement

Andersen 01/01/1970
An often overlooked agreement between the two countries can result in significant savings for Canadians moving to the United States. The Canada-United States Social Security Agreement (“Agreement”) provides direction to individuals on which country levies social security taxes, allows for continuation of benefits and coverage ...
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2013 Changes to the US Individual Taxpayer Identification Number ID requirements

Andersen 01/01/1970
Have you earned income from the U.S., or perhaps sold a personal property in 2013? If so, there is a very good chance you will need to file a US income tax return. In order to do so, you will be required to obtain either ...
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Mexican Land Trusts are Not Trusts for US Federal Income Tax Purposes

Andersen 01/01/1970
In a recent Revenue Ruling, the IRS concluded that a fideicomiso or Mexican Land Trust (“MLT”) arrangement is not a trust for U.S. federal income tax purposes. This was welcome news to many U.S. citizens that own land located in Mexico through an MLT. As ...
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Don’t forget about State and Local income tax implications when working in the US!

Andersen 01/01/1970
The domestic tax implications of living and working in one country are generally straight-forward. While there may be from time to time some complicating domestic tax issues, generally, with a bit of resourcefulness you don’t need to be a tax specialist to resolve the personal ...
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US Gift Tax Exposure on Joint Ownership of Property

Andersen 01/01/1970
The most common way spouses hold property in Canada is joint tenancy with right of survivorship. Joint ownership provides each joint tenant an undivided interest in the property and when one spouse dies, the property immediately passes to the surviving spouse without probate. In the ...
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Low Risk U.S. Tax Compliance

Andersen 01/01/1970
On June 26, 2012 the Internal Revenue Service (“IRS”) announced new streamlined filing procedures (“SFP”) for non-resident U.S. taxpayers to go into effect September 1, 2012. SFP is available to U.S. persons and dual citizens living outside the US who have failed to timely file ...
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Welcome to W.L. Dueck & Co. LLP – Providing Cross-border Tax Expertise Since 1998… and Commentary since 2012

Andersen 01/01/1970
Welcome to www.crossbordertaxblog.com, W.L. Dueck & Co. LLP’s U.S. and cross-border tax blog. We are a team of over 20 tax professionals that work exclusively on U.S. and cross-border tax issues. Our clients include Canadian businesses and individuals with investments in the U.S. and U.S. ...
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Going Toe to Toe with TOSI (Canada’s Tax on Split Income)

Andersen 01/01/1970
The federal government introduced the Tax on Split Income (“TOSI”) rules effective as of the start of 2018. The purpose of the rules was to prevent Canadian business owners from splitting their income in ways that were not available to salaried employees. For example, prior ...
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Canadian Covid-19 Small Business Tax Relief; Much Ado About Nothing

Andersen 01/01/1970
The Canadian federal government has announced its response to the Covid-19 Pandemic and is implementing a number of measures to help the economy.[1] In terms of cost, the largest of these measures are designed to increase liquidity and help Canadian firms maintain access to credit ...
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The member firms of Andersen in Canada focus on Canadian, international and Canada-U.S. cross-border tax matters. With offices across Canada, our tax professionals work with a broad range of businesses and individual clients to develop innovative tax solutions for a diverse range of issues. Our senior leaders and many of our professional staff have extensive experience in Canadian, international, U.S. and cross-border tax matters with major international accounting firms, as well as practical experience working with businesses and individuals.

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