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Capital Gain Reversal: Much Ado About Nothing
On Friday, the Honourable Dominic LeBlanc, Minister of Finance and Intergovernmental Affairs, announced that the federal government is deferring—from June 25, 2024 to January 1, 2026—the date on which the capital gains inclusion rate would increase from one-half to two-thirds on capital gains realized annually above $250,000 by individuals and on all capital gains realized […]
U.S. Fifth Circuit Court granted appeal to lift injunction on CTA reporting:
January 6, 2025Federal Appeals Court Lifts Block on Anti-Money Laundering Law In a significant legal development, a federal appeals court has lifted an order that had blocked the nationwide enforcement of the Corporate Transparency Act (CTA). This anti-money laundering law mandates that corporate entities disclose the identities of their beneficial owners to the U.S. Treasury Department. Background […]
U.S. Citizens Resident in Canada – Capital Gains Tax Rate
What should be a straightforward answer gets complicated by recent events in Canadian Parliament and a recent US Tax Court Case. Current Law A U.S. citizen resident in Canada is subject to both U.S. federal income tax and Canadian on their worldwide income. In 2023, Canadian tax law stated that the maximum capital gains tax […]
Paula Owen promoted to Partner at Andersen in Canada
We’re thrilled to announce Paula Owen’s promotion to Partner at Andersen in Canada. Paula is based in our Calgary office.