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2013 Changes to the US Individual Taxpayer Identification Number ID requirements
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 a US Individual Taxpayer Identification Number (“ITIN”) or a Social […]
New Foreign Income Reporting Requirements for Canadian Taxpayers: An Update
October 28, 2013In an earlier blog post, we discussed the new Stop International Tax Evasion Program and the fact that Canada Revenue would be redesigning its Form T-1135, Foreign Income Verification Statement. Canada Revenue has now released the new T-1135 form outlining the new reporting requirements for income earned from assets outside of Canada. Now Canadian taxpayers […]
American Same Sex Couples in Canada: Tax Effects of the Recent Supreme Court Decision in Windsor v. US
August 27, 2013On June 26, 2013, the US Supreme Court overturned Section 3 of the US Federal Defense of Marriage Act, more commonly known as “DOMA”. The effect of this decision is that the U.S. federal government is now required to recognize lawful same-sex marriages where the couple resides in a jurisdiction that recognizes that marriage. A […]
Mexican Land Trusts are Not Trusts for US Federal Income Tax Purposes
July 23, 2013In 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 you may be aware from our previous blog entries, interests […]