There are many similarities between the U.S. and Canada, but there are some significant distinctions between U.S. and Canadian tax law especially for U.S. citizens resident in Canada, including permanent residents of the US (“green-card” holders). For the unwary those distinctions may result in substantial U.S. tax liabilities where those differences are not identified in […]

U.S. citizens and lawful permanent residents (green card holders) who hold certain investments may unknowingly be subject to adverse US tax implications where the investments are characterized as investments in Passive Foreign Investment Companies (“PFICs”). PFICs include non-U.S. mutual funds and exchange traded funds (ETFs) which are typically organized as corporations or trusts in Canada. […]