Generally, Canadians living in Canada are not subject to tax on gains from the sale of their principal residence. However, for a Canadian resident who is also a U.S. citizen or resident (including permanent resident or “green-card” holder and those meeting the “substantial presence” test), the same capital gain may be taxable on his or […]

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. […]