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Canada-United States Social Security Agreement
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 while temporarily working away and prevents both countries from levying […]
2013 Changes to the US Individual Taxpayer Identification Number ID requirements
November 20, 2013Have 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 […]
Death and Taxes – U.S. Citizens Living in Canada
October 23, 2013U.S. citizens who die while resident in Canada face taxation issues from two countries: Canadian income tax on unrealized gains and certain tax deferred assets and U.S. federal estate tax on the fair market value of all assets. This blog briefly summarizes the tax issues and offers some suggestions on how to minimize U.S. federal […]
