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Underused Housing Tax – Affects Canadians Too
Canada’s new Federal Underused Housing Tax (“UHT”) is in effect for owners of Canadian residential properties as of December 31, 2022. Originally intended for non-Canadian owners, some Canadian citizens and permanent residents (“Canadians”) may be subject to this tax unless they timely file UHT tax returns. Intended for Non-Canadians The law is aimed at non-Canadian […]
Canadian Vacancy Tax Update
January 9, 2023Real estate prices have increased rapidly over the last decade putting pressure on communities to provide housing solutions for families. More jurisdictions are implementing taxes to turn vacant homes into rental properties. This blog summarizes recent changes to these taxes. Federal Announced in the 2021 budget, the Canadian federal Underused Housing Tax applies a 1% […]
Steven Flynn quoted in The Globe and Mail on IRS funding and its effects on U.S. and Canada
August 26, 2022Our Partner, Steven Flynn, has been featured in an article by The Globe and Mail, titled, ‘IRS funding boost could result in ‘greater crackdown’ on taxes for U.S. citizens abroad’ Joe Biden’s administration was successful to pass the Inflation Reduction Act – said to be ‘a much different-looking piece of legislation than previously proposed’ by Globe and Mail. […]
Steven Flynn quoted in The Globe and Mail on Renunciation of U.S. Citizenship for Tax Purposes
June 21, 2022An increasing number of Americans are looking to give up their U.S. citizenship, the decision isn’t just about national identity but also to reduce complexity of personal financial affairs and costs of complying with U.S. tax law. There are immigration and significant tax issues that should be considered, and plans that may need to be […]