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Andersen LLP Partner Steven Flynn Calls for Legislative Reform on BC’s Speculation and Vacancy Tax

Andersen 07/11/2024

In a recent letter to the Richmond News, our Partner, Steven Flynn, expressed his concerns about the impacts of the BC Speculation and Vacancy Tax (BC SVT) on families with unique situations. He highlighted the case of long-time Richmond resident Tony Chan, who has been ...

Increase in Canadian Capital Gains Tax – Cross-Border Tax Impact

Andersen 04/18/2024

On April 16th, the Canadian federal government introduced proposals to increase the capital gains tax rate. Effective June 25, 2024, the federal and provincial capital gains tax rate increases approximately 10% from an average of 25% to an average of 35%. Corporations and Trusts see this rate ...

Taxation of the Hockey Player Versus the Movie Star

Steven Flynn, CPA, CA, CPA (Washington) 03/04/2024

This is a story of the unusual difference between the Canadian taxation of non-Canadian professional athletes versus non-Canadian actors and actresses. Chapter 1 – The Hometown Hockey Hero Jonathan Tavares grew up in Ontario and played nine seasons for the New York Islanders. He became ...

Vacancy Tax Update

Steven Flynn, CPA, CA, CPA (Washington) 11/29/2023

Over the last few years, various levels of governments have enacted new taxes attempting to address the housing affordability crises. Our past blogs have addressed these taxes: 2019 Blog – BC Speculation and Vacancy Tax January & March 2023 Blog – Canadian Federal Vacancy Tax ...

Repatriating U.S. Earnings to Canada

Andersen 11/28/2023

Repatriating corporate earnings from the U.S. to Canada may involve alternative strategies. These include using U.S. earnings to repay debts payable to its Canadian shareholder, management fees, dividends, and liquidating distributions. Let’s explore the key aspects and considerations when repatriating U.S. earnings to Canada. Debt ...

Renunciation of U.S. Citizenship

Andersen 08/29/2023

Renouncing U.S. citizenship is a significant decision with wide-ranging implications. Renunciation may have adverse U.S. tax implications. This blog will break down the tax complexities surrounding the renunciation process and provide you with an essential understanding without getting lost in the jargon. Who is a ...

U.S. and Canadian Capital Gains

Andersen 07/28/2023

INTRODUCTION Capital gains are distinguished from other types of income for both Canadian and U.S. tax purposes. Often, capital gains are taxed at a lower effective rate than ordinary income, and in some cases they are exempt from tax altogether. Taxpayers should consider how these ...

Beneficial Ownership Information Reporting

Andersen 07/13/2023

The Corporate Transparency Act (CTA), enacted by the U.S. Congress on January 1, 2021, is designed to strengthen the integrity of the U.S. financial system. It establishes new U.S. reporting obligations for certain types of corporations, which will take effect on January 1, 2024. Non-U.S. ...

Namir Hallak writes an article for Maple Business Council

Namir Hallak 06/16/2023

Our Partner, Namir Hallak, has written an article for Maple Business Council titled ‘Expanding Your Canadian Business to the U.S. : Cross-Border Tax‘ Expanding your Canadian business to the United States unveils an exciting growth opportunity that requires a well-planned roadmap. This article aims to ...

Underused Housing Tax – Affects Canadians Too

Steven Flynn, CPA, CA, CPA (Washington) 03/28/2023

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 ...

The member firms of Andersen in Canada focus on Canadian, international and Canada-U.S. cross-border tax matters. With offices across Canada, our tax professionals work with a broad range of businesses and individual clients to develop innovative tax solutions for a diverse range of issues. Our senior leaders and many of our professional staff have extensive experience in Canadian, international, U.S. and cross-border tax matters with major international accounting firms, as well as practical experience working with businesses and individuals.

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