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Year End Planning – U.S. Citizens Who Own Canadian Mutual Funds

11/10/2015
U.S. citizens living in Canada face adverse US income tax consequences where they own Canadian or other non-U.S. mutual funds. If you are not sure how the US’s “Passive Foreign Investment Company” rules apply here, please see our previous blog entry US Persons Holding Non-U.S. ...
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Now is the time for some year-end mutual fund and ETF planning!

01/01/2015
If you are a U.S. citizen living abroad, you have undoubtedly heard about some of the U.S. tax issues and challenges associated with Canadian mutual funds and exchange traded funds (“ETFs”) which are generally considered to be “passive foreign investment companies” (“PFICs”). If you have ...
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Internal Revenue Service Amnesty Programs

01/01/2014
In 2014, the IRS announced changes to its programs to help delinquent taxpayers file U.S. tax returns. We blogged about the changes to the Streamlined Foreign Offshore Procedures and Streamlined Domestic Offshore Procedures before; you can click to read our blog Internal Revenue Service Announces ...
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New Foreign Income Reporting Requirements for Canadian Taxpayers: An Update

10/28/2013
In 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 ...
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US Federal Income Tax – Gains on Sale of your Home Part 1

12/14/2012
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), ...
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Update on IRS Streamlined Procedures – Non-residency Requirements

01/01/1970
On October 13, 2014, the Internal Revenue Service issued further guidance to their revised rules and guidelines on the Streamlined Procedures. We previously wrote about the IRS Streamlined Procedures and a link to our previous blog entry is here http://wldtax.com/internal-revenue-service-announces-changes-streamlined-program In June 2014 when the ...
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Canadian Covid-19 Small Business Tax Relief; Much Ado About Nothing

01/01/1970
The Canadian federal government has announced its response to the Covid-19 Pandemic and is implementing a number of measures to help the economy.[1] In terms of cost, the largest of these measures are designed to increase liquidity and help Canadian firms maintain access to credit ...
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Strafford – Form 8621 PFIC Presentation January 5, 2017

01/01/1970
I am pleased to announce that I will be speaking in an upcoming Strafford live webinar, “Form 8621 PFIC Reporting: Navigating the Highly Complex IRS Passive Foreign Investment Company Rules” scheduled for Thursday, January 5, 1:00pm-2:50pm EST. Because of your affiliation with my firm, you ...
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Changing Canadian and U.S. Tax Law

01/01/1970
Feedback is a valuable tool for improvement. Whether you are a student seeking advice from a teacher, a professional listening to clients to upgrade service or a young point guard looking to beat a press (pass the basketball instead of dribbling it), we can all ...
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Foreign Bank Account Reporting Forms

01/01/1970
March means different things to different people. Spring flowers. Longer days. College Basketball. It’s also a time people start to think about their own income tax returns. Deadlines arise in the spring and March 15th is just one such deadline for some U.S. corporations and ...
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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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