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US Federal Income Tax – Gains on Sale of your Canadian Home Part 2

01/01/1970
When an individual ceases to be a resident of Canada, he is deemed to have sold his worldwide assets (with some exceptions) and is subject to Canadian tax on any accrued gains in the year he emigrates from Canada. While Canadian real properties are not ...
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Strafford – PFIC Presentation January 7, 2016 – Additional Material

01/01/1970
On January 7, 2016, together with Strafford Publications, Steven Flynn will be presenting on Passive Foreign Investment Companies. In his section of the presentation, Steven will discuss information and tools to help you complete IRS Form 8621 – Information Return by a Shareholder of a ...
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FATCA: Transfer of Banking Information to IRS – Steven Flynn Interviewed by CTV

01/01/1970
Steven Flynn was interviewed by Amy Legate-Wolfe at CTVnews.ca on the topic of dual and U.S. citizens resident in Canada and the impact of the Internal Revenue Services’ FATCA legislation on their banking information. http://www.ctvnews.ca/business/why-some-canadians-bank-info-is-being-sent-to-irs-1.2477572
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Canada-United States Social Security Agreement

01/01/1970
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 ...
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US Informational Reporting Requirements for Canadian Corporations with US Business Activities

01/01/1970
In addition to filing a U.S. federal income tax return, Canadian corporations engaged in a US trade or business or 25% Canadian-owned U.S. corporations may have a requirement to file IRS Form 5472, Information return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation ...
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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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US Vacation Home Rules

01/01/1970
Many Canadian residents took advantage of the depressed US housing market and the strong Canadian dollar during the last few years and have purchased vacation homes in the U.S. Some of these individuals will use their US homes exclusively for their own enjoyment while others ...
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While you were away

01/01/1970
The weather this summer in the Lower Mainland was one of the best in memory. So while you (and us) were busy on the water or on the golf course, both countries were busy changing and tweaking tax laws as they apply to individuals in ...
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IRS Streamlined Procedures – Update on Non-Residency Requirements

01/01/1970
On June 18th, the IRS released revisions to the Streamlined Procedures. Our June 19th blog entry summarized these changes and raised concerns over the non-residency requirement. In particular, the requirement that a person spend more than 330 days outside the U.S. in each of the ...
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US Tax Confusion for US Persons in Canada

01/01/1970
Many U.S. persons living in Canada are angry, scared or confused about their US tax obligations and the new Foreign Account Tax Compliance Act (“FATCA”). The internet is buzzing with stories of massive penalties, crippling professional fees and denied entry into the U.S., some of ...
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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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