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Now is the time for some year-end mutual fund and ETF planning!
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 not heard, or would like a refresher on the topic, […]
US Informational Reporting Requirements for Canadian Corporations with US Business Activities
November 3, 2014In 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 Engaged in a US Trade or Business. This form is […]
US Vacation Home Rules
October 11, 2014Many 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 may decide the rent the homes out during certain periods […]
Internal Revenue Service announces changes to Streamlined Programs
June 18, 2014On June 18th, the Internal Revenue Service announced changes to the Offshore Programs to help ease the tax reporting compliance burden on delinquent taxpayers and assist more taxpayers to come forward to get their U.S. tax return filing obligations up to date. Now referred to as the “Streamlined Foreign Offshore Procedures” or “Streamlined Domestic Offshore […]