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Consulting in the U.S. – Planning in advance well worth it
Independent consultants in Canada will often incorporate their practice in order to offer some liability protection not otherwise achieved through a sole-proprietorship structure. From a Canadian income tax perspective, the incorporated consultant will often make the choice between compensating himself by way of salary or receiving dividends from the corporation. In addition, many year-end corporate […]
Repaying your Canadian-dollar mortgage? Don’t be surprised by a US tax bill.
February 11, 2014The ownership of real property is often made possible with mortgage and other debt financing. Such mortgage financing offers a U.S. taxpayer the ability to deduct for income tax purposes the interest paid, subject to some limitations. The repayment of the mortgage would not normally be expected to create an income tax liability. However, for […]
Canada-United States Social Security Agreement
November 26, 2013An 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 while temporarily working away and prevents both countries from levying […]
2013 Changes to the US Individual Taxpayer Identification Number ID requirements
November 20, 2013Have you earned income from the U.S., or perhaps sold a personal property in 2013? If so, there is a very good chance you will need to file a US income tax return. In order to do so, you will be required to obtain either a US Individual Taxpayer Identification Number (“ITIN”) or a Social […]