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Renunciation of U.S. Citizenship. What You Need to Know.
Renunciation of U.S. Citizenship is frequently motivated by a desire to reduce complexity of personal financial affairs and costs of complying with U.S. tax law. There are immigration and significant tax issues that should be considered, and plans that may need to be put in place before you take action. To give you a starting […]
U.S. Federal Income Tax and Information Reporting Relief Procedures for Certain Former U.S. Citizens
January 21, 2020
US Federal Income Tax – Gains on Sale of your Canadian Home Part 2
January 25, 2016When 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 subject to this deemed sale, the former home in Canada […]
US Federal Income Tax – Gains on Sale of your Home Part 1
December 14, 2012Generally, 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), the same capital gain may be taxable on his or […]