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Canada Revenue Agency Form T1135
In its 2013 budget, Canada announced the launch of Stop International Tax Evasion Program aimed at reducing international tax evasion and avoidance. The program allows Canada Revenue Agency to pay rewards to individuals with information on significant international tax non-compliance that leads to the collection of outstanding taxes due. Canada Revenue Agency also announced details […]
US Gift Tax Exposure on Joint Ownership of Property
February 15, 2013The most common way spouses hold property in Canada is joint tenancy with right of survivorship. Joint ownership provides each joint tenant an undivided interest in the property and when one spouse dies, the property immediately passes to the surviving spouse without probate. In the case where one spouse is a U.S. citizen and the […]
Low Risk U.S. Tax Compliance
January 4, 2013On June 26, 2012 the Internal Revenue Service (“IRS”) announced new streamlined filing procedures (“SFP”) for non-resident U.S. taxpayers to go into effect September 1, 2012. SFP is available to U.S. persons and dual citizens living outside the US who have failed to timely file U.S. federal income tax returns or disclose their non-U.S. bank […]
US Filing Obligations of Non-residents of the US
November 27, 2012There has been a lot of attention in the media about U.S. citizens who live in Canada and their U.S. tax filing obligations. Non-U.S. citizens who are not resident in the U.S. (“NRA” for non-resident aliens) may also have U.S. tax filing obligations where they work in the U.S., sell U.S. real estate or even […]
