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Blog Alert: Taxes for U.S. Citizens Resident in Canada

Taxation Based on Citizenship U.S. citizens resident in Canada are taxable on their worldwide income in both countries. The real question is which country gets to tax it first, which country gives a credit for the other country’s tax and what happens when both countries don’t tax it at the same time or in the […]

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2% Share Buyback Tax: What to Expect?

January 5, 2023

Prepared by Andersen in Canada, Montreal Partner Danny Guérin with support from Stéphanie Perras. The 2022 Federal Fall Economic Statement announced a two-percent tax that would applyon the net value of all types of share buybacks made by public corporations in Canada. Thetax would come into effect on January 1, 2024. The statement indicates that more detailswill be […]

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Canada Federal Budget 2022 Highlights

April 19, 2022

Prepared by Andersen in Canada, Montréal Partner Patrick Coutu, Tax Manager Maxime Blais with support from Lisa Chea A. Individuals – proposal 1. A Tax-Free First Home Savings Account (CELIAPP) A new account will be available starting January 2023 to help taxpayers save money for their first home. The contributions will be deductible from their taxable income and […]

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Budget 2022-2023 – Québec Ministry of Finance

March 24, 2022

Prepared by Andersen in Canada, Montréal Partner Patrick Coutu, Tax Managers Divya Katyal and Catarina Marques with support from Inta Simonyan. On March 22, 2022, the government of Québec released its 2022-2023 budget. Below is an overview of some of the major proposals: 1. COST OF LIVING LUMP SUM PAYMENT Every Québec resident aged 18 years or older declaring […]

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