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Renouncing Your U.S. Citizenship? – Count ALL Your Assets

Renouncing U.S. citizenship raises the issue of whether U.S. exit tax applies and what that calculation includes.
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Global Intangible Low-Taxed Income (“GILTI”)

October 9, 2018

The December 2017 U.S. tax reform included a provision to subject to U.S. tax the earnings of intellectual property owned by U.S. investors outside the U.S. GILTI impacts U.S. persons resident in Canada who own Canadian and other non-U.S. corporations. Without effective tax planning, combined U.S. and Canadian tax rates approaching 85% could occur as […]

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Married Couples – When to Consider Filing Separately

February 8, 2013

Many married U.S. citizen and/or U.S. resident couples file a joint US income tax return. It is convenient, allows taxation of income at potentially lower tax rates compared to filing separately and may save a small amount of preparation time and professional fees. However, in some situations, filing a joint US income tax return may […]

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US Tax vs. Canadian Tax

December 3, 2012

There are many similarities between the U.S. and Canada, but there are some significant distinctions between U.S. and Canadian tax law especially for U.S. citizens resident in Canada, including permanent residents of the US (“green-card” holders). For the unwary those distinctions may result in substantial U.S. tax liabilities where those differences are not identified in […]

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