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U.S. Transition Tax – Next Update
On April 2nd, the IRS and U.S. Treasury issued more guidance on the U.S. Transition Tax enacted by the Tax Cuts and Jobs Act (“TCJA”) in December 2017. As the U.S. moves to a territorial tax system for profits earned outside the U.S., this provision assesses a tax rate on accumulated earnings and profits in […]
U.S. Education Savings Plans for Residents of Canada
March 22, 2018Canada and the U.S. have similar tax laws for education savings plans. Unfortunately, neither recognizes the each other’s plans the same as their own. For example, a U.S. education savings plan, such as a “529 Plan,” has Canadian tax reporting requirements which are not applicable to a Canadian Registered Education Savings Plan. Canada and the […]
Alert for Parents: Education Savings Plans and U.S. Tax Issues
March 20, 2018Children. From the moment they’re born you start planning for their future. And like a lot of good parents, you start to save money for their future education early. Both Canada and the U.S. have great education savings programs whereby generally any plan earnings are tax-deferred until Junior goes off to post-secondary education. But tax […]
U.S. Transition Tax – Update
March 14, 2018On March 13th, the Internal Revenue Service provided further guidance on how U.S. taxpayers should report activity subject to the U.S. Transition Tax on their 2017 US income tax returns. Our previous blog describing the tax and its impact to U.S. taxpayers can be found HERE. This IRS guidance references earlier IRS updates and provides […]
