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Canadian Tax Free Savings Accounts – U.S. Tax Treatment
Canadian Tax-Free Savings Accounts (“TFSAs”) can be an excellent way to accumulate savings which will generally never be subject to Canadian income tax while they grow in value whether through investment income or gains. TFSAs have been around since 2009 and began with annual contribution limits of C$5,000. Beginning in 2015, the contribution limit increased […]
FATCA: Transfer of Banking Information to IRS – Steven Flynn Interviewed by CTV
July 22, 2015Steven Flynn was interviewed by Amy Legate-Wolfe at CTVnews.ca on the topic of dual and U.S. citizens resident in Canada and the impact of the Internal Revenue Services’ FATCA legislation on their banking information. http://www.ctvnews.ca/business/why-some-canadians-bank-info-is-being-sent-to-irs-1.2477572
Changes to Certain Cross-Border Tax Amounts for 2015
February 4, 2015As the calendar changes to 2015, both the Internal Revenue Service and Canada Revenue Agency have changed or left unchanged certain amounts and figures. Below are some of the revised amounts, numbers and limits for the year 2015 relevant to U.S. citizens resident in Canada. Changes to Certain Cross-Border Tax Amounts for 2015 Item New […]
Tax Residency: How Long Can I Be in the U.S.?
January 30, 2015The answer is, you can stay in the U.S. as long as you want to, but there may be tax consequences to how long you stay there. There is widespread confusion about residency which isn’t surprising. The word, “residency” is interpreted differently depending on whether you are talking about tax, immigration, health insurance, etc. Even […]
