Strafford Live Webinar, Jan 25, 2022 on U.S.-Canadian Dual Taxation Pitfalls

January 13, 2022
Strafford Webinar with Steven Flynn

I will be on the panel delivering the upcoming Strafford live webinar on U.S.-Canadian Dual Taxation Pitfalls on Tuesday, January 25, 1:00pm-2:50pm EST. This live 110-minute CPE webinar for tax advisors includes an interactive Q&A.

The geographical and demographic similarities between Canada and the U.S. contribute to the world’s most significant trade relationship between the two countries. Given these harmonious and long-standing relations, Canadian resident taxpayers frequently get caught up in the U.S. income tax system and vice versa.

A critical component of this cross-border business activity is avoiding dual taxation on income and gains. The U.S. and Canada have a comprehensive tax treaty system that addresses most dual taxation concerns. As in all international planning, tax advisers must understand the particular provisions to avoid an unpleasant tax bill–or maybe two.

Among the planning challenges for cross-border activities is navigating the tax treatment of LLCs and other U.S. disregarded entities. Canadian owners of U.S. LLC shares could face dual tax layers. Tax advisers for clients using LLCs will need to carefully plan on both sides of the border.

Other areas of concern in U.S.-Canadian tax planning include the treatment of passive income and tax considerations of cross-border pension ownership, contributions, and withdrawals. The extensive U.S. tax reporting requirements imposed on taxpayers with U.S. filing obligations are hovering over all these concerns.

Our panel will provide tax advisers with a thorough and practical guide into the tax reporting requirements and planning opportunities for U.S. taxpayers with earnings or assets in Canada, as well as Canadian citizens with U.S. tax reporting obligations. The panel will discuss U.S. tax law and treaty provisions designed to avoid or mitigate dual taxation, describe Canadian residency and expatriation rules, and detail the U.S. reporting and payment obligations specific to passive income as well as Canadian trade or business activity. The webinar will also provide helpful information on tax reporting of cross-border trust ownership.

We will discuss these and other relevant topics:

  • Tax treaty provisions for mitigating dual taxation on ownership of cross-border LLCs and other pass-through entities.
  • Limitation of benefits clauses and provisions in the U.S.-Canada income tax treaty.
  • Key risks and challenges of passive/unearned income in cross-border situations.
  • U.S. reporting requirements of Canadian-sourced investment

After our presentations, we will engage in a live question and answer session with participants so we can answer your questions about these important issues directly.

I hope you’ll join us.

For more information or to register click HERE.

Or call 1-800-926-7926
Ask for U.S.-Canadian Dual Taxation Pitfalls on 1/25/2022
Mention code: ZDFCA

Andersen