Search Results for: Top 5 Tax issues
U.S. citizens who die while resident in Canada face taxation issues from two countries: Canadian income tax on unrealized gains and certain tax deferred assets…
...a “Covered Expatriate.” A Covered Expatriate is subject to U.S. Exit Tax in the year of renunciation and U.S. federal income tax on certain income…
...certain U.S. corporations and U.S. individuals. Our previous blog entries explaining the tax and IRS/U.S. Treasury updates can be found at the two links below:…
...on U.S. Transition Tax or any U.S. / Canadian cross-border tax matter. Past U.S. Transition Tax blog entries: Feburary 27, 2018: https://wldtax.com/us-transition-tax/ March 14, 2018:…
...US tax law. The Canada-U.S. tax treaty exempts Canadians from US tax for certain activities conducted in the U.S., but it still requires those claiming…
...U.S. tax obligations. Similarly, abandonment of a green-card, either voluntarily or involuntarily may have the same U.S. tax obligations. Navigating the intricate world of taxes,…
...BC Speculation and Vacancy Tax https://ca.andersen.com/blog/british-columbia-speculation-and-vacancy-tax-976/ January & March 2023 Blog – Canadian Federal Vacancy Tax and Update https://ca.andersen.com/blog/canadas-underused-housing-tax/ https://ca.andersen.com/blog/canadian-vacancy-tax-update/ November 2023 has seen more…
...budget contains no new tax or any changes to tax legislation. Personal Income Tax Measures: There are no proposed changes to personal income tax rates…
...Personal Income Tax Measures There are no proposed changes to personal income tax rates for 2024. The income tax rates for the 2024 taxation year,…
...mind paying U.S. personal or corporate income tax as long as one receives a full credit back for such US taxes in Canada. Where the…
...to identify issues and initiate their resolution Desire to work in U.S. and cross-border taxation and develop technical skills The ability to organize complex information…
...taxable for U.S. tax purposes. Withdrawals from a TFSA are not taxable in either Canada or the U.S. Canada will not tax income and gains…
...of U.S. tax returns and forms, and a plan to integrate the results with your Canadian tax returns. Tax advisors in the U.S. often provide…
...the IRS. Once contacted by the IRS, a tax filing is no longer voluntarily. The IRS has provided alternative tax filing strategies for delinquent U.S.…
...their U.S. retirement plan without recognizing taxable income for either U.S. or Canadian tax purposes and get a charitable contribution deduction for Canadian tax purposes.…
...certain limitations. What Plans Qualify as Tax-Favored Foreign Trusts? For a plan to qualify as a tax-favored foreign trust: it must generally be exempt from…
...environment in the coming years. Personal Income Tax Measures: The income tax rates for the 2024 taxation year, based on your taxable income, are as…
...be claimed as foreign tax credit on the U.S. federal income tax return to reduce or eliminate U.S. federal income tax on the income so…
...challenges. Job description Reporting to the Partners of the firm, the Tax Manager is responsible for compliance and planning tax mandates including but not limited…
...have Canadian tax advantages. Tax-Free Scholarship Income Students from Canada attending U.S. schools generally remain Canadian income tax residents and are taxable in Canada on…