As a Canadian, are you aware of the tax consequences of selling your US real estate properties? Most Canadian’s aren’t, even though they are buying US real estate more so than ever before. Read further to understand the tax implications of Canadians selling US properties. 15% Withholding tax As a Canadian or a non-resident of … Continue reading Tax Implications for Canadians selling US property, real estate
Expatriation tax is imposed on individuals who renounce their U.S. citizenship and certain long-term U.S. residents who terminate their residency status. This tax regime was introduced in 1966 and has been subsequently amended many times. The most current version of this tax regime is outlined in the Heroes Earnings Assistance and Relief Act (HEART) of … Continue reading US Expatriation Tax
If you are a Canadian citizen who has properties you want to give away in the United States, and if you know anyone who is deceased and thinking of transferring property, you may want to know about the tax implications surrounding how U.S. gift tax and estate tax affects Canadians. U.S. gift tax system creates … Continue reading U.S. Gift and Estate Taxes for Canadians
This article focuses on the tax implications when a Canadian gets rid of a vacation property in the US. Ridding of a property can be taken in two forms: 1) Selling the vacation property or 2) when the taxpayer passes away while having ownership of the property. Selling the vacation property: Once the vacation property … Continue reading Canadians Owning a Vacation Property in the US
Are you confused about the US Tax Return Filing Deadline? You are not alone. Because of its size and complexity, the US system can be source of great confusion for those filing personal income returns. This is especially true for residents and citizens who recently moved out of the U.S., who are used to filing … Continue reading When is the US Personal tax filing deadline?
Canadians conducting business in the United States must be aware of potential sales tax responsibilities. In addition to Federal and State income taxes, businesses in the US may be required to collect and remit sales taxes to State or Municipal governments. What do I need to know about Sales Tax in the United States? Sales … Continue reading Sales tax in the United States
LLP structure is one of the best entity for Canadian investors seeking legal liability as well as for avoiding double taxation whereas LLC is not recommended. More and more Canadians, realizing the real estate opportunity available in the US are turning to Partnership structure for their real estate investments. However, not many Canadians are fully … Continue reading US Partnership – tax implication
US citizens working in Canada have to file a Canadian tax return and pay Canadian tax. If you are a US Citizen working in Canada as an employee, you should be aware of what tax obligations are applicable to you or you could end up facing large penalties. Here are the tax-related responsibilities that you … Continue reading Tax Implications for US Citizens working in Canada