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
Learn why and when a Canadian business is required to have an Employer Identification Number from the US. An Employer Identification Number (EIN) is required for Canadian companies that do business in the US. If you are a Canadian company that is connected to the US, even in a small way, make sure that you … Continue reading Employer Identification Number (EIN) for Canadian Companies
For U.S. Citizens or U.S. residents who hold a Canadian RRSP, it should be noted that the IRS treats the RRSP just like any other investment account and therefore, imposes tax annually on the growth of the investments inside the RRSP. However, an election can be made by completing the Form 8891 annually with your … Continue reading How are RRSPs taxed in the U.S.?
This is a significant concern for U.S. citizens or green card holders who are also residents of Canada and therefore, must file tax returns in both countries. IRA An IRA has very similar characteristics to that of a Canadian RRSP – contributions are tax deductible, growth is tax free, and the withdrawals are taxed. However, … Continue reading How are IRAs and Roth IRAs taxed in Canada?