U.S & Cross Border Tax Archives

Migrating to Canada from the United States?

Here Are 10 Tips To Help Make The Transition Smoother! Whether you are relocating to a new city for experience or a job, migrating from the United States of America to Canada is not as easy as you think. There are multiple factors to take into consideration when planning your move to Canada. Our guide … Continue reading

Transfer Pricing – Concept and Procedures

Authors: Kul Makkar, Tan Garg (International Tax Advisors Canada) How would you determine that the price at which you are selling goods or services to your US subsidiary or branch is acceptable to both Canadian and US tax authorities? Essentially, any transaction between a related Canadian and overseas enterprise must successfully pass the test of arm’s … Continue reading

Tax Implications for Canadians selling US property, real estate

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

US Expatriation Tax

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

U.S. Gift and Estate Taxes for Canadians

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. Tax Implications for Canadians Who Temporarily Work or Live in the U.S.

Are you a Canadian resident who travels to the United States frequently? If so, it is important that you are aware of the “Substantial Presence Test”. This assessment is issued by the IRS and is used to establish the tax status of a non-resident. Calculations are based upon the number of days an individual intends … Continue reading

Canadians Owning a Vacation Property in the US

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

Tax on dividends paid by a US company to a Canadian parent company (FAPI) Part 3

As the last part of the three installments on ‘Foreign Accrual Property Income’, this article will focus on the Canadian taxation of dividends from foreign affiliates and controlled foreign affiliates that earns passive income. If you own a Canadian company that receives dividends from a US or foreign subsidiary then this article is for you. … Continue reading

When is the US Personal tax filing deadline?

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

The new U.S. Foreign Account Tax Compliance Act and what it means for US residents (including US citizens) in Canada

On February, 2014, the government of Canada and the U.S. has finalized the Foreign Account Tax Compliance Act (FATCA) which will come into effect on July 1, 2014. This agreement will provide the Internal Revenue Service (IRS) with better access to information about US residents’ foreign bank activities and means trouble for US residents who … Continue reading

The most tax-efficient way for Canadians buying a real estate property in the US

This article will discuss the top 3 strategies used by Canadian investors when purchasing a U.S. property. The goals of these 3 methods are to: Minimize risk Minimize tax burden Maximize returns

Sales tax in the United States

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

Cross Border Taxes- Tips on Doing Online Business in Canada

Cross Border Taxes- Tips on Doing Online Business in Canada By: Allan Madan | Aug 18th, 2013 | Tax, US Tax, Canadian Tax Cross Border Taxes are often overlooked by online business in the U.S., even when they sell to customers north of the border. However, you can bet that sooner or later, you will … Continue reading

US Tax Accountant in Canada – US tax issues for Canadian online business

As a U.S. tax accountant in Canada, I have come across many Canadian online businesses that sell to U.S. customers who completely ignore the IRS (Internal Revenue Service). The U.S. is a global hub for international business. The result? America has one of the world’s most complicated tax codes with hidden traps everywhere. As such, … Continue reading

Category: U.S & Cross Border Tax