Why and when to file Form W-8BEN Purpose The W-8BEN form is a Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individual). This form is required to be completed and submitted when receiving payments as a non-U.S. person from U.S. sources. Generally, 30% tax is withheld from certain … Continue reading Form W-8BEN/W-8BEN-E and W-9
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
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 Tax on dividends paid by a US company to a Canadian parent company (FAPI) Part 3
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?
No. For US tax purposes, these accounts are not recognized as tax free accounts. That means that any income earned within these accounts will be taxed when you file your US tax return. Furthermore, some TFSA and all RESP accounts are considered foreign trusts for US tax purposes. This causes additional tax reporting burden on … Continue reading As a US citizen, is there any benefits of holding a TFSA/RESP?
By default, the U.S. personal tax return is due by April 15 of the following year. However, if on April 15 you live and work outside the U.S., your deadline is extended to June 15. Whether your deadline is April 15 or June 15, if you require additional time to file, you can submit Form … Continue reading What is the tax deadline for U.S. Personal Tax Return?
Imagine that you are a Canadian company sending an employee to the United States to fulfill a job order for a US customer. You feel that you know all about the Permanent Establishment rules and you are confident that as the employee is in the US on a temporary basis, his/her presence will not constitute … Continue reading Permanent Establishment for Short Term Contracts in the US
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