Tax Planning

Canadians and US Real Estate Laws

Many Canadians dream about owning a property in the US for retirement or investment purposes or simply to escape winter. Regardless of the reason for owning US property, Canadians need to be aware of the rules and tax issues they are subject to when renting or selling such property. Rental Income If Canadians rent their US real estate for 15 days or more, they may have to file a US income tax return to report their rental activity. Rental income paid to Canadians is subject to a 30% US federal withholding tax. This amount is applied to gross rental income, […]

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Prescribed Interest Rate Loan

There may be US tax complications while creating a prescribed interest rate loan with family members to split income.

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President Trump: Update on Key Cross-Border Issues

Spring is upon us, and I thought it would be a good time to briefly check in on the latest updates from the Trump presidency that could potentially affect Canadians planning to move to the US or Americans planning to move to Canada. This blog is the second of a series that will update my cross-border clients on key Trump-related issues most relevant to them. These key issues are: 1) Health Care In an embarrassing setback for President Trump and US House of Representatives Speaker Paul Ryan, the newly proposed Republican health care bill that they intended as a replacement […]

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Planning opportunities from cross-border taxation of RRSPs

Making the decision to move to the U.S. always invokes planning questions for many Canadians. Taxes, ties with Canada, legal aspects or even investments are important matters when crossing the border, and Registered Retirement Savings Accounts (RRSP) are no exception to this rule. In this blog, we will describe some of the main advantages of the tax treatment of an RRSP for Canadians who have moved to the U.S. First, let’s review the importance of contributing to an RRSP. As Canadians, there are two main advantages of contributing. Investors will achieve immediate tax benefits in the year of contribution. The […]

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President Trump: Key Issues for Canadians Moving to the US

2017 is upon us and so is the new president. Last Friday, Donald Trump was inaugurated into the highest seat of office in the US. Since Trump announced his intention to run for president, there has been much speculation about the efficacy of his proposed policies. Now that he’s inaugurated, Trump’s proposed policies may very well become law. Trump’s policies focus on a wide array of issues; however, there are certain issues that have the potential to significantly affect my Canadian clients, particularly those clients who are in the middle of planning a permanent move to the US. As such, […]

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