FBAR and FATCA: What Do I Need to Know?

FBAR and FATCA just might be the two most detested, feared and misunderstood acronyms in the expat tax lexicon. Shrouded in mystery and backed by severe penalties, the FBAR and FATCA are at least partially responsible for the record breaking number of Americans that have been renouncing their citizenship since FATCA was enacted in 2010.

If you have a financial interest in or signatory authority over an offshore financial account (e.g. a foreign bank account or brokerage account) understanding FBAR and FATCA requirements is key to avoiding a problem with the IRS or the Financial Crimes Enforcement Network. In this blog, we differentiate between the FBAR and FATCA and explain what you need to know to be compliant.

What You Can Do if the Federal Government Increases the Capital Gains Rate in 2022

Although the Canadian government has considered raising the capital gains rate in previous years and declined to do so, some are speculating that increasing debt, campaign promises and the cost of the fight against COVID could mean this is the year the government will increase the capital gains rate.
Is there anything you can you do now to avoid the potential tax increase? While I can’t predict what will be in the 2022 Federal Budget, here are three possible solutions for pre-empting a higher capital gains inclusion rate.

Tax Implications of working for a US employer while living in Canada

COVID-19 has changed many aspects of our lives, including the possibility of working remotely. As a result, we have seen a trend where various professionals such as IT employees working for Google, Facebook, etc. who otherwise reside in the US, decided to take the opportunity to spend time in Canada while remaining employed by their US employer.

Global News – Make the most of your money

Matt Altro answers a question from Global News, specifically about the various considerations around cross-border gifting.

How to Minimize the Impact of Inflation on Your Investment Portfolio.

During the first half of 2022, consumers began seeing significant increase in prices they pay for groceries, gas and at restaurants. This persistent increase in price you pay at the counter is called inflation, and if your salary does not get adjusted upward, it will continue to erode your purchasing power. At the time of this writing, the inflation in Canada and U.S., as measured by the Consumer Price Index, stood at 7.6% and 8.5% respectively on an annualized basis. The highest it has been over the past 30 years.

While in many cases it is easy to see the impact that inflation has on your checking account, it is not always easy to see the direct impact inflation makes on your investment portfolio and what, if anything, can be done to protect it.

FBAR and FATCA: What Do I Need to Know?

FBAR and FATCA just might be the two most detested, feared and misunderstood acronyms in the expat tax lexicon. Shrouded in mystery and backed by severe penalties, the FBAR and FATCA are at least partially responsible for the record breaking number of Americans that have been renouncing their citizenship since FATCA was enacted in 2010.

If you have a financial interest in or signatory authority over an offshore financial account (e.g. a foreign bank account or brokerage account) understanding FBAR and FATCA requirements is key to avoiding a problem with the IRS or the Financial Crimes Enforcement Network. In this blog, we differentiate between the FBAR and FATCA and explain what you need to know to be compliant.

How to Hold Cryptocurrency in a Cross Border Portfolio

With news of inflation and pending interest rate hikes on every front page, many are carefully watching to see if cryptocurrency will prove to be the hedge against inflation many hoped it would be. While that remains to be seen, some of the world’s largest asset managers continue to express increasing interest as cryptocurrency becomes more mainstream. This could be a sign that cryptocurrency is still on track to transform the way we think about money and how we invest. What is sure is that for those who hold a cross border portfolio, there are special considerations to take into account before taking the plunge. In this blog post, we explore what cryptocurrency is, how to purchase it for a cross border portfolio and potential problems to avoid.

What You Can Do if the Federal Government Increases the Capital Gains Rate in 2022

Although the Canadian government has considered raising the capital gains rate in previous years and declined to do so, some are speculating that increasing debt, campaign promises and the cost of the fight against COVID could mean this is the year the government will increase the capital gains rate.
Is there anything you can you do now to avoid the potential tax increase? While I can’t predict what will be in the 2022 Federal Budget, here are three possible solutions for pre-empting a higher capital gains inclusion rate.

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