US estate tax can apply not only to US citizens, but also to Canadians who hold US assets. US and cross-border tax is a unique specialization that is in high demand today, because many clients have US and cross-border tax issues to consider.
Since I have been here at GGFL, it has become very apparent how much the firm truly values its people and places a high priority on mentoring, staff satisfaction, and continued professional development,” she adds. “This is a place where everyone’s ideas are valued and good decisions can be implemented quickly and locally.”
President Trump signed the Tax Cuts and Jobs Act into law on December 22, 2017. A number of measures could result in tax increases for U.S. citizens living in Canada. This article provides a brief overview of some of the changes.
Estates and trusts created through Wills (“Testamentary Trusts”) are now divided in to GRE’s and non-GRE’s. GRE’s enjoy graduated tax rates for a three year period and then become non-GRE’s. Generally, any income taxed in a non-GRE estate or trust is subject to the highest personal tax rates AND a calendar year-end must be adopted.
By Krysta Adamski, CPA, CA, WBLI Chartered Professional Accountants Canada’s increasingly harsh winters and shorter summers have resulted in more Canadian citizens crossing the border to vacation with our neighbours to the south. But while you’re packing your sunscreen and warm-weather clothing, are you also taking note of how this trip might affect your taxes? A lot of […]
As personal and corporate tax rates have fluctuated in recent years, incorporating investments has become an attractive option for Ontario residents holding sizeable portfolios. There are a number of potential advantages to holding investments in a company rather than personally. Incorporating creates flexible opportunities to minimize your personal tax liability during your lifetime and at death.
The 2016 US election results are “in the books”, and Donald Trump is the President-elect of the US. But the battles over US tax policy will likely be fought long after the votes have been counted. Some tax changes may be determined by compromise due to the complex system of checks and balances in the US political system.
According to the annual survey conducted by the global consulting firm, The Reputation Institute, Canada ranked second for 2016 out of the top 50 countries deemed to be the most reputable in the world. The list is based on people’s trust, admiration, respect, and affinity for that country. The United States ranked 28th.
As the world becomes more interconnected, careers often require individuals to move outside of Canada. Given our proximity to the United States, a permanent move to the US may be contemplated. Unfortunately, inadequate planning for departure results in tax inefficiencies, including taxation as a resident in multiple jurisdictions, taxation in a high-tax jurisdiction longer than necessary, and the missing of crucial tax filings due to inadequately severed residential ties.
While basking in the warm southern United States (U.S.) climate is an ideal way to avoid the bitter Canadian winters, snowbirds should be aware that their extended U.S stay could cause some unintended income tax consequences.