Monica Martinez is a specialist in U.S. and Cross-Border Tax & Advisory Services – a fast growing, increasingly complex area of taxation impacting thousands of Canadian businesses and individuals for myriad reasons. The level of cross-border activity has grown exponentially in recent years, said GGFL Managing Partner Josh Engel, and the related domestic and foreign […]
By Monica Martinez, CPA, CA, CPA (Illinois) Joe Biden has been inaugurated as President of the United States. Now that the new administration is finally in place and the chaos of the campaign and election results are (mostly) a thing of the past, we can start to focus on what tax policy changes President Biden […]
By Monica Martinez, CPA, CA, CPA (Illinois) The Canada Revenue Agency (CRA) is stepping up its efforts to identify Canadian residents who may have undeclared income from real estate property owned in the United States, or who have failed to disclose their US property on CRA’s Form T1135. To help track down potentially tax-delinquent US […]
By Monica Martinez, CPA, CA, CPA (Illinois) There are few tax scenarios more daunting than those facing dual citizens of the United States and Canada – or, for that matter, the United States and anywhere. Let’s start with some basic facts: Anyone born in the US is a citizen of the US, unless their parents […]
By Eric Jungmeisteris, CPA, CA Manager, Tax & Advisory Services Canadian corporations with subsidiaries in other countries (a “foreign affiliate”) could find themselves facing a nasty surprise tax bill from the Canada Revenue Agency (“CRA”) when they transfer funds back to Canada. Aside from being located outside of Canada, a foreign affiliate is generally a […]
By Monica Martinez, CPA, CA, CPA Principal, U.S. and Cross-Border Tax & Advisory Services On September 6, 2019, the IRS announced the new “Relief Procedures for Certain Former (US) Citizens” (Relief Procedures), which apply to certain individuals who have relinquished, or intend to relinquish their US citizenship (expatriate). If eligibility criteria are met, the new […]
Although Snowbirds who own property in the United States might find relief from winter, it can produce unexpected financial and compliance headaches for those who don’t take the time to figure out the tax implications if they decide to sell or rent.
Monica Martinez, GGFL’s U.S. and cross-border tax principal, knows that it’s complicated and involves dealing with the U.S. Internal Revenue Service (IRS) and the Canada Revenue Agency (CRA). Her best advice: “Come and see us at GGFL. It is well worth it for the peace of mind.”
In December 2017, the U.S. introduced sweeping tax reforms that included the introduction of a new tax on international income called the “Global Intangible Low-Taxed Income” (GILTI).
Beginning in 2018, this tax would require U.S. shareholders of controlled foreign corporations (CFC) to include on their personal U.S. tax returns any income earned by the corporation in excess of a 10% return on the corporation’s tangible depreciable capital property. In future years, practitioners must carefully plan for the impact of this tax.
The Tax Cuts and Jobs Act (“TCJA”) signed into law on December 22, 2017, resulted in some significant changes to the U.S. income tax code. As of taxation year 2018, individuals are seeing changes in tax rates, and some changes may also impact business owners of pass-through entities and Canadian corporations.
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.