Library Categories U.S. Tax

Don’t be found GILTI

Don’t be found GILTI

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.

2018 U.S. personal income tax: Impact of Tax Cuts and Jobs Act

2018 U.S. personal income tax: Impact of Tax Cuts and Jobs Act

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.

GGFL Welcomes US and Cross-Border Tax Principal

GGFL Welcomes US and Cross-Border Tax Principal

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.”

More Fallout from the Graduated Rate Estate (“GRE”) Tax Rules

More Fallout from the Graduated Rate Estate (“GRE”) Tax Rules

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.

Don’t Pay to Stay – U.S. Residency Rules

Don’t Pay to Stay – U.S. Residency Rules

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 […]

Planning for Death and Taxes – Incorporating Your Investments

Planning for Death and Taxes – Incorporating Your Investments

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.

US Election Could Affect “Canadian” Estates

US Election Could Affect “Canadian” Estates

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.

The Tax Implications of Repatriating to Canada

The Tax Implications of Repatriating to Canada

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.