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Form 8288-B, Application for Withholding Certificate for Dispositions by Foreign Persons of U.S. Real Property Interest. What Canadians Need to Know!
You know from reading our blog “What Non-U.S. Citizens Need to Know Regarding the Sale of US Real Estate” that as a Canadian or non-resident of the US you will be subject to a non-resident withholding tax of 15% of the gross sales price. That said, […]
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How to obtain an Individual Tax Identification Number (ITIN)
An Individual Taxpayer Identification Number (ITIN) is a tax processing number, issued by the Internal Revenue Service, for certain resident and nonresident aliens, their spouses, and their dependents. It is a nine-digit number beginning with the number “9” and is formatted like an SSN (Social Security […]
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What you should know before selling U.S. real estate
Are you aware of the tax consequences of selling your U.S. real estate properties? It is important to be aware of potential U.S. and Canadian tax issues to avoid disastrous consequences. One very important thing many people neglect is to retain complete records of the property […]
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The 2020 CARES Act
The Coronavirus Aid, Relief and Economic Security Act or “CARES Act” was the US government’s initial $2 Trillion dollar relief act aimed at helping individuals and businesses impacted by the Covid-19 pandemic. The CARES Act is long and detailed, but can be broken down and summarized […]
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U.S. Tax Cuts and Jobs Act – Impact to U.S. shareholders of Canadian companies
We have been inundated the last few weeks with questions from clients and their Canadian advisors relating to the tax legislation that was signed into law by President Trump just before Christmas. The questions usually relate to the “Toll Charge” and “GILTI” provisions and whether these […]
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U.S. Citizens and Canadian Tax Free Savings Accounts
I’m a US citizen living in Canada – should I invest in a Canadian TFSA? This is a great question, and one we get all the time. Let’s consider for a minute the main benefit of investing in a TFSA – income or gains earned under […]
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Changing Due Dates for Entity Level Tax Returns
In the summer of 2015 the US Congress passed legislation which modified the due dates for several common tax returns. The provisions, included as a revenue provision in a highway bill (Surface Transportation and Veterans Health Care Choice Improvement Act of 2015) will apply to 2016 […]
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FIRPTA CHANGES IMPACTING NONRESIDENTS SELLING U.S. REAL PROPERTY
Two recent changes, one legislative and the second administrative, have the potential for a significant cash flow impact on nonresident taxpayers selling U.S. real property. As we’ve previously discussed, there are withholding tax implications attached to nonresidents selling U.S. real property under the Foreign Investment in […]
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Voluntary Disclosure under the Streamlined Programs
2014 Changes to Streamlined Program spells trouble for Canadian “Snow Birds” On June 8th 2014, the IRS announced updates to the Streamlined program that will help many Americans achieve tax compliance with their U.S. tax filling requirements. There are now two different Streamlined programs. The Streamlined […]
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What is FATCA
The Foreign Account Tax Compliance Act, better known as FATCA, was passed in 2010 as part of the HIRE act. Starting July 1, 2014 foreign financial institutions (FFI) are required by the U.S. government to report information regarding non U.S. accounts of all U.S. citizens (living […]
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