Accidental American and deliquent tax filer? Ask the expert.
Monday, September 26th, 2011
Question: My parents spent one year living in New York City, and during that time I was born. I am a Canadian citizen and resident having only spent a precious few months of my life on US soil. How do I renounce my US citizenship – acquired by being born on American soil – so [...]
Roth IRA’s – new election for Canadian tax purposes
Friday, March 11th, 2011
The Canada-US Tax Treaty provides that income earned on funds held in an IRA or Roth IRA are not subject to Canadian tax until they are withdrawn. In order to take advantage of this deferral, an election must be made in accordance with rules prescribed by the Canada Revenue Agency. Until now, no rules had [...]
Recent US Tax Changes
Thursday, January 27th, 2011
The US tax laws enacted in the last couple of years contain important income tax and information reporting provisions that are effective for the first time in 2011. To inform you of what’s new in the tax rules, here’s a summary of the key tax changes for 2011, broken down into three categories: Personal Income [...]
US Estate Tax Changes
Wednesday, December 22nd, 2010
The estates of wealthy individuals who died in 2010 didn’t pay any federal estate tax, but that situation is about to change. Under the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010,” the federal estate tax, which disappeared for 2010, springs back to life in 2011 and is imposed at [...]
New Deeming Rules for US Permanent Establishments
Wednesday, November 10th, 2010
Effective for 2010, new deeming rules have been introduced in the Fifth Protocol of the Canada-US Income Tax Treaty. Companies providing services in the United States should take note of these new rules as the rules deem a non-resident who provides services in the United States to have a permanent establishment where certain conditions are [...]
