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On the 26th of May 2016, the Canada Revenue Agency (CRA) confirmed that it will treat U.S. limited liability limited partnerships (LLLPs) and U.S. limited liability partnerships (LLPs) as corporations for Canadian tax purposes as these structures resemble Canadian corporations. This decision of the CRA is likely going to cost Canadians owning U.S. real estate...
If you are considering working in a new country there are many things you need to learn to avoid unexpected surprises. This can include the work culture, the immigration requirements and the tax system. The Canadian government has several programs which facilitates entry for those individuals who have the skills that Canada is looking for...
U.S. citizens and green-card holders (U.S. Person) are subject to taxes on their worldwide income. Along with this, they also need to comply with certain additional filing requirements to report their foreign accounts, foreign assets and foreign incomes. This reporting is required regardless of whether the U.S. person is living in the United States or...
As many Canadians own property in the United States, as well as investments in the U.S. financial markets, it is important to be aware of the potential estate tax implications. Even thought a taxpayer is a non-resident of the U.S., they can still be subject to estate taxes. It is important to plan for the...
Times are changing as the Canada Revenue Agency (CRA) specially requested taxpayers for their consent to share personal details, such as their address, with Election Canada by putting a ‘check mark’ in the box located on their income tax return. With Bill C-51, also known as the Anti-Terrorism Act, the CRA will be able to share...
Transfer pricing is one of the most important issues in international tax. Transfer pricing happens whenever two related companies – that is, a parent company and a subsidiary, or two subsidiaries controlled by a common parent – trade with each other, as when a US-based subsidiary, for example, buys something from a French-based subsidiary of...
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