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Being a U.S. person (subject to U.S. taxes) living abroad can at times be the beginning of a U.S. tax nightmare. This can appear to be quite unfair, especially when one has had a Canadian residence established outside of the U.S. for quite some time. If you are an American citizen or green card holder, it is...
In this era of severe tax scrutiny it is important to plan your savings to avoid paying large tax liabilities while fulfilling a financial goal. Studies conducted by Statistics Canada report a Household Savings Rate of 5.4% in Canada, which is 0.4% more than the previous year. However, studies conducted by BMO Bank of Montreal...
On October 29, 2013, the Canadian government formally ratified a tax treaty with the Government of Hong Kong Special Administrative Region of the People’s Republic of China (Hong Kong). This treaty, (originally signed on November 11, 2012) minimizes the possibility of tax discrimination and double taxation, and further encourages healthy trades between Canada and Hong...
How to source income between the U.S. and different countries can be complicated and time consuming for taxpayers who are not familiar with tax regulations and treaties. In general, for U.S. tax purposes, U.S citizens and resident aliens (details) are subject to tax on their worldwide sources of income, while non-resident aliens are subject to...
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