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Overview The United States taxes its citizens and residents on their worldwide income, regardless of residency. An individual may not owe taxes, but filing a tax return is mandatory. This is to claim benefit of deductions and to comply with foreign reporting requirements. The U.S. tax process is complicated and expensive, and severe tax penalties...
A disability situation can make life difficult for the disabled person and their family. The person has additional expenses to support their disability needs. For this reason, the Canada Revenue Agency (CRA) provides a Disability Tax Credit as well as other disability benefits to help minimize their tax burden. However, many times taxpayers are not well-informed about...
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...
In 2013, the U.S. Internal Revenue Service passed a policy to expire Individual Taxpayer Identifications Number (ITIN). Although the first legislation stated that the ITIN’s would expire after 5 years, this rule was further modified to consider only those ITINS as expired which had not been used in the last 3 tax years. The expiration and...
A U.S. ITIN (Individual Taxpayer Identification Number) is required by Canadians and other foreigners who do not have U.S. Social Security Numbers (SSNs) to file their annual U.S. income tax return to report any U.S. sourced income, such as rental income and to report gains/losses from the sale of property. It is necessary for foreigners,...
On March 14, 2016 the U.S. and Canadian governments signed a new pre-clearance customs agreement. According to the Department of Homeland Security, the pre-clearance agreement “will benefit travelers and trade by reducing congestion and increasing efficiency at the border”. This will be accomplished by expanding customs pre-clearance locations in Canada to reduce waiting time, and...
At AG Tax LLP, U.S. Canadian cross-border taxpayers frequently inquire about dual status tax filings. The following is a brief overview on dual status tax filing for a Canadian citizen or resident moving or travelling to the U.S. prepared by AG Tax cross-border tax analysts. It is important and highly recommended to discuss all residency...
The ease of movement between Canada and the United States leads to many Canadians owning properties in the U.S. and many U.S. citizens owning properties in Canada. Due to the popularity of Canadians owning rental properties in the U.S. to spend their winters, many tax articles tend to cover the taxation of U.S. property owned...
In the recent years, every country has been passing stringent laws to monitor foreign investments by their country’s citizens/taxpayers to prevent tax evasion through foreign investments. The Canadian government introduced Form T1135 a few years ago to prevent Canadian taxpayers from evading taxes, and since then, Canada Revenue Agency has been in a continuous process...
Saving on taxes is all about planning and strategizing one’s investments, sales and expenses in order to qualify for deductions and credits. With that being said, it is very helpful for taxpayers to be aware of qualifying investments & expenses so they can be claimed future on tax returns. For example, were you aware that some investments will provide you...
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