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U.S. Estate Tax - Important

Richard Weber on November 7, 2012 in Construction & Real Estate

A U.S. estate tax return must be filed if a deceased Canadian resident who is not an American citizen owned U.S. situated assets exceeding $60,000 fair market value at death.  If the deceased made substantial lifetime gifts of U.S. property, a U.S. estate tax return may be required even if the U.S. assets do not … Continued



Experience Counts!

Elaine Holding on October 17, 2012 in Business Insights

One of the ways we add value to your experience is by offering complimentary seminars on a variety of topics that help you, as business owners and individuals, navigate the complex issues that come with running a business, managing others and your personal finances. This fall, we are hosting a number of seminars targeted to … Continued



Some Important Tips on Transfer Pricing

Richard Weber on October 26, 2011 in Advice for Business Owners

The ongoing US deficit crisis has resulted in President Barack Obama proposing to increase taxes. This initiative will only put more pressure on the US Internal Revenue Service (IRS) to increase its review of transfer pricing between multinational groups of companies. According to the tax law in Canada, the United States and other developed countries, … Continued



US Taxation Issues for Canadians - Closer Connection Rules

Richard Weber on July 13, 2011 in Tax

Basis of taxation Canadians, deemed to be a U.S. resident alien, are required to file a U.S. income tax return and will be taxed on their world wide income. There are two tests to determine whether a Canadian is a U.S. resident alien: Lawful permanent test – also known as the “green card” test. The … Continued



Foreign Currency Hedging – Have you adapted to the roller-coaster ride?

Joseph R. Schlett on June 8, 2011 in Advice for Business Owners

You can effectively mitigate your foreign currency exposure by taking pro-active measures. Why leave your company exposed to potentially lethal financial impacts related to foreign currency fluctuations. If you have been a net exporter (i.e. manufacturing in Canada, however selling more in the U.S.) or net importer (i.e. importing from the U.S., however selling more … Continued



Foreign Bank Account Reporting – Special Voluntary Disclosure Initiative

Richard Weber on April 13, 2011 in General

If you are a U.S. citizen living in Canada, the following may be of interest. On February 8, 2011 the Internal Revenue Service (IRS) issued IR-2011-14, a Special Voluntary Disclosure Initiative designed to bring offshore money back into the United States tax system and help taxpayers that have undisclosed income become current with their taxes. … Continued



U.S.-Canada Border Fee Proposed

Richard Weber on April 6, 2011 in General

Mike Godfrey, Tax-News.com, Washington wrote that a proposed USD5.50 fee aimed at travelers arriving in the U.S. via sea or air, has been met with criticism from Canada. A passenger inspection fee was included in Obama’s 2012 Budget, and, although the Budget itself was delivered on February 14, attacks on the proposal began on February … Continued



Welcome News for Canadians Who Own U.S. Property

Richard Weber on February 2, 2011 in Estate & Succession Planning

The U.S. imposes a federal tax on the taxable estate of a decedent who was not a U.S. citizen or domiciliary for transfers of U.S. real property upon death. In 2010, there was no U.S. estate tax and as of January 1, 2011 the U.S. estate tax was to have been reinstated in accordance with … Continued



U.S. Real Estate Ownership – Alert!

Joseph R. Schlett on November 17, 2010 in Tax

We urge everyone to pay close attention to U.S. Estate tax matters considering pending changes effective January 1, 2011. Although repealed for 2010, we understand that new Estate tax rules will be introduced with application to both U.S. citizens and to foreign individuals who own real estate situated in the U.S. Immediate consideration should be … Continued