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Moving from Canada to the US? Save Money with Canada Pension Plan

Moving to another country presents significant tax planning opportunities, especially if you are moving from Canada to the US. A commonly overlooked tax strategy for incorporated professionals and other intercompany transferees is to avoid US Social Security and Medicare by continuing their coverage under Canada Pension Plan. The tax savings can reach more than US$10,000 annually and more for up to 5 years for qualifying persons.

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US Tax Reform – Getting Closer to the End

December 16 2017

Quite the week for tax professionals in Canada and the US.  On Wednesday, Finance Minister Bill Morneau provided guidance on how Canada’s income splitting rules will apply to private corporations.  You can read more about it here

US Citizen, US Citizens Resident In Canada, US Tax Law, US Tax

Is the interest expense deductible for US non-resident aliens owning a US real property interest?

November 29 2017

Loaning between business entities is a widely-adopted business strategy in the real estate industry. Multiple levels of entities are often chosen in a business structure. U.S. limited liability companies (“LLC”) are commonly used to hold U.S. real property interests. When foreign investors are involved for various reasons (i.e., asset protection), foreign investors use a non-U.S. corporation that is treated as a disregarded entity for U.S. federal income tax purposes to be the sole owner of the U.S. LLC.

US Tax Law

Canadian Tax – Federal Liberal Tax Changes on Private Corporations

September 22 2017

Over the last few months, much has been written about the proposed Canadian tax changes to private corporations. I am concerned about the speed at which the Department of Finance is moving to enact these significant and wide reaching tax changes.  The proposals were introduced in the summer, while Parliament was not in session, and sought out feedback during a short 75 day window while many Canadians were on holidays and other hard working farmers were busy harvesting.  My concern is that such complex tax matters need further review, study and consultation else they will have a significant impact on our economy. Some of the better commentary on these proposed tax changes that I have read this summer is in thelinks below:

Canadian Tax Law