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Here you'll find updates on cross border tax issues for 2020. Please check back often for updates as this page will be revised for new cross border tax news items from month to month. Update November 28, 2020 New...
As we all recover from Thanksgiving dinner and look ahead to the holiday season, discussions around the second stimulus package continue. However, a decision (and second stimulus payment) is far from imminent. Here is a brief update of what...
On episode #2 of the Expat Tax and Financial Planning Podcast we discuss form T1135 - Foreign income verification filings. For a comprehensive article on form T1135 and the issues related to foreign asset reporting click here. Form T1135 is...
A recent Report from the U.K.-based Tax Justice Network (TJN) used a powerful analogy to summarize the impact of offshore tax havens on the global economy: "The equivalent of one nurse’s annual salary is lost to a tax haven...
Question My wife and I have been reading lately about all this talk related to a possible wealth or estate tax on Canadians. We have significant investment accounts in both Canada and the US. Do you think Canada will actually implement...
The oral exam that immigrants to the U.S. must complete to receive their citizenship just got more complicated. On Friday, November 13, officials from the U.S. Citizenship and Immigration Services (USCIS) revealed plans to implement the revised version of what...
As a US citizen or resident of the US, and to the extent that you have beneficial interest or signing authority over foreign financial accounts (foreign to the US) in excess of $10,000 (calculated as the total of the...
I get these questions all the time, does Canada have a wealth, inheritance or estate tax? The quick answer, at least for now, is no... Canada doesn't currently have any type of wealth tax other than a final death tax that...
Question Hi Phil I found your website online after doing some research. Please let know the charge to answer my questions (do you accept paypal?) I received an inheritance from my mother's estate last month. It will take until 2021 to have...
In addition to income reporting tax forms we also need to complete informational reporting forms for our clients. One example of such forms is form T1135 - foreign income verification statement. What is Form T1135? According to CRA's official website the...
The conversation below was between myself and a gentlemen asking some questions online. I decided to post it here as it may help others thinking of moving to Canada from the US. The decision to move to Canada from the...
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