Paying or Receiving Child Support – Across the Border If you are a Canadian contemplating work or residence in the U.S. or an American planning to work or live in Canada, and are subject to the payment of Alimony or Child Support at home, the following will be of interest to you. According to Article […]
Changes to Replacement Residence Rules for Green Card Holders Although green card holders are generally subject to the same income tax rules as U.S. citizens, certain new proposed amendments would make life more difficult for U.S. citizens and green card holders who live in Canada. Under Canadian tax law, a “principal residence” is exempt from […]
(a) Leaving the United States Non U.S. citizens leaving the U.S. during a year and wishing to report their anticipated annual income during the year may file form 1040-C – U.S. Departing Alien Income Tax Return. The 1040-C is not a final return, and a 1040 or 1040NR must still be filed within the required […]
The Importance of Determining Residence income Since both countries have income tax laws dealing with the taxation of non-residents, it is important to understand the role that residence plays in determining the liability for income tax. (a) U.S. Residence Rules (i) Green Card Test Under U.S. law, persons who satisfy the “green card test”, including […]
As the US economy strengthens, so does its housing market. Canadian owners of US real estate may continue to enjoy the appreciation of their investment in the US market and subsequently choose to sell their assets at a gain in order capitalize on this growth. While it is a sound investment decision to sell US […]
The U.S. and Canada have considerably different systems of taxation related to the estates of deceased persons. (a) Estates in Canada For Canadian purposes, a Canadian resident, is deemed to have disposed of all property owned at the date of death at fair market value, thus triggering capital gains tax on any unrealized capital […]
Due to the wide range of alternatives available to Canadian residents who conduct business in the U.S., this discussion has been restricted to the provision of personal services by Canadians in the U.S. only. Non-residents who are taxable in the U.S. on their U.S. source income must file form 1040 NR by June 15 each […]
Canadians purchase US property for a variety of reasons. Many Canadians regularly vacation in the US sunbelt or enjoy wintering in a warmer climate each year. Others may want to retire south of the Canadian border and then plan to pass their property on to their children and grandchildren. Still others choose to invest in […]
There are more than one million US citizens living in Canada. These individuals remain subject to tax by the IRS on their worldwide income and have annual filing obligations with significant penalties for non-compliance. As Canadian residents, they are also subject to Canadian taxation on worldwide income. This potential for double taxation is largely resolved […]
After spending significant time vacationing in the US, Canadian citizens who enjoy a cross border lifestyle may choose to move to the US permanently. Eventually, they may even become US citizens. There are also more than one million US citizens who are already residents and citizens of Canada. Dual citizens of the US and Canada […]
