U.S. Tax Tips

U.S. Citizenship Renunciation Services

If you, like many U.S. expats (U.S. cit­i­zens and Green card hold­ers liv­ing out­side the Unit­ed States) are becom­ing more frus­trat­ed, con­fused, or over­whelmed with the mas­sive bur­den that U.S. cit­i­zen­ship may entail when you are liv­ing out­side the Unit­ed States, you may have con­sid­ered renounc­ing your U.S. cit­i­zen­ship.

U.S. Cit­i­zen­ship is a com­plex pro­ce­dure. Our qual­i­fied advi­sors can help.

What is ITIN and How You Can Get It?

An Indi­vid­ual Tax­pay­er Iden­ti­fi­ca­tion Num­ber or ITIN, is a tax pro­cess­ing num­ber issued by the Inter­nal Rev­enue Ser­vice (IRS) which is designed for for­eign indi­vid­u­als (non US-per­sons) who are required to file a US fed­er­al tax return, or have oth­er IRS fil­ing require­ments, but are not eli­gi­ble for a Social Secu­ri­ty Num­ber (SSN).

Our U.S. Tax Advi­sors will help you apply for ITIN!

Canadians who own U.S. Real Property Should Plan for Incapacity and Probate.

Our qual­i­fied U.S. tax advi­sors will help you devise a com­pre­hen­sive estate plan­ning strat­e­gy that would decrease your tax expo­sure.

Our Advi­sors Can Help You Plan!

IRS Form 3520 A — Do you really have to file it?

IRS Form 3520 A is often filed by Cana­di­an tax advi­sors with respect to Tax Free Sav­ings Accounts (TFSAs) that are held by U.S. per­son. How­ev­er, the tax treat­ment of TFSAs for U.S. fed­er­al income tax pur­pose is uncer­tain because there is there is no case law and no clear guid­ance by the IRS.

Our U.S. Tax Advi­sors will deter­mine whether IRS Form 3520 A should be filed in your case?

Talk to U.S. Tax Advisors Prior to Making Major Estate Decisions!

Do you own U.S. real estate? Do you have a com­pre­hen­sive estate plan­ning strat­e­gy that would max­i­mize your wealth?

Our Advi­sors Can Help You Plan!

Are you a Canadian planning on buying U.S. Vacation Home?

Own­ing U.S. real estate can result in sig­nif­i­cant ben­e­fits for Cana­di­ans and can open up a pri­ma­ry or sec­ondary source of income. How­ev­er, it is impor­tant to under­stand the com­plex­i­ties involved in pur­chas­ing and own­ing U.S. real estate for Cana­di­an indi­vid­u­als and busi­ness­es.

Need Help Under­stand­ing Poten­tial Tax Impli­ca­tions or Plan­ning Oppor­tu­ni­ties?

IRS Form 5472 — Foreign Owned LLCs

5472, Infor­ma­tion Return of a 25% For­eign-Owned U.S. Cor­po­ra­tion or a For­eign Cor­po­ra­tion Engaged in a U.S. Trade or Busi­ness

Need Help With IRS Form 5472?

IRS Form 5471 — When Do I have to File?

Form 5471, Infor­ma­tion Return of U.S. Per­sons With Respect To Cer­tain For­eign Cor­po­ra­tions.

Need Help With IRS Form 5471?

US Tax Reform — Estate Tax

To the dis­ap­point­ment of many the Tax Cuts and Jobs Act did not repeal the u.s. estate tax. What it did do is dou­ble the base exclu­sion amount for 2018. The basic solu­tion amount will be eleven point two mil­lion dol­lars per per­son and twen­ty two point four mil­lion dol­lars per mar­ried cou­ple. This is applic­a­ble for U.S. domi­cil­iaries as well as Cana­di­ans with U.S. situs assets. The Cana­da U.S. income tax treaty pro­vides for a pro­rat­ed uni­fied tax cred­it for Cana­di­ans. Cana­di­ans who have world­wide assets under the thresh­old amount will not be required to pay U.S. estate tax they will how­ev­er be required to file U.S. estate tax return or U.S. gift tax return. This pro­vi­sion pro­vides tax plan­ning oppor­tu­ni­ties these need to be tak­en advan­tage of before the pro­vi­sion sun­sets in 2025.

Take Advan­tage of this Plan­ning Oppor­tu­ni­ty!