U.S. Tax Tips
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.
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.