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Personal Tax Planning

Corporate Tax Planning

Is Your Tax Planning Confidential?

Are you taking precautions to ensure your personal or corporate tax planning is kept confidential? Cross-border wealth management is inherently complicated, so most people hire a professional to ensure they meet their tax obligations in both Canada and the United States. In the course of planning, highly private and confidential information is communicated to your tax professional. A 2016 appeal decision has confirmed that accountant’s files are not protected by privilege, and the best… Read More

us llps

Corporate Tax Planning

Changes to Tax Treatment of US LLPs and LLLPs

Last year, the Canada Revenue Agency (CRA) confirmed that US Limited Liability Partnerships (LLPs) and Limited Liability Limited Partnerships (LLLPs) will be characterized as corporations for Canadian tax purposes.* Any income from these entities, which was previously reported on one’s personal tax returns as partnership income, will be treated as being from a foreign corporation. How does the change in treatment of US LLPs and LLLCs impact Canadian investors There are several implications of this… Read More

Cottage- small wooden house on green lawn

Cross-Border Estate Planning

The Death Tax Repeal Act and Cross-Border Estate Planning

For Canadians with assets in the United States, or whose family includes dual US-Canadian citizens or US permanent residents, the repeal of the so-called “death tax” could help simplify your estate planning. Unlike Canada, the United States has taxed an estate based on the fair market value of a decedent’s assets. Much of the support for this bill comes from farm owners and family businesses that claim to suffer unfairly under the current regime. The Death… Read More

NAFTA

Corporate Tax Planning

Navigating NAFTA Uncertainty – Legal and Financial Advice for Cross-Border Businesses

As Donald Trump enters his second month in the White House, the administration’s position regarding the North American Free Trade Agreement (NAFTA), and Canadian-U.S. trade relations generally, remains unclear. Ongoing uncertainty about American intentions for NAFTA and cross-border business Despite bombastic claims about repealing NAFTA during his campaign, Trump has not provided any reliable guidance as to what North Americans can expect on the trade agreement going forward. Threats of imposing a unilateral 20% “border… Read More

FATCA

Personal Tax Planning

IRS Blocked From Taxing Prizes & Awards for Some Olympic Atheletes in the U.S.

President Obama signed H.R. 5946 into law on October 7, 2016. The “United States Appreciation for Olympians and Paralympians” was passed by the House and Senate with little opposition. This gives some opportunity to discuss the U.S. taxation of prizes and awards. This new law provides a bit of a twist on the rules for the inclusion of prizes into income. Internal Revenue Code – Sections 61 &… Read More