Cross-Border Tax Issues
Travel Opportunities for Canadians Looking to Escape Cold Winter Weather
Every year, thousands of Canadians head south to the United States for the winter. For some, it’s a way of enjoying their retirement and avoiding harsh Canadian winters by soaking up the sun in southern states such as Florida or Arizona. Even for those not yet ready for retirement, but who are able to work remotely, working out of a southern destination can be an appealing idea. Of course, COVID-19 has put a wrench in… Read More
Business Management
Canada Revenue Agency Further Extends Deadlines and Exemptions
It has been a few weeks since we last updated our readers on how the Canada Revenue Agency is continuing to react to the COVID-19 pandemic. There were a number of announcements made in September that will be of interest to business owners as well as Canadians and Americans who spend time in one another’s country. Extension of Travel Restrictions Relief On September 2, the CRA announced an extension to their travel restrictions which could… Read More
Cross-Border Tax Issues
New Tax Risks For Dual Citizens Living In Canada
COVID-19 has brought with it many extensions to tax-related obligations for both Americans and Canadians. However, it doesn’t mean that tax obligations have gone away entirely. One item that has been a contentious topic over the last few years is the requirement for US/Canadian dual citizens living in Canada to file income tax in the United States as well as Canada. We wanted to take this opportunity to remind dual citizens of their obligations to… Read More
Cross-Border Tax Issues
COVID-19 Precautions in Place as Entertainment Productions Resume
In a recent blog, we talked about how professional sports were doing with a return to play in light of COVID-19. While the lack of professional sports has been a huge topic of conversation, other entertainment-related industries have also been eagerly awaiting a resumption of normal activities. Canada’s movie and television industry employs thousands of people, and as the industry gets ready to ramp up production of movies and television shows, it’s important to… Read More
Cross-Border Tax Issues
CRA Seeking Data on Canadian-Owned Properties in the U.S.
For Canadians who own property in the United States, filing a T1135 Foreign Income Verification Statement is mandatory in order to declare the property to the Canada Revenue Agency (CRA) for tax purposes. The failure to file a T1135 has penalties associated with it. For most Canadians, the CRA trusts that they will accurately report their own income and holdings for tax purposes. However, the CRA does look for ways to… Read More