Feigenbaum Law

dual citizens

An American passport, representing the idea of renouncing citizenship

Personal Tax Planning

Renouncing US Citizenship As a Tax-Avoidance Strategy: Is it Worth It?

In last week’s blog, we discussed the case of an American business owner facing stiff penalties from the IRS for failing to report income held in Canadian accounts. The obligation to file taxes in the United States on income earned in foreign jurisdictions should not be news to Americans or dual citizens since the implementation of the Foreign Account Tax Compliance Act (FACTA), but the reality of satisfying this obligation may involve more work… Read More

FATCA

Personal Tax Planning

10 Years Post FATCA: The Sharing of Canadian Bank Account Information with the U.S. has Increased

As we near the end of 2019 and the start of a new decade, CBC News is reporting that the number of Canadian bank records that are being shared with the Internal Revenue Service (IRS) has increased greatly. This sharing of information is a result of the Foreign Account Tax Compliance Act, commonly referred to as FATCA, legislation which was introduced nearly 10 years ago and which has had a significant impact on tax… Read More

Estate tax

Personal Tax Planning

The Republican Plan to Eliminate Estate Tax: What Does It Mean for Canadians?

Last week, we blogged about the introduction of the Tax Cuts and Jobs Act (the Act) by the House Republicans and outlined some key changes that may be pending to both corporate and personal income tax in the U.S. One of the major proposed changes that would affect personal tax planning would be the elimination of the estate tax. Clearly, this may result in significant changes for U.S. residents, but what is the potential… Read More