February 3, 2016 - Twelve Canada-US Tax Tips For 2016
For those individuals with both Canada and US tax issues, tax filing season is a few months away; however, there are several steps you can take that will ease your burden in the next few months… or at least ease it next year.
October 19, 2015 - New Guidance Issued on the United States-Canada Income Tax Treaty
The Internal Revenue Service recently released Publication 597 (rev. Oct. 2015), which provides information concerning the income tax treaty between the United States and Canada.
October 6, 2015 - IRS Begins Reciprocal Exchange of Account Data Under FATCA
Although the IRS didn't reveal country names, the development comes as both Australia and Canada have said they shared information with the IRS on U.S.-held accounts within their borders by the deadline.
July 21, 2015 - Why some Canadians' bank info is being sent to IRS
On July 1, 2014, Canadian banks began searching for clients who are U.S. citizens under FATCA. As of Canada Day this year, Canadian banks were able to begin handing that information over to the CRA.
February 20, 2015 - IRS coming down hard on Canadians who stay more than 182 days
Last year, Canada and the U.S. implemented an agreement to scan passports and share the information. So, unlike previous years, U.S. tax officials now know exactly how much time snowbirds are spending in warmer climates like Florida, Arizona and California
February 13, 2015 - Tax-Advisor-in-Calgary Blog US proposes relief for some who renounce US citizenship: Is FATCA a motivating factor?
the Administration proposed a change to US law (the “Proposal”) that would allow certain dual citizens to renounce their US citizenship without the fear of delinquent tax filings, penalties, the US exit tax, and the other consequences to being a covered expatriate.
August 21, 2014 - CRA will not assist IRS in collecting penalties against dual citizens subject to FATCA
The Canada Revenue Agency has confirmed that it will not help the U.S. Internal Revenue Service collect penalties imposed against dual citizens (or any Canadian citizens) for failing to meet financial information filing requirements under U.S. tax laws.
August 12, 2014 - Canadians File Suit To Block FATCA And Prohibit Handover Of U.S. Names To IRS
The legal claim challenges the constitutionality of the agreement the Canadian government struck with the United States.
July 7, 2014 - A Ceasefire in the IRS' War on US Citizens
Around 10 years ago, the United States declared war on a select group of Americans – the nearly 8 million United States persons (citizens and green card holders) living abroad.
June 20, 2014 - Accidental Americans in Canada can have big tax headaches
The only other country applying citizenship-based taxation rather than resident-based taxation (paying taxes to the country you live in) is Eritrea.
June 19, 2014 - IRS entices U.S. expats to come clean on back taxes with relaxed rules
Canada is home to as many as a million Americans and dual citizens, many of whom have not filed U.S. taxes and bank account reports for years in the mistaken belief that they did not need to because they owed nothing to the IRS.
June 16, 2014 - Attention, American expats in Canada: The IRS has its eyes on you
"Expats are deemed compliant under the Affordable Care Act legislation if they live outside for 330 days during a 12-month period or pass a bone fide residence test, which is a fact-intensive analysis looking at your connections to the foreign country and whether you plan to be there on a permanent or indefinite basis," he said.
May 27, 2014 - Canadians likely involved in Credit Suisse tax fraud: Canadians for Tax Fairness 0
The federal revenue agency won't say if Canadians were lured by Swiss bankers to hide money from the taxman, but it's very likely they were, said Dennis Howlett of Canadians for Tax Fairness.
May 16, 2014 - Don Cayo: Uncle Sam makes Canadians an offer we can’t refuse
Uncle Sam is poised to poke his pointy nose into the financial affairs of millions of Canadians who have no connection to his country, and — no matter how distasteful you find this — pushing back will only make it worse.
May 15, 2014 - Canada-U.S. tax information sharing deal open to abuse: privacy commissioner
Interim privacy commissioner Chantal Bernier says a controversial bilateral agreement to comply with new U.S. tax legislation could give American authorities too much financial information about Canadian dual citizens.