July 5, 2016 - McBride: Advice for Americans in Canada
the Canada-U.S. tax treaty prevents double taxation. The tax paid on the Canadian income tax return can be claimed as a foreign tax credit to offset tax on the U.S. tax return. Because Canadian income tax rates are generally higher than the U.S. tax rates for the same income, there is typically no U.S. tax owing on the U.S. tax return.
June 21, 2016 - Before you move to Canada...
Google searches with a new ad campaign called “Test Drive Canada,” in which Americans are encouraged to “Make it a long weekend! Take a look around. Try your hand with the metric system.” As the Quebecois might say, ouaf ouaf.
June 17, 2016 - CRA shared information on smaller bank accounts with IRS
The Canada Revenue Agency has been transferring information about Canadian bank accounts worth under $50,000 U.S to the U.S Internal Revenue Service but cannot say how many accounts below that threshold have been shared with the Americans.
March 16, 2016 - Revenue Canada quietly handed 155,000 Canadian banking records to IRS
According to documents tabled in the House of Commons, roughly 150,000 of the Canadian bank records transferred to the IRS on Sept. 30, 2015 related to individuals who are U.S. residents or people with U.S citizenship living in Canada.
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.