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Trump's tax changes hit U.S. residents of Canada, dual citizenship holders 11.09.18

Recent tax changes in the United States can have huge implications for Canadian residents with U.S. or dual U.S.-Canadian citizenship.

The Tax Cuts and Jobs Act of 2017 introduced a new Internal Revenue Code Section 965. It levies tax on post-1986 deferred foreign income of deferred foreign income corporations (DFICs) as of Nov. 2, 2017, or as of Dec. 31,2017, whichever is greater.

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Tech and Taxes: From robots to the universal basic income 27.08.18

This article was originally published by The Lawyer’s Daily (www.thelawyersdaily.ca), part of LexisNexis Canada Inc.

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The pros and cons of renouncing U.S. citizenship 30.04.18

U.S. President Donald Trump signed off on the Tax Cuts and Jobs Act, which marked the first significant overhaul of U.S. tax law since the Reagan era. Although the Act lowered the tax rate for most Americans, the new rules may have a negative effect on a number of Americans abroad and may also provide an incentive to those who want to renounce their U.S. citizenship.

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Federal Court of Appeal reverses Tax Court decision on litigation expenses 02.04.18

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IRS to end Offshore Voluntary Disclosure Program 21.03.18

In 2009, the IRS launched the 2009 Offshore Voluntary Disclosure Initiative. It encouraged taxpayers with hidden offshore assets and income to come clean with the IRS. In exchange for voluntary disclosure, taxpayers were offered a fixed-penalty structure, rather than face substantial civil penalties and risk criminal prosecution.

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If you think cryptocurrency income is hidden from the CRA, you’re wrong 14.03.18

Cryptocurrencies are often regarded as being anonymous. That is incorrect. BTC
holdings are not directly associated with the user’s identity, but records of all BTC
transactions are part of a public ledger, and close analysis of BTC transactions may
reveal identities.

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Federal Court of Appeal decision creates uncertainty, tax lawyers say 13.03.18

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U.S. tax law reform means Canada has lost ‘competitive advantage’: experts 30.01.18

The U.S. Congress made the biggest change to the American tax system in 30 years last month, the reverberations of which are still being felt across the country. And although individual Canadians will not be affected at nearly the same level, there are still aspects of the plan people residing inside Canadian borders should be aware of.

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Lots of smoke and mirrors with release of Paradise Papers 09.11.17

On Nov. 5, a treasure trove of documents related to offshore investment activities of the wealthy — the Paradise Papers – was made public. The International Consortium of Investigative Journalists, a global network of more than 200 investigative journalists in 70 countries who collaborate on in-depth investigative stories, was behind the releasing of these documents to a German newspaper.

Tax changes could have costly consequences 19.10.17

Proposed changes to private incorporation tax rules could have costly consequences for corporate clients, say lawyers who have reviewed potential shifts to the Income Tax Act.