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Canadian banks operating in Canada have been facing a big headache because of a U.S. law called FATCA and that ache may just get much worse.
Download PDFFor immigration purposes, life would be easier if the Internal Revenue Service in the United States and the Canada Revenue Agency in Canada were on the same page. But they are not, and for this reason people must be aware of their status for tax obligations.
Download PDFEvery winter, hundreds of thousands of Canadians migrate to the southern United States in search of warmer weather.
And while most Canadian snowbirds are lucky to be able to cross the U.S. border physically without much hassle, some may find themselves not so lucky when it comes to crossing the U.S. tax border.
Read moreWills and powers of attorneys aren’t just for the wealthy - they are essential legal documents everyone should have, as they dictate how you or your assets are to be cared for or dealt with in the event you pass away or become incapacitated.
Read moreIt’s been nine years since the Foreign Account Tax Compliance Act (FATCA) was passed in the United States, and almost five since the U.S. and Canada entered into an intergovernmental agreement to share tax-related information. Americans who live in Canada should know now that they are required to file a U.S. tax return and other information returns annually.
Download PDFOn March 27, the Internal Revenue Service announced that only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the “responsible party” on the application.
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