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2. Is a Canadian citizen liable
to pay US taxes?
The premise of this blog is US taxes that may impose problems
for Canadians. But it’s important to check if a citizen is
‘non-resident alien’ if viewed from an American perspective.
International Revenue Codes trigger issues like citizenships,
substantial existence in the neighboring nations and
permanent lawful residency. Permanent Residency as
evidenced by Green Cards triggers serious taxation issues. The
problem has lingering imprints. One must seek advice from a
US tax consultant in Toronto to get more valuable information.
3. How to take ownership of
the US property?
Canadians are potential investors on US real estates.
Canadians make purchases as important investment
strategies. Such investments help in capital gains. But the
key question is how to claim ownership of the property! There
are certain factors to determine ownerships. The sources of
funds, the purpose of buying and net-worth of investors are
key determinants.
The crux of the whole thing is, there is no immediate solution
to claim ownerships.
4. How should one plan the will for
children residing in the US?
The problem arises when a Canadian beneficiary
settles in the US soil. The planning of the will
becomes too difficult. The critical understanding of
income accumulations often bothers Canadian
citizens. Proper-structuring of the trust becomes
mandatory. This should be done to avoid
double-taxation.
5. What if someone wants to freeze
the Canadian business?
Freezing Canadian business in the US soil is difficult.
The aim is to maximize flexibility. But retaining
control is a real-time problem. This issue is faced by
the next generation of families. Families with
children residing in the US soil face the music every
now and then.
6. Can shifting to the US
soil be difficult?
The US has numerous Canadian migrants. For
migrants that are well-off, heavy taxation might
not be as much a problem. But middle income
households face tax-traps. Life insurance
planning does not fit well. These taxation
problems need to be mitigated soon.
7. To come to an end
The US tax scenario might seem tad confusing and tricky.
Looking for good solution? We at “The Accounting &Tax”
will help you understand complex tax scenarios better. We
are among the reputed Canadian tax consulting services.
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Contact Information:
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