Blog - Page 4 of 5 - US & Canadian Cross-Border Tax Service - Cross-Border Financial Professional Corporation

Ten Things Tax-Savvy Canadians Consider Before a Move to the U.S.

If you’re planning to move from Canada to the U.S., get ready for a very different system of taxation. Tax strategies that are helpful as a Canadian-only resident, may produce less than efficient tax results after a move. Pre-immigration planning with a cross-border tax specialist…

U.S. Foreign Tax Credits for Canadians

Like Canadian residents, U.S. citizens or resident aliens are taxed on their worldwide income. At the same time, they may also be subject to another country’s tax on the same income. Fortunately, U.S. tax rules provide some relief. If certain rules are met, foreign tax…

By Karlene Mulraine
February 13, 2020
US Rental Property

Tax Implications of Canadians Holding U.S. Rental Property

If you earn rental income from U.S. real estate, the income and expenses are reported on a Schedule E. Depending on whether you are a U.S. citizen, resident, or non resident alien, the Schedule E is attached to a Form 1040, or 1040-NR. (more…)

By Karlene Mulraine
February 13, 2020
US Gift Taxation

U.S. Gift Taxation Basics for Canadians

Under U.S. tax rules, transfers or gifts of property are subject to gift taxation if adequate consideration is not received by the giver. These rules are not limited to property in the U.S. and generally apply regardless of where the property is located with some exceptions.…

By Karlene Mulraine
February 12, 2020
US Estate Tax

U.S. Estate Taxation Basics for Canadians

Under U.S. tax rules, the transfer of property during one’s lifetime, as well as at death is subject to taxes. However, different rules apply depending on your status – either as a U.S. citizen, or resident. Added to this, who is considered a resident under…

U.S. Tax Residency & The Tax Treaty Tie-Breaker

U.S. individual income taxation is based on both residency and citizenship. Figuring out whether you are a U.S. resident for tax purposes can be complicated. A sound understanding of the tax rules is key. (more…)

FICA Exemptions for Canadians on a U.S. Income Tax Return

If heading to the U.S. on an assignment, it’s important to consider whether you expect to be there for the short-term, or to permanently set up shop. Why? You will want to plan for social security tax payments and whether those should be made in…

Reducing Canadian Withholding Taxes When Earning Rental Income From The U.S.

An offer to work on assignment in the U.S. may be good reason to be filled with excitement. Benefits often include a pay raise, new work challenges, exposures and even housing and school benefits for your kids. But as you consider these perks and the…

U.S. Dual-Status Tax Returns – Why You May Need A Cross-Border Tax Accountant

The year an individual enters or departs the U.S., there are often several options for filing a U.S. tax return. Working with a cross-border tax specialist that knows the “ins and outs” of the options will help you maximize your tax benefits. (more…)

By Karlene Mulraine
November 18, 2019
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