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Insight on what’s happening in the world of tax, law and accounting so you can stay ahead.

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Alexander Marino guested on the Snowbirds US Expats Radio Podcast about the benefits of renouncing your US citizenship on January 17, 2024.

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Kenneth Keung and Evan Crocker are quoted in Investment Executive article titled “CRAʼs 10% interest rate on overdue tax raises risks“, published on November 13, 2023.

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Kenneth Keung quoted in Investment Executive article titled “Window closing on family business transfers using Bill C-208”, published on October 10, 2023.

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Kim G C Moody is quoted in the Tax Notes article titled “Canada’s Supreme Court Upholds GAAR Application in Deans Knight”, May 30, 2023

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Kenneth Keung and Evan Crocker are quoted in the Investment Executive article titled “Tougher minimum tax regime poses planning challenge”, May 8, 2023

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Looking to make 2024 your last filing year for US taxes? Here’s what you need to do.

In a recent survey, one in five US expats (20%) is considering or planning to renounce their US citizenship. What’s the main reason? The headaches associated with filing US taxes, the complexities of US tax laws, and owing US tax. So far, in 2023, we have seen a big jump in the number of people going through the official process of renouncing.

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Intergenerational Business Transfer Rules are Changing in 2024

Finance’s final legislative proposals have substantially tightened the IBT rules from its Bill-C- 208 counterpart. By introducing a new series of management, control, and active business / active engagement tests, the revamped rules attempt to ensure that the IBT exemption will only apply to transactions in which there is a genuine intergenerational transfer of a business.

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Travelling to the US? If you’re a US expat who doesn’t renounce properly, your trip may never get off the ground.

Air travel can be stressful. Rising airfares and hotel costs, flight cancellations, pilot strikes, long security wait lines, and lost luggage are just some of the headaches that travellers face as more and more people head to the US. US expats may want to be extra cautious, especially if they fall into one of two categories.

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US Admits Israel Into Visa Waiver Program

On September 27, 2023, Secretary of Homeland Security Alejandro N. Mayorkas and Secretary of State Antony J. Blinken announced in a joint statement that the US would be admitting Israel into the Visa Waiver Program (VWP). This expansion will be welcome news to Israelis wishing to visit the US as it aims to strengthen further the security, economic, and people-to-people ties between the two countries.

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Will Charities Suffer from the Proposed AMT Legislation?

What will be the impact that the new AMT will have on charitable giving? At this point, it is hard to quantify. The vast majority of Canadian taxpayers will be unaffected by this proposed legislation. However, high net-worth / high-income individuals faced with an increased tax burden may alter their philanthropic practices.

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What the recent FATCA decision means for US Expats (and the news is not good).

The Supreme Court of Canada handed down a landmark decision to dismiss an application for leave to appeal a challenge to the constitutionality of Part XVIII of the Canadian Income Tax Act. The decision obliterated any hope of striking down FATCA (Foreign Account Tax Compliance Act) legislation that allows Canadian banks to share the banking information of any US citizens living in Canada.

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***CLICK FOR ALL NEWS***

Alexander Marino guested on the Snowbirds US Expats Radio Podcast about the benefits of renouncing your US citizenship on January 17, 2024.

***CLICK FOR ALL NEWS***

Kenneth Keung and Evan Crocker are quoted in Investment Executive article titled “CRAʼs 10% interest rate on overdue tax raises risks“, published on November 13, 2023.

***CLICK FOR ALL NEWS***

Kenneth Keung quoted in Investment Executive article titled “Window closing on family business transfers using Bill C-208”, published on October 10, 2023.

***CLICK FOR ALL NEWS***

Kim G C Moody is quoted in the Tax Notes article titled “Canada’s Supreme Court Upholds GAAR Application in Deans Knight”, May 30, 2023

***CLICK FOR ALL NEWS***

Kenneth Keung and Evan Crocker are quoted in the Investment Executive article titled “Tougher minimum tax regime poses planning challenge”, May 8, 2023