In this article, I will discuss the U.S and cross border tax treatment of the two common types of income that is derived from real estate i.e. rental income and capital gains on disposition. Rental Income Canadians with US Rental Income have two options available to them to meet US tax reporting requirements i.e. 1. […]
Category: Blog
Tax implications of Intercorporate loans
In cases where a taxpayer owns multiple incorporated businesses. Its fairly common for there to be intercompany loans between those related corporations. The general guiding principle is that; should these loans be deemed not bona fide and/or not at arm’s lengths, they will be included into income of the taxpayer receiving the benefit (loan). Bona […]
Change in use rules for property owners
Real estate, including rental and leasing are the top contributors to Canadian GDP ;adding about 14% to total GDP. By derivation this means there is relatively higher transaction activity in the real estate market, some of this activity includes change in use (e.g. personal property to income producing property) for which change in use rules […]
Taxation of Foreign Earned Income (US & CA)
If you are a US citizen with Canadian sourced income , you may find yourself in a scenario where you have to file both Canadian income taxes , as well as US income taxes (at least US federal taxes).Note, all US citizens and Canadian residents for tax purposes have to report all their worldwide income […]