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The purpose of life insurance is to provide tax-free funds to those we love in the event of our passing. Ultimately, we want the policy to offer more than just ...
The non-resident’s guide to Canadian real estate
Economic and political stability. Low unemployment rates. Excellent health care. It’s no wonder why so many people from across the world choose Canada as their ideal location for real estate ...
Treasury Department and IRS announce extension for US federal income tax filing
All US individuals and corporations with April 15, 2020 tax deadlines have had their US federal income tax deadlines for filing and payments extended from April 15, 2020 to July ...
New rules for private funds in Cayman Islands
The Zeifmans team wants to make you aware of the recent changes to financial regulations relating to private funds in Cayman Islands, and we’re pleased to offer the services necessary ...
IRS provides guidance eliminating tax filings for Canadians holding RESPs
On March 2, 2020, the IRS released Revenue Procedure 2020-17 which has broad implications to US citizens in Canada who maintain Registered Education Savings Plans (“RESPs”) and possibly, Tax-free savings ...
Americans investing in Canadian real estate
Canadian real estate may not be cheap[1], but there are several reasons why the True North has become an attractive option for American investors seeking rental income. Firstly, the favourable ...
Strategies for managing US interest expenses disallowance rules in real estate partnerships and LLC’s
As part of the US’s 2017 Tax Reform Package, rules were passed to preclude certain US partnerships from deducting all or a portion of their US interest expenses. Below we ...
Increased compliance burden for US expatriates who own CFCs
The IRS has released new forms required for US citizens who own foreign (e.g. Canadian) corporations which are treated as Controlled Foreign Corporations (CFCs) for US tax purposes. The penalties ...
Relief Provided from GILTI tax for US Expatriates
As part of the US tax reform in late 2017, US citizens who owned Canadian corporations which are CFCs were subject to a repatriation tax on an amount approximating the ...