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US citizens who are resident in Canada and own an interest in a corporate professional practice (such as a medical practice ) should consider their exposure to the passive foreign investment corporation (PFIC) rules. Canadian practitioners may be aware of the potential impact of the PFIC rules on Canadian mutual funds held by US citizens outside an RRSP. However, the scope of the rules extends beyond Canadian mutual funds.
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Keeping it in the Family: Estate Planning for Business Owners
Running a family business isn’t just about today—it’s about building something that lasts for generations. That’s where estate planning comes in. It’s not just about legal documents and tax strategies; ...
Selling a U.S. Property – Should One File a Form 8288 for a Deduction in U.S. Taxes?
Canadians who want to sell their vacation properties in the U.S. are surprised to discover that the IRS requires 15% withholding on the gross proceeds they will receive on the ...
Scaling Smart: Unique Canadian Incentives for Growing Startups
Reaching a stage where your startup generates consistent cash flow is a huge milestone. By this point, you’re likely looking for ways to optimize operations, grow strategically, and stay competitive ...