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.
Insights
Unlock Your Path to Homeownership: The Power of Tax-Free First Home Savings Accounts!
Are you dreaming of owning your first home but worried about saving up for it? Enter the First Home Savings Account (FHSA), a brilliant solution tailored for first-time homebuyers in ...
Navigating Halal Mortgages in Canada: A Guide to Shariah-Compliant Home Financing
Did you know that Canada’s Islamic population comprises approximately 1.7 million people, accounting for 4.9% of the total Canadian population as per the 2021 census? Until recently, fulfilling the dream ...
Navigating Economic Shifts: Cruising at a High Altitude
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