by Polaris Tax Counsel | Mar 13, 2015 | Cross-Border Tax
The US Foreign Account Tax Compliance Act (FATCA) has generated a lot of attention in Canada. It recently became Canadian law, as a part of the 2014 federal budget. FATCA requires Canadian financial institutions to send information about their US account holders to...
by Polaris Tax Counsel | Feb 17, 2015 | Technical Articles
In the February 16, 2015 edition of Tax Notes International, Max Reed discusses FBAR legislation, which predates FATCA yet hasn’t been grabbing many headlines. Click here to read the full article.
by Polaris Tax Counsel | Jan 23, 2015 | Cross-Border Tax
The United States has two tools to get information on accounts held by its citizens: FATCA and FBAR. Lots of attention has been paid to FATCA — less to FBAR (Foreign Bank Account Reporting). Its rules have been around since the 1970s. FBAR targets accounts that US...
by Polaris Tax Counsel | Jan 23, 2015 | Cross-Border Tax
Ben Franklin famously said that nothing in life is certain except death and taxes. One wonders, then, what Franklin would say about taxes due on death? US citizens living in Canada are subject to two different tax regimes on their death. For them, it would seem that...
by Polaris Tax Counsel | Jan 23, 2015 | Cross-Border Tax
Owning real property on both sides of the border can create a confusing tax situation. Consider this example. Stefan and Jane are married and live in Vancouver. Jane is a Canadian citizen while Stefan holds both US and Canadian citizenships. In 1994, shortly after...
