by Polaris Tax Counsel | Jan 6, 2015 | Cross-Border Tax
Canadians have invested over a trillion dollars in mutual funds, but the IRS has not issued guidance on how the estimated 1 million US persons in Canada should report mutual fund investments on their (mandatory) US tax returns. The general view is that a Canadian...
by Polaris Tax Counsel | Jan 5, 2015 | Cross-Border Tax
The TFSA allows savings to earn tax-free investment income (section 146.2(1)), but causes issues for the estimated 1 million US persons in Canada who must report TFSA income on their US tax returns and pay any related tax. Unlike for the RRSP, there is no official IRS...
