by Polaris Tax Counsel | Jan 12, 2021 | Cross-Border Tax, News
The resolution of three recent cases at the IRS Independent Office of Appeals support our longstanding view that no Form 3520 or 3520-A are required to report a TFSA to the IRS. As background, last year the IRS released guidance that exempted taxpayers from filing...
by Polaris Tax Counsel | Oct 28, 2020 | Technical Articles
In the October 2020 edition of Benefits and Pensions Monitor, Max Reed outlines the modern realities of U.S. withholding taxes for pooled fund investments, and how a variety of Canadian organizations can claim refunds while preventing future losses. You can read the...
by Polaris Tax Counsel | Apr 27, 2020 | Cross-Border Tax
In the previous installment, we discussed the potential Canadian tax problems when a Canadian tax resident purchases a US life insurance policy. In this installment, we examine the same scenario in reverse – what happens when a US taxpayer purchases a Canadian life...
by Polaris Tax Counsel | Apr 27, 2020 | Cross-Border Tax
Many Canadians own some form of life insurance on the assumption that the insurance would provide tax-free funds to support their beneficiaries. While this is generally true, complex tax rules can lead to a different result in the cross-border tax context. What is...
by Polaris Tax Counsel | Apr 14, 2020 | Cross-Border Tax, News
There are, by one estimate, 825,630 US citizens in Canada. Even if they owe no tax, nearly all are still supposed to file US federal income tax returns. Despite the penalty risk, many US citizens outside the US do not file US tax returns. To date, the consequences of...
