by CodeableDev | May 22, 2025 | Cross-Border Tax, News
On May 12, 2025, the House Ways and Means Committee released the legislative text of the tax title of the Republican bill entitled “The One, Big, Beautiful Bill.” The bill was passed by the Ways and Means Committee and is moving forward. The final shape of the bill is...
by CodeableDev | May 12, 2025 | Cross-Border Tax, News
In an article published on October 24, 2023, we canvassed the unsettled landscape for Canadian-resident US citizens to claim foreign tax credit against their US Net Investment Income Tax (the “NIIT”) under the U.S.-Canada Treaty (the “Canada Treaty”). There have been...
by Polaris Tax Counsel | Mar 8, 2024 | Cross-Border Tax, News
NHL player John Tavares’ well-publicized litigation pending before the Tax Court of Canada demonstrates the principle that resolving cross-border tax disputes in a purely domestic fashion can be problematic. The facts of the case are straightforward and worth...
by Polaris Tax Counsel | Oct 24, 2023 | Cross-Border Tax, News
For many US citizens who are resident in Canada, the Net Investment Income Tax (NIIT) is the only US tax they pay every year. Without a foreign tax credit or exemption, the imposition of the NIIT results in double taxation since the investment income is also subject...
by Polaris Tax Counsel | Aug 14, 2022 | Cross-Border Tax, News
Prepared by Max Reed, Polaris Tax Counsel and Tim Barrett, Thorsteinssons LLP In the April 2022 federal budget, the Canadian government proposed significant changes to the Canadian international tax rules (specifically the “foreign accrual property income” or “FAPI”...
by Polaris Tax Counsel | Sep 8, 2021 | Cross-Border Tax
The limited liability company (“LLC”) is a very common US business entity that unfortunately can cause Canadian tax problems for its owners. These problems primarily arise from a fundamental difference in how many LLCs are taxed in the US and Canada. For a Canadian...
