by Polaris Tax Counsel | Oct 19, 2016 | Cross-Border Tax
Whether for ideological reasons or tax complications, many people want to shed their U.S. citizenship. There are two ways to do so: renunciation and relinquishment. Renunciation requires swearing an oath at a U.S. consulate. A person who renounces is no longer a U.S....
by Polaris Tax Counsel | Oct 19, 2016 | Cross-Border Tax
Many Canadians inherit money from relatives in the United States. There are generally no issues on either side of the border if a Canadian inherits property or money through a will. That being said, many U.S. residents plan their estates by using a trust rather than a...
by Polaris Tax Counsel | Sep 19, 2016 | Cross-Border Tax
Canadian residents who aren’t U.S. citizens may be surprised to know that U.S. estate tax can apply to them. That’s because U.S. estate tax applies to any assets that are considered to be located in the United States. This includes U.S. real estate, stocks in U.S....
by Polaris Tax Counsel | Sep 19, 2016 | Cross-Border Tax
Thanks to FATCA and onerous tax reporting requirements, the renuciation rate is on the rise. Renouncing is a personal decision – but there are a number of general pros and cons. Consider those first. The Pros and Cons of Renouncing US citizenship Put simply, the pros...
by Polaris Tax Counsel | May 27, 2015 | Cross-Border Tax
The standard solution to the PFIC problem offered by certain banks and investment funds is that a US investor in a PFIC should rely on the QEF election. This is an election on behalf of the taxpayer that the products in which they have invested and to which the...
by Polaris Tax Counsel | Apr 16, 2015 | Cross-Border Tax
The Canadian mutual fund trust is a very common Canadian investment structure. It is used by retail mutual and exchange traded funds, REITs, income trusts, and other investment fund. A common view is that US taxpayers (whether they reside in the US or are US...
