by Polaris Tax Counsel | Mar 31, 2017 | Cross-Border Tax
Many Canadian start-ups, whether junior mining, biotech, or tech, receive funding from investors in the United States (or from US taxpayers who reside in Canada). If the proper steps are not taken, a punitive US tax regime (the passive foreign investment company or...
by Polaris Tax Counsel | Mar 10, 2017 | Cross-Border Tax
Last May, the U.S. Department of Justice sued Jeffrey P. Pomerantz — a Canadian resident, US citizen — for over USD $860,300 in penalties and interest for failing to file his FBAR bank disclosure forms. This case is one of the first known instances of the...
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...
