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6 05, 2020

Selling Your U.S. Property: Is there U.S. & Canadian Capital Gains Tax?

When a Canadian resident (non-citizen of the US) sells their vacation property in Florida, any capital gain realized is subject to US tax (and withholding) but is also subject to Canadian tax. The US tax rates applicable to “long term capital gain” (gain on capital property owned for more than 12 months) are generally 15% or 20% (there are technically 3 tax brackets on capital gains for this purpose: 0% on capital gains for single taxpayers with taxable income less than $39,376; 15% for single filers with taxable income less than $434,551 and 20% for single filers with taxable income of $434,551 or more). There is no Florida income tax on individuals.

28 04, 2020

Thomson Reuters – A New Multilateral World

The OECD’s Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the multilateral instrument or “MLI”) is now law in Canada. The MLI was Action 15 of the Base Erosion and Profits Shifting (BEPS) Project. With respect to taxpayers claiming benefits under Canadian bilateral treaties the MLI is effective January 1, 2020 with respect to withholding under 28 bilateral treaties and effective for tax years beginning June 1, 2020 with respect to all other taxes levied by Canada or one of these bilateral treaty countries. The MLI uses a “reservation” process whereby either Canada and the bilateral treaty partner can reserve with respect to certain provisions in the MLI, in either case the particular MLI provision may not apply or may apply in modified form with respect to that particular bilateral treaty.

22 04, 2020

Virtual Witnessing of Wills and Powers of Attorney in Ontario

In Ontario, the rules relating to the execution of Wills are set out in the Succession Law Reform Act (“SLRA”) , which states that, subject to limited exceptions (such as holograph Wills, which are Wills made entirely in the testator’s handwriting, or Wills made by certain members of the Canadian Forces, naval, land or air force or sailors while on active duty), in order for Wills to be valid, they must be signed by the testator (or on their behalf) in the presence of two independent adult witnesses.  The rules relating to the execution of Powers of Attorney in Ontario, as set out in the Substitute Decisions Act (“SDA”), also require that Powers of Attorney be signed by the grantor in the presence of two witnesses.

17 12, 2019

Prosper, from Advisor’s Edge – Demystifying Numbers for Clients

David Altro was interviewed by the Prosper podcast, from Advisor’s Edge where he discussed the various stages of Canadians owning US property.

4 12, 2019

CJAD Radio – How to Leave your Estate to US Resident Children

In a recent CJAD 800AM Dollars & Sense radio show which aired on November 27, 2019, our Managing Partner David A. Altro and our Partner Bradley R. Thompson had the opportunity to sit down with Kelly Alexander. Together they examined several estate & tax planning issues for Canadians leaving their estate to their U.S. resident children.

19 11, 2019

David A. Altro Blog Series, Part 2: Owning U.S. Property the Canadian Way – The Cross Border Trust, Your Solution for Certain Issues

The solution to the probate problem is something I call the Cross Border Trust (CBT). It takes care of many of the other cross border legal issues, too.

2 10, 2019

David A. Altro Blog Series: Owning U.S. Property the Canadian Way – Florida Probate and Your Estate is Frozen

Probate is the legal procedure before the county probate court where the property is located. Probate is expensive, time-consuming and freezes the estate. It is a public procedure.

10 09, 2019

State Income Tax on Trust Beneficiaries

A recent United States Supreme Court decision has serious implications regarding state income tax on trust beneficiaries.

10 09, 2019

How to Get a Green Card: Changes to the EB-5 Immigrant Investor Program

On July 23rd, 2019 the United States Citizenship and Immigration Services (USCIS) announced several very important changes to the EB-5 Green Card process. The following is an extract from the USCIS service.

6 09, 2019

Globe & Mail – How to Get an ‘A’ in Cross-Border Education Planning

We are very excited to announce that Matt Altro and David Altro were invited to prepare a special for The Globe and Mail, which was published on June 17, 2019. Their article titled “How to Get an 'A' in Cross-Border Education Planning” examines and provides insight into the complicated tax implications that arise when investing in a Canadian Registered Education Savings Plan ("RESP") for both U.S. citizens living in Canada and Canadians moving to the U.S.

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Owning U.S Property – The Canadian Way, 3rd Edition by David A. Altro

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Americans Living In Canada – Smile, The Irs Is Watching You By David A. Altro And Jonah Z. Spiegelman

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Add to Calendar 01/18/2018 12:30 PM 01/18/2018 01:30 PM America/Toronto Altro LLP / MCA Cross Border Advisors – Webinar: Immigration, Cross Border Tax and Financial Planning Strategies Our first complimentary online webinar in 2018 will be presented on January 18 at 12:30pm ET. An announcement for the full 2018 webinar schedule will be made mid-January. The webinar titled “Immigration, Cross Border Tax and Financial Planning Strategies” is targetted for professionals immigrating to the US with the H1-B visa and Human Resources professionals who work with relocated employees. The one-hour webinar is open to all professionals and is being presented at no charge. Our featured speakers from ALTRO LLP and MCA Cross Border Advisors Inc. will discuss the many topics listed below, which include H1-B visa facts and processes and information about employees relocating to the US. Spaces are limited and advance registration is required. Location of the event

 

 

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