Canadians move to the U.S. for a variety of reasons. Some Canadians are drawn to states like California, Florida and Arizona, which offer the promise of year-round warmth and sunshine; others may want to be close to family members who live in the U.S.; and others might be permanently relocated south of the border by their [...]
The Florida real estate market was deeply shaken when the U.S. housing bubble burst eight years ago. Today, recovery is evident across the state. This is welcome news for Canadian snowbirds looking to invest in Florida property either for personal use or investment purposes. Below, a historical overview of the Florida real estate market, predictions for [...]
There is no doubt that US citizens living abroad are feeling the brunt of recent efforts to enforce tax rules around foreign assets and income. Unlike any other developed nation, the US continues to impose income tax filing requirements on its citizens, regardless of where in the world they make their homes. For most [...]
The start of 2015 came with some very exciting news for our neighbours down in the sunshine state. Florida has officially become the 36th State to recognize and allow same sex couples to marry. This new development became official less than one week into 2015 when a federal judge’s stay on a ruling overturning the state’s [...]
From our family to yours, best wishes for a joyful holiday season! The Team at Altro LLP
Version française aussi disponible. Earlier this year the Quebec superior court rendered a judgment in the case of Québec (Curateur public) c. A.N. (Succession de), 2014 QCCS 616 (CanLII) where the court clarified the nature of a beneficiary’s right in a testamentary discretionary trust. In this case, the beneficiary of the testamentary discretionary trust had a [...]
In the last few years, I had the pleasure of spending many summer weekends at a friend’s family cottage in the beautiful Georgian Bay. Like many retired Canadians, my friend’s parents spend virtually every weekend at their cottage, which they built with their own hands decades ago, and plan almost every holiday and major family event [...]
There are many Canadians buying real estate in the US and anyone who has made a purchase south of the border can attest to how different the process can be. One of the main differences, which we have discussed in previous publications, is that the US does not require you to have your own legal representative. [...]
Jonah Z. Spiegelman and Matt C. Altro recently co-authored an article which appeared in the CPA Magazine's August edition. In the article, Jonah and Matt provide a review of the tax filing obligations for US citizens in Canada, plus notes on how US rules impact estate planning. Click here to view the article online or scroll [...]
In our globalized world, corporate relocation of employees between Canada and the U.S. is becoming more common. Mobilizing talent across borders is often a key strategy for companies hoping to maximize their human resources, but compliance with laws on both sides of the border can be challenging. Luckily, by considering tax and estate planning issues before an employee moves, the risks of relocation can be mitigated. Tax Residency A central issue is tax residency. Canadian income tax is based on residency, while the U.S. generally taxes its citizens on their worldwide income even if they are non-residents. Resident aliens (non-citizens) of the U.S. are also taxed on worldwide income, as if they are U.S. citizens (non-resident aliens are typically only taxed on their U.S.-source income). […]
