Last week a bipartisan group of US Senators known as the “Gang of Eight” unveiled their proposed US immigration reform bill. The 844 page document contains what amounts to an overhaul of almost all aspects of the current US immigration system. It is still to be seen how much of the original bill will make it [...]
Parents want what’s best for their children and will go to great lengths to see them succeed and help plan for their futures. Many parents have turned to trusts to provide their children with more sophisticated tax and estate planning to help them financially down the road. Generally, parents look forward to the day when they [...]
Allison Lampert contacted Matt for his take on this new proposed bill and what it means for Canadians, for the Real Deal business blog on the montrealgazette.com. U.S. residency could be taxing for Canucks ALLISON LAMPERT The Montreal Gazette, Real Deal Business Blog October 24, 2011 Recent reports that foreign buyers of U.S. homes could one [...]
The United States housing market crash of 2008 brought on heavy heartache, discouragement and depression to property owners throughout the country. If you are a Canadian resident who owns U.S. real estate in a corporation, there is an opportunity for you to benefit from this unfortunate crisis. One major disadvantage of holding U.S. property in a [...]
This is the time of year when Canadians snowbirds who have been seeking refuge in the U.S. from the Canadian winters start counting the days.
“When did we leave Canada exactly? Was it November 15, honey? How many days have we been gone?”
The magic number is 182. If you are a Canadian and you spend more than your allotted amount of days in the U.S. per year, you may be subject to U.S. income tax on your worldwide income. Beware, Canada will still consider you a resident which may lead to double taxation on your annual income.
David A. Altro was interviewed by Amanda Lang and Kevin O'Leary live on CBC's national talk show, David A. Altro Interviewed on The Lang and O'Leary ExchangeThe Lang and O'Leary Exchange, on Wednesday, December 14th, 2011. David discussed the demand for U.S. property by Canadians due to the market trends of low property prices and the [...]
David A. Altro’s “Keeping a Bargain a Bargain” was published in the January/February 2010 edition of CAmagazine. We invite you to read below as David constructs a case study exploring the complexities of purchasing a property in the U.S. during today’s unique economic situation. See how in David's scenario, several key factors (i.e., a strong Canadian dollar and a depressed real estate market) favour U.S. real estate purchases by Canadians. Oriented towards Chartered Accountants, the article provides an in-depth analysis of the cross border tax and estate planning implications of this kind of transaction.
