Kotler van den Brink & Company   

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   U.S. & Cross Border Tax Consultants

 

 

 

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Contact Information.

A description of the services provided by KVDB.

Employment opportunities with Kotler van den Brink & Company

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The U.S.TAXFAX is a newsletter published by our firm covering various topics relating to U.S. and cross-border tax matters.

This PDF document discusses how non residents recover U.S. taxes withheld on gambling winnings.

Canada - U.S. exchange rates from 1990 onwards.

Information on how a U.S. non resident obtains a U.S. ID number.

This is a W-7 form and instructions in PDF format. It is a fillable form.

 

We have noticed over the past few years that many individuals have decided to leave Canada for the United States.  There are many factors (both tax and otherwise) that need to be considered before departing for the United States.  A few of these considerations are as follows:  

Canadian issues:

bulletResidency issues.  In many cases, individuals assume they can leave Canada and stop paying Canadian taxes, however, the Canada Customs and Revenue Agency may see things differently. 
bulletCanada's deemed disposition on departure rules.  An individual must report on his/her final Canadian tax return a disposition at fair market value of all of his/her assets.  Exceptions to this general rule include such assets as RRSP's and real estate located in Canada.    
bulletWhether or not the individual will be required to provide security in lieu of paying the tax resulting from the deemed disposition rules discussed above?
bulletWhether Canadian taxes will be applied on stock options granted while a resident of Canada?
bulletShareholdings in private Canadian corporations must be reviewed prior to departure.  
bulletCanadian rental properties require elections be made and forms filed to ensure that CCRA does not charge the owner 25% of the gross rents while a Canadian non resident.
bulletWhether or not Registered Retirement Savings Plan contributions should be maximized in the year of departure? 

United States Issues:

bulletThe timing of the move must be considered.
bulletShould an election be made to file a joint return with a spouse in the year of immigration?
bulletWhat is the overall tax impact of Canada's deemed disposition rules and can this tax impact be minimized on the U.S. side?
bulletThe U.S. tax ramifications of the Canada-U.S. Tax Convention of 1980.
bulletU.S. compliance costs of owning Canadian trusts and corporations.
bulletThe U.S. estate and gift tax regime.
bulletShould the income earned in an RRSP be deferred or reported currently on the U.S. income tax return.
bulletState tax considerations.

This topic is discussed in more detail in the following U.S.TAXFAXs:

 

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Emmigration to the United States