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The following terms are used throughout this website and are defined as follows:

cross-border:

 

This term is used by professionals in Canada as a way of describing consulting and compliance services which require knowledge of both Canada and U.S. tax law and procedures.  

 

compliance services:

 

Term is used to describe the preparation and compilation of the necessary tax forms.    

 

Limited Liability Company (LLC):

 

U.S. entity which is treated as a partnership for U.S. tax purposes but which can provide limited liability for its members.  Generally speaking, Canada does not treat an LLC as a partnership.

 

S-Corporation:

 

U.S. corporation that makes a timely filed election to be treated as a flow through entity for U.S. tax purposes.  Generally speaking, Canada does not accept this treatment as a flow through entity for Canadian tax purposes.

 

U.S.TAXFAX:

 

This is a newsletter distributed by our firm to other professional accounting and legal firms throughout Canada and the United States.  This newsletters purpose is to raise awareness of U.S. and cross-border issues and is not meant as a comprehensive source of information.