US Taxes

Total 42 Posts

Estate Freeze & U.S. Citizens

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Scotiatrust

Before recommending an estate freeze to a client, advisors should first ask them a simple question: Are you a U.S. citizen? By failing to ask this question, advisors may be overlooking significant cross-border tax implications. While an estate freeze can be an effective tool for succession planning, it can come with a number of complex and sometimes punitive U.S. tax consequences when the freezor is a U.S. citizen. This article….

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Business Succession Planning, Estate Planning, Tax Issues, U.S. Citizen, United States, US Taxes

Dual Citizens, U.S. and Tax

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Dual U.S.-Canadian citizens residing in Canada may want to pay particular attention to the Exclusive Citizenship Act of 2025 (the “Act”); a proposed bill establishing that “citizens of the United States shall owe sole and exclusive allegiance to the United States […]”.[1] Under the proposed bill, dual citizens have one (1) year from the date of the enactment of the Act to submit a written renunciation of their foreign (e.g…..

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Canadian and US Tax Treaty, Tax Issues, U.S. Citizen, United States, US Taxes

A Pragmatic and Positive Approach Towards International Migration

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Today’s Blog was written by Rahul Sharma, Partner, Fasken LLP, Toronto This is a short blog post written on a cold morning in Toronto.  It is currently -12 degrees in Toronto (with a windchill factor of -21 degrees).  It is presently sunny and 26 degrees in the Cayman Islands.  On days like these, migration weighs heavily on some minds. I would like to thank Meera Raman of the Globe and….

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Tax Issues, US Taxes

Love, Marriage and U.S. Tax…

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Love knows no boundaries and neither do the U.S. tax rules. Marrying a U.S. citizen will result in U.S. tax implications for the couple that should not be ignored. This article will review a few U.S. tax considerations for married couples (that include a U.S. citizen). Proper Tax Filing Contrary to Canada, the U.S. tax filing requires an individual taxpayer to file their tax return as “single” or “married filing….

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Succession Planning, Tax Issues, U.S. Citizen, US Taxes

Canadians Beware – U.S. Move To End Paper Cheques for Federal Payments

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On March 25th, 2025, President Donald Trump issued Executive Order 4247 (“EO 4247”) directing the U.S. Department of the Treasury to transition all federal disbursements and collections into electronic format; effectively ending the use of paper cheques. By September 30th, 2025, paper cheques for federal payments (notably tax refunds and social security payments) will cease. How is this relevant to Canadians? Hurdle for Canadians EO 4247 may represent a hurdle….

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IRS, Tax Issues, U.S. Citizen, United States, US Taxes

Taxation of Employee Stock Options on Death

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In Canada, it is not uncommon for employers to grant stock options to employees as a form of compensation, notably in technology and startup sectors. These stock options provide employees the right to purchase company stocks at a predetermined price, often referred to as the “exercise price.” What are the tax implications of these stock options when the employee dies while holding unexercised stock options? The tax treatment on death….

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Succession Planning, Tax Issues, US Taxes, valuation
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