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The US “Transition Tax” for 2017: More Sad News for Many US Citizens Residing Abroad

Transitions come in all different types, some good, some bad, and some just strange. For example, when Canada changed the official English lyrics to “O Canada” to be more gender inclusive, many thought this was generally a good transition. After all, changing the words to the national anthem to be more inclusive is a good

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Renouncing your US citizenship: Is divorcing Uncle Sam right for you?

The billionaire co-founder of Facebook, the only American member of Monty Python, a Civil Rights Leader with a Ph.D. from Harvard, the founder of Carnival Cruise Lines and owner of the Miami Heat NBA franchise, and arguably the best chess mind to ever live have more in common than you might think. So what do Eduardo Saverin, Terry Gilliam, W.E.B. Du Bois, Ted Arison, Bobby Fischer and thousands of U.S. citizens living abroad have in common? The answer is all five have renounced their U.S. citizenship. These individuals are not alone, record numbers of U.S. citizens living in Canada and across the world are in the process of renouncing. Why would a country with a seven to ten year wait list to acquire citizenship have so many citizens headed for the exit? The reason is that three letter word no one likes to hear: TAX.

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The top ten US tax reform changes that will impact everyday Canadians

Contributors: Kenneth Keung CA, CPA (CO, USA), TEP, CFP, MTAX, LLB, and Cooper Xu EA, CGA We needed to catch our breath before we could write about the Tax Cuts and Jobs Act of 2017-2018 (interchangeably, “TCJA” or “Act”), the massive tax reform bill that President Trump signed into law on December 22, 2017.[1] Why? Because

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Proposed Canadian “income sprinkling” rules V2: not many feathers, lots of hissing

1.  Executive Summary On December 13, 2017, the tax and business community finally got the chance to review version two of the tax on split income (“TOSI”) or the so-called “income sprinkling” proposals. The Department of Finance originally announced that these revised proposals would be released later this fall. That would make this release two weeks

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The Canadian Private Corporation Tax Proposals – Part Deux

The media frenzy and uproar over the July 18, 2017 tax proposals that had been routine throughout the summer and early fall has quieted down significantly ever since Minister Morneau’s “Santa Claus” week of announcements in October (we have previously written about these announcements). Does this mean that the tax and business community are satisfied

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Quick comments on the office of the parliamentary budget officer analysis of changes to the taxation of corporate passive investment income

Not much has happened in the ongoing saga of the Canadian private corporation tax proposals since we last wrote about them. The tax and business community is waiting for the next step which will be the release of the second version of the “income sprinkling” draft legislation – promised to be released before the end

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An early Christmas present for agriculture

The second week of November holds a special place in my heart; harvest is generally done, calves are being shipped and the Canadian Finals Rodeo and Farmfair descends upon Edmonton. Truly the Canadian version of “Cowboy Christmas,” it’s five days of great rodeo and catching up with friends who have been busy farming all summer,

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From T.S. Eliot to BoJo: Why the List of Britons Giving Up US Status Continues to Grow

Oscar Wilde’s characters quipped in multiple instances that “when good Americans die they go to Paris,” while bad Americans stay in America. Wilde commented elsewhere about taxes, but he probably did not contemplate the irony that even the supposedly good Americans who make it to the City of Light are followed there—during life and after death—by the IRS.

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Where do we now stand on the Canadian Private Corporation Tax Proposals?

What a roller-coaster of a week it’s been! It seems like many moons ago when the Government announced – with offensive rhetoric – the contentious and divisive private corporation tax proposals on July 18, 2017, with an extremely short consultation period of 76 days. Businesses of all sizes and sectors rallied loudly against the proposals,

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