In part two of a three-part series about yearend tax planning, Jamie Golombek, managing director of tax and estate planning with CIBC Wealth Strategies Group, outlines new estate tax proposals from the 2016 U.S. presidential nominees, and the potential impact on your American clients.
Hillary Clinton and Donald Trump have completely divergent proposals on how to deal with U.S. estate taxes. Here's what to keep in mind for your clients who reside in the U.S. or who own property in the U.S.
The Internal Revenue Service now extends its reach to Canadian mutual funds held by American citizens who live in Canada. Know the rules so you can protect these clients from unnecessary taxes on their Canadian fund holdings
IRS may close program that let some dual citizens off the hook
Jamie Golombek, managing director, tax & estate planning, CIBC Wealth Strategies, highlights recent U.S. tax developments and their impact on clients who are required to pay U.S. taxes.
One of the main goals of the report is to help individuals understand the various ways they can find themselves beholden to the U.S. tax system
The heavy compliance burden related to filing taxes is one big reason
The situation facing these clients is more complex as they have certain filing requirements in the U.S. in addition to their U.S. and Canadian tax returns
U.S. expatriation is on the rise, but remains a complex and difficult process. Terry Ritchie, director of cross-border wealth services with Cardinal Point Wealth Management in Toronto, discusses the ins and outs of relinquishing U.S. citizenship.
Clients who winter in the warmer U.S. states need to be aware of several important requirements in order to remain on the right side of U.S. and Canadian authorities. Owners of foreign property will have to take extra precautions