Episode 2: Cross-border Complexity for Business Owners: The ties that bind you…to the IRS and CRA
Elena and Darren talk about the many complexities that business owners and their employees face with movement from one side of the Canada / U.S. border to the other.
In episode 2, we carry on our discussion around cross-border mobility, this time from the perspective of the owner-manager.
— Cross border Employees – Temporary vs. permanent assignees.
— Tax Residency – Obligations to host country and home country.
— Retirement Plans – Protecting retirement accounts before making a cross-border move.
— Shareholder / Business Owner – Complications with cross border taxation of a corporation and the mismatch between Canada and U.S. tax provisions.
— Passive Foreign Investment Corporations (PFICs) – Additional filing obligations and making certain timely elections.
— Trump’s Transition Tax – Canadian businesses with a U.S. owner, beware.
— Ostrich Syndrome – U.S. citizens living in Canada and ignoring tax obligations.
This podcast is brought to you by Hanson Crossborder Tax Inc. If you need expert advice on cross-border tax matters, contact us toll free at 1-855-640-1730 or visit us at hcbtax.com. If you are a US or a Canadian person living, studying, working, doing business, vacationing, or retiring across the border, have you considered all your possible tax obligations? And are you sure you’ve done proper planning to maximize your tax savings and minimize risks? We can help! Call us at 1-855-640-1730 or visit hcbtax.com.
This podcast is also brought to you by Darren Coleman at Portage Cross Border Wealth Management of Raymond James, specializing in assisting successful people with the complicated financial matters of having money and family on both sides of the border. Darren and his team are uniquely licensed as Advisors in both Canada and the USA and can often solve problems domestic financial institutions cannot. For more information, call us at 416-597-7906 or visit portagewealth.com
