KeatsConnelly Cross-Border Weekly Best of the Web 2013-1-11

Every week we share news stories, blog articles and other interesting stuff from around the web that received the most views, shares, comments and overall interest on various KeatsConnelly social media outlets.

This week we offer an interesting look into how American’s spend, news of remarkable sharing of information between Canadian and U.S. governments, important insight into the U.S. expatriation tax and a compelling view of the U.S. tax regime. Enjoy!

Overspending in America – Statistics and Facts (www.thecreditexaminer.com) – 52% of Americans are spending more than they earn, out of which 21% regularly have monthly expenses in excess of their income, only 13.5 percent adjust their spending the following month to get their finances back on track. For more such interesting facts, check our infographic on Overspending in America…

Applicants for Canadian visas will be checked against U.S. databases (www.theglobeandmail.com) – Almost all applicants seeking a visa to enter Canada will have their identity checked against American immigration databases to see whether they have been previously blacklisted, under a bilateral treaty signed with little fanfare last month…

US Expatriation Tax Is NOT Just an Exit Tax: Consider the Next Generation (xbplanning.blogspot.com) – Citizens and green card holders who think about exiting the US are probably aware of the expatriation tax at exit. Most assets are deemed sold and taxed accordingly. However, the tax at exit does not end a covered expatriate’s relationship with the IRS. The expatriation tax regime in fact includes gift and estate tax components that follow a covered expatriate for life and then after death, perhaps long after death…

U.S. system may be nasty and noise, but at least taxpayers are taken seriously (www.financialpost.com) – I occupy the unenviable position of being both a Canadian and an American citizen which means that I must file and pay taxes to each country. The Americans, and now the Australians, are the only nations that tax people on the basis of citizenship irrespective of residency. So whatever taxes I pay in Canada on Canadian earnings is disclosed to the IRS and, if tax rates would have been higher there than here, I send them the difference. And vice versa…

Come back next Friday for more interesting news and articles. Enjoy your weekend!

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Cross-Border Series
The Border Guide
Now available in its 11th edition, The Border Guide has sold over 80,000 copies and is considered the definitive cross-border financial tool for Canadians living, working and investing in the United States.
A Canadian's Best Tax Haven
This book will show you how to realize your dream of living a lifestyle in a climate that allows for year-round golfing and sandy beaches while lowering your taxes and cost of living.
Taxation of Canadians in America
This book addresses individual US taxation and estate planning issues you will face as a Canadian living in the US.
Taxation of Americans in Canada
US citizens and green card holders are subject to US tax regardless of where they reside in the world. Are YOU at risk?

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