KeatsConnelly Cross-Border Weekly Best of the Web 2015-1-16

web-search-greyEvery 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 bounce around from a piece on the tax impact American’s owning and selling Canadian property may face, to a look at the failure of Target in Canada, and finish with a piece on some of the pitfalls of raising children around wealth.

American expats in Canada who sell their house might face IRS taxes (http://www.theglobeandmail.com/) – Americans residing in Canada may not realize the extent to which the U.S. government’s tax-filing rules for non-resident citizens hit home. There’s been a lot of attention in recent years on how U.S. citizens in Canada are being targeted by the Internal Revenue Service. Lost in all the commotion is a little known, long-standing rule concerning houses: If Americans living in Canada sell a house for a gain of more than $250,000 (U.S.) per taxpayer, they must pay capital gains tax on it…

How Target botched a $7-billion rollout (http://www.theglobeandmail.com/) – Target Corp.’s first foray outside of its U.S. home market has ended in disaster. The Minneapolis-based discount retailer, known to fashionistas as Tar-zhay, said on Thursday it will leave this country after having launched its first stores here nearly two years ago and invested an overall $7-billion in the Canadian rollout. In a botched strategy by overly confident executives, Target grappled with shoppers who complained of too-high prices and bare shelves…

Growing Up on Easy Street Has Its Own Dangers (http://www.nytimes.com/) – When Thomas Gilbert Jr. was arrested on Monday and charged with killing his wealthy father with a gunshot to the head, the rubbernecking and tut-tutting began almost immediately. The pair had argued about financial issues in the past, according to police. Tabloid reports suggested that there had been a disagreement over the 30-year-old’s allowance before he apparently pulled the trigger. So Twitter responded as Twitter does. He was a “trust fund kid.” The “most spoiled brat.” The whole affair was “morbidly disgusting.” But at the same time, parents all over my own social media feeds and in out-loud discussions throughout the week were having a more searching conversation…

Come back next week 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.
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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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