KeatsConnelly Cross-Border Weekly Best of the Web 2016-4-1

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 brings a varied mix of cross-border articles. The first offers a view on proposals made to reduce onerous reporting requirements in some cross-border situations. The second article tackles a question being asked in some circles in the United States. The final piece discusses at least one entrepreneur fleeing Canada for tax reasons.

Relief may be on the way for people who pay tax on both sides of the border (www.financialpost.com) – U.S. citizens living in Canada not only have to file Canadian tax returns reporting their worldwide income, but they also have to file U.S. tax returns reporting the same income. That’s because the U.S. imposes taxes and filing requirements based on citizenship, not residency. To make matters worse, if the U.S. citizen holds a TFSA, RESP or RDSP, these accounts are not recognized as tax-preferred by the U.S. and the income from these must be reported annually on a U.S. return. Most U.S. tax professionals consider these Canadian plans to be foreign grantor trusts from a U.S. tax perspective and thus also subject to onerous and costly information return filings. Many Canadian tax advisers recommend their clients to simply avoid these accounts altogether…

Can Trump-Dodging Americans Really Move To Canada? (www.huffingtonpost.ca) – With every Trump victory, an increasing number of U.S. citizens are considering the possibility of moving to Canada. Of course, wanting to move to Canada is not the same thing as actually being allowed to move here. So how hard would it really be for a U.S. citizen to move to Canada? There are two options that a Trump-averse U.S. citizen might consider: (1) seek permanent residence in Canada; or (2) seek temporary status in Canada (such as a work permit or study permit) until the next presidential election. Their choice would depend on whether they believe Mr. Trump would win a second presidential term…

How high-tax Canada is driving away billionaire entrepreneurs like Murray Edwards (www.financialpost.com) – The recent wave of populist politics aimed at making the moneyed class pay more in higher taxes has now evidently left us with one fewer member of the moneyed class. All over the globe, the great migration of people running for better lives is upsetting the world order. More than a million migrants to Europe have set in motion a long-term shift in the continent’s demographics, while shaking the entire EU project. Millions pouring over the southern U.S. border have irreversibly tilted America’s culture towards Hispanic Catholicism and lately prompted a leading presidential contender to promise barricades against more. This may be just the beginning. Once global warming really kicks in, say the experts, the world will be awash with a new class of migrant: The climate change refugee.

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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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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