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 highlight two articles. The first article provides a look into Canada’s response to the Panama Papers. The second offers some helpful insight into designing portfolios for people in Canada who are also subject to U.S. taxation.
Canada to push for global tax fraud crackdown after second release of Panama Papers data (www.financialpost.com) – Public Safety Canada is taking a lead role in global talks to expand the country’s efforts to address concerns over illegal offshore tax schemes. Ralph Goodale, the federal minister responsible for the Public Safety department, is representing Canada at an international anti-corruption summit Thursday in London — a gathering that would often include other government departments, such as the Canada Revenue Agency. Officials from the CRA are not attending the London meeting, which is being hosted by U.K. Prime Minister David Cameron. “Since the angle (of the London meeting) was more about corruption, Public Safety was going to have the lead on this,” said Chloe Luciani-Girouard, a spokeswoman for national Revenue Minister Diane Lebouthillier, who oversees the CRA…
How To Build Portfolios For U.S. Taxpayer Clients (www.advisor.ca) – Investing isn’t easy for Canadian residents who must file annual tax returns to the IRS. American law sees the typical Canada-based mutual fund or ETF as a Passive Foreign Investment Company (PFIC), which creates a host of problems for asset location and currency exposure. But with careful planning, you can keep clients’ PFIC headaches to a minimum…
Come back next week for more interesting news and articles. Enjoy your weekend!
