KeatsConnelly Cross-Border Weekly Best of the Web 2016-9-30

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’s articles depart from the cross-border trail just a bit in order to highlight some important and inseresting pieces. The first article looks at ever increasing life expectancy projections and thoughts on how to prepare for an increased lifetime. The second article delivers news on a new scam to be aware of. Next, we highlight an item reviewing the advisability of putting in place travel insurance. And the final article returns to cross-border issues with a piece covering a variety of Canadian investment accounts that lose some tax preference if US citizens hold them.

You’ll probably live to be 100. Here’s how you need to prepare for it (www.weforum.org) – Here’s a shocking insight: we’ll all live 100 years, and we’re not at all prepared for it. That is, in a nutshell, the message of Lynda Gratton and Andrew Scott of the London Business School in their new book, The 100 year life. But there’s a silver lining, too. If you change your lifestyle now, you’re likely to live a happy century after all. So what do we need to do?  First, let’s see why the authors think we’ll all live 100 years. The answer is pretty simple, actually: statistics and medical progress…

IRS Warns On New Scam Involving Fake Tax Bills & Affordable Care Act (www.forbes.com) – New scams are popping up every day. Today, the Internal Revenue Service (IRS) and its Security Summit partners issued an alert to taxpayers and tax professionals to be on guard against fake emails purporting to contain an IRS tax bill related to the Affordable Care Act. The IRS says that it has received numerous reports of the scam which involves an email with an attachment. The email attachment is typically a fake CP2000 notice for the tax year 2015. That’s your first red flag: a real CP2000 notice is mailed to taxpayers through the U.S. Postal Service. It is never sent as part of an email to taxpayers. Here’s what else to look for…

Should You Buy Travel Insurance Before Your Next Trip? (www.yahoo.com) – More people are buying travel insurance. According to SquareMouth, an online travel insurance comparison website, there has been a 20 percent increase in travel insurance policies purchased for vacations for this fall, compared to one year ago. The increase isn’t surprising given the string of recent worrisome events—from the Zika virus and the devastating earthquake in Italy to chilling acts of terrorism around the world. In fact, SquareMouth reports that consumers searching specifically for policies that cover the cost of a trip canceled or interrupted by terrorism has more than doubled over the past year. But there are other reasons why you may consider buying travel insurance…

IRS wants its share of Canadian tax shelters owned by U.S. citizens (www.cbc.ca) – Thousands of U.S. citizens living in Canada are finding that Canadian investment shelters — such as tax-free savings accounts and registered education savings plans — are not recognized as sheltered by U.S. tax authorities. Since the Foreign Account Tax Compliance Act (FATCA) came into effect in 2014 to help uncover the foreign holdings of U.S. taxpayers, the more than one million Americans living north of the border have discovered they must take a different approach to investment than their Canadian counterparts. Not only must every U.S. person declare every asset they hold in Canada, but it’s become clear that not all Canadian accounts are created equal in the eyes of the IRS.

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.
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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