Navigating New Schedule K-2 and K-3 On Your Business Tax Return

New Schedule K-2 and K-3

The IRS updated the regulations for Schedule K-2 and Schedule K-3 reporting in 2022, which have had a major influence on business tax return filling for firms in the US. The revised versions have two new international-related schedules to pass-through entity returns. Read on to learn about Schedules K2 and K3, the implication for foreign […]

US Citizens Living in Canada and IRS Federal Form 8621

IRS Federal Form

When living in Canada, U.S. citizens usually have passive foreign investment companies (PFIC), such as Canadian mutual funds, that have specific yearly reporting requirements within the United States. The Internal Revenue Service (“IRS”) requires a U.S. person with passive offshore investments to report their earnings using IRS Federal Form 8621. PFIC reporting and cross-border tax […]

Selling property in Canada? Get a CRA Clearance Certificate

CRA Clearance Certificate

Canadian non-residents who sell Canadian real property must get a clearance certificate from the Canadian Revenue Agency (CRA). You need a Clearance Certificate before the title of a property is transferred to another party. The certification is not mandatory, but without one, the CRA can hold you liable for any unpaid amounts before or after […]

Canadian Tax on U.S. Investment


There are lucrative investment opportunities for Canadians in America. Learn more about investing in the US and how it’s taxed in Canada. Canadians are taxed on their international income, so it’s important to understand cross-border investment implications. Since Canadian residents are taxed on their worldwide income, you must report US dividends, interest, capital gains, and […]

What does the FIRPTA mean for Canadians selling US real property?

FIRPTA Withholding Tax Tips

Canadians who sell real estate in the US are subject to the Foreign Investment in Real Property Tax Act (FIRPTA). As a seller it’s important to understand what FIRPTA is and how to recover them. What is the FIRPTA withholding rate? With few exceptions, the purchaser is required to withhold and pay a tax of up to […]

Should You Invest in Real Estate or a Business – or BOTH?


When immigrating to the United States, Canadians tend to explore investment Visa paths as they provide more reassurance for families to stay within borders than a Temporary Work Visa. Two of the most frequently requested visas are the EB-5, which provides a direct green card path, and the E-2, which offers an individual to work […]

Your Guide to the Successful Completion of a Form W – 7


A Form W-7 is used by the Internal Revenue Service (IRS) to issue an Individual Taxpayer Identification Number (ITIN) to non-US citizens. These individuals earning income from US sources require an ITIN in place of a Social Security number, and are required to file a federal tax return. After that, an ITIN will be issued […]

Tax Implications of Opening a Foreign Bank Account

foreign account

United States citizens, Permanent Residents and U.S. resident aliens who hold assets in foreign institutions have significant yearly reporting requirements that need to be adhered to. The Internal Revenue Service (IRS) and Financial Crimes and Enforcement Network (FCEN) has different reporting requirements for money and securities held in foreign banks than in domestic bank accounts. […]

How To Know If Your Canadian Company Needs To Pay U.S. Sales Tax


Are you a Canadian company selling to the U.S? If so, sales to the U.S. are considered exports if consumed outside of Canada – therefore exempt from GST/HST. In addition to this, you may need to obtain a sales tax permit and pay U.S. sales tax depending if the Canadian company with sales to a […]

Investing in U.S. Real Estate? Here Are Some Strategies for Canadian Buyers!

condos-realestate-tax- U.S Real Estate

U.S Real Estate Canadians are prominent international buyers in the American real estate market, but the methods used by investors vary. Canadians can buy and own U.S. real estate either directly or through the use of various forms of business entities — corporations, partnerships, and trusts.  Let’s review some ownership structures available for foreign investors: […]