2015 TAX RATES Use this link to download the PDF version of this post. Standard Deductions Single and married filing separately $6,300 Married filing jointly or surviving spouse $12,600 Heads of household $9,250 Standard Mileage Rates Business us of auto 57.5¢ per mile Charitable contributions 14¢ per mile Medical use and moving expense 23¢ […]
2014 TAX RATES Quick TaxFacts (US) Use this link to download the PDF version of this post. Standard Deductions Single $6,200 Married filing separately $6,200 Married filing jointly or surviving spouse $12,400 Heads of household $9,100 Standard Mileage Rates Business us of auto 56¢ per mile Charitable contributions 14¢ per mile Medical use 23.5¢ per mile […]
Reporting Requirements of U.S. Direct Investment Abroad: 2014 Benchmark Survey The US Department of Commerce’s Bureau of Economic Analysis (“BEA”) under the authority of the International Investment and Trade in Services Survey Act conducts the BE-10 survey every 5 years. The survey is used to collect data for analytical purposes to generate comprehensive statistics on […]
Having assets or family abroad or being an American citizen and residing outside the US may create cross-border wealth transfer issues either during life-time or upon death. Even a straightforward arrangement under a single country tax law, may involve numerous complexities and produce negative tax consequences when non-residents are involved. Whether dealing with foreign estates, […]
With globalization of the workforce it is not uncommon for Canadians to spend a portion of their working life abroad and return to Canada for retirement. Likewise Canada, being a hub for many multinational companies, hosts a large number of foreign employees who may contribute into a Canadian retirement plan and collect pension income once […]
Business Travelers and Employees on International Assignments Many Canadian business owners either personally go or send their employees on business trips to the US often forgetting that such movements can unintentionally trigger taxation requirements, particularly in the areas of employment and social security taxes. In addition, workforce border-crossing activities can increase the company’s exposure to […]
The US market offers enormous opportunities for foreign investors and ambitious business owners. Canadian or other foreign businesses may operate in the US through a variety of legal forms, including self-proprietorships, corporations, general and limited partnerships, limited liability companies (LLCs) and US branches. A choice of a business structure is often influenced by tax and […]
If you are one of the Canadians who make an annual pilgrimage to avoid Canadian winters you may be aware that starting June 30, 2013 both Canada and the US began the second phase of their Entry/Exit Initiative under the Beyond the Border Action Plan for Perimeter Security and Economic Competitiveness which is designed to […]
There are several types of tax identification numbers available in the US. The most commonly used are social security numbers (SSNs), individual tax identification numbers (ITINs) and employer identification numbers (EIN). All three types are jointly known as taxpayer identification numbers (TINs) and contain nine digits. EINs have a slightly different format than the […]
Both US and Canadian tax systems are based on self-assessment when individuals voluntarily complete their income tax returns and make applicable disclosures. When a taxpayer has previously filed an incorrect or incomplete tax return or failed to disclose certain tax details, the taxpayer may under certain circumstances be permitted to come forward and voluntarily disclose […]