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Renunciation of U.S. Citizenship

Léa Duval 08/29/2023

Renouncing U.S. citizenship is a significant decision with wide-ranging implications. Renunciation may have adverse U.S. tax implications. This blog will break down the tax complexities surrounding the renunciation process and provide you with an essential understanding without getting lost in the jargon. Who is a ...

Blog – U.S. and Canadian Capital Gains

Léa Duval 07/28/2023

INTRODUCTION Capital gains are distinguished from other types of income for both Canadian and U.S. tax purposes. Often, capital gains are taxed at a lower effective rate than ordinary income, and in some cases they are exempt from tax altogether. Taxpayers should consider how these ...

Beneficial Ownership Information Reporting

Léa Duval 07/13/2023

The Corporate Transparency Act (CTA), enacted by the U.S. Congress on January 1, 2021, is designed to strengthen the integrity of the U.S. financial system. It establishes new U.S. reporting obligations for certain types of corporations, which will take effect on January 1, 2024. Non-U.S. ...

Canada Federal Budget 2023 Highlights

Léa Duval 04/03/2023

Prepared by Andersen in Canada, Montreal Partner Danny Guérin with support from Kiran Younas On the 28th of March 2023, Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, presented Budget 2023 entitled “A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future”. The Budget 2023 ...

Budget of Quebec 2023

Léa Duval 03/28/2023

Prepared by Andersen in Canada, Montreal Partner Danny Guérin. The following is a summary of the main tax measures proposed in the 2023-2024 Quebec budget Corporate tax measures: Personal Income Tax Measures: Other tax measures

Blog Alert: Taxes for U.S. Citizens Resident in Canada

Léa Duval 02/27/2023

Taxation Based on Citizenship U.S. citizens resident in Canada are taxable on their worldwide income in both countries. The real question is which country gets to tax it first, which country gives a credit for the other country’s tax and what happens when both countries ...

2% Share Buyback Tax: What to Expect?

Léa Duval 01/05/2023

Prepared by Andersen in Canada, Montreal Partner Danny Guérin with support from Stéphanie Perras. The 2022 Federal Fall Economic Statement announced a two-percent tax that would applyon the net value of all types of share buybacks made by public corporations in Canada. Thetax would come into effect on ...

Canadian Film or Video Production Tax Credit

Léa Duval 06/02/2022

Prepared by Andersen in Canada, Montréal Partner Patrick Coutu and Tax Manager Divya Katyal with support from Lisa Chea. Extension of timelines for Film or Video Production Services Tax Credit In the Budget 2021, the government of Canada proposed to extend the timelines for eligibility and compliance for the Canadian ...

Canada Federal Budget 2022 Highlights

Léa Duval 04/19/2022

Prepared by Andersen in Canada, Montréal Partner Patrick Coutu, Tax Manager Maxime Blais with support from Lisa Chea A. Individuals – proposal 1. A Tax-Free First Home Savings Account (CELIAPP) A new account will be available starting January 2023 to help taxpayers save money for their first home. ...

Budget 2022-2023 – Québec Ministry of Finance

Léa Duval 03/24/2022

Prepared by Andersen in Canada, Montréal Partner Patrick Coutu, Tax Managers Divya Katyal and Catarina Marques with support from Inta Simonyan. On March 22, 2022, the government of Québec released its 2022-2023 budget. Below is an overview of some of the major proposals: 1. COST OF LIVING LUMP SUM ...

The member firms of Andersen in Canada focus on Canadian, international and Canada-U.S. cross-border tax matters. With offices across Canada, our tax professionals work with a broad range of businesses and individual clients to develop innovative tax solutions for a diverse range of issues. Our senior leaders and many of our professional staff have extensive experience in Canadian, international, U.S. and cross-border tax matters with major international accounting firms, as well as practical experience working with businesses and individuals.

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