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I Am A Canadian Resident And Have An Interest In Various Offshore Trusts And Corporations. What Is My Exposure From A Canadian Perspective?
User Photo Larry Stolberg, CPA, CA
Tax Professional Level: Tax Enthusiast

The Canadian Income Tax has various foreign reporting forms, not much different from that of the U.S. foreign information returns, with penalties attached for not filing. With regards to non-resident income areas...   Read More
I Have Numerous Canadian Corporations That Cost Of A Lot Of Annual Fees. What Can I Do To Lower My Fees.
User Photo Larry Stolberg, CPA, CA
Tax Professional Level: Tax Enthusiast

Depending on the ownership structure and the valuation of the companies, you may consider amalgamating or winding up the companies. Generally without further complexities, it can be done on a tax-free basis.   Read More
I Live In Burlington, Ontario Canada. I Am A US Citizen And Have Not Filed US Returns In Years. What Is The Procedure Here As I Heard...
User Photo Larry Stolberg, CPA, CA
Tax Professional Level: Tax Enthusiast

You may fit into the Streamlined Procedure which requires only 3 years of returns and 6 years of FBARs. There is information on the IRS site with a checklist to determine if you are a low risk applicant. Otherwise...   Read More
I Am An Owner Manager And Own A CCPC Situated In Ontario In Canada. I Wish To Transfer Shares To Other Family Members. Can I Just Issue The...
User Photo Larry Stolberg, CPA, CA
Tax Professional Level: Tax Enthusiast

No. You need to properly structure the authorized share capital of the CCPC and issue the shares in a manner not to confer benefits to you. Basically, you are looking at an estate freeze to accomplish your...   Read More
I Am Looking To Expand My Business To The US. Should I Incorporate Or Expand With A Branch Operation? My Residency Is Canada.
User Photo Larry Stolberg, CPA, CA
Tax Professional Level: Tax Enthusiast

There is no exact answer as it depends on your projected income profile, business risk, assets used in the business and your goals on repatriation of profits, not to mention any state issues. Compliance fees will...   Read More
I Live In Toronto, Ontario Canada And Have Just Put My Florida Townhouse For Sale. I Heard There Is A 10% Or 15% Withholding Tax On The...
User Photo Larry Stolberg, CPA, CA
Tax Professional Level: Tax Enthusiast

You can file IRS form 8288-B for a withholding certificate where you summarize in accordance with the particular regulation the purchase and sale of the property and the approximate actual tax liability. When...   Read More
I Earn Rental Income From My Condo In Florida. Do I Have To File A US Tax Return?
User Photo Larry Stolberg, CPA, CA
Tax Professional Level: Tax Enthusiast

Gross rental income is generally subject to a 30% withholding tax unless a waiver form is provided to the payor or agency managing the property. With the waiver form in place, you have effectively told the IRS that...   Read More

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