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Good To Know… Part 3 – From Larry Stolberg, CPA, CA



Larry Stolberg - 11-27-15

Short Blog Posts In One Location…

◊ Green card holders who are holding cards close to 8 of the last 15 years need to examine their options to avoid becoming covered expatriates if they return to Canada and/or wish to give up the green card. Becoming a covered expatriate can have significant U.S. tax implications to you.

◊ CRA Form 1135 may become easier for 2015 if the aggregate cost of foreign property is not over $250K.

◊ Snowbirds need to watch their days presence in the U.S. to avoid deemed residency rules and related filing obligations!

◊ Executor liability for U.S. income tax and penalties, interest, etc., may extend to you if you were aware that the decedent owed the U.S. treasury for say tax from unfiled tax returns.

Original Post By:  Larry Stolberg

In case you missed – Good To Know… Part 1 or Part 2

 

Larry Stolberg, CPA, CA, CPA (South Carolina), has been practicing as a full-time tax specialist for over 30 years, in the Toronto, Ontario Canada and surrounding GTA area with primary emphasis on:

•Corporate restructuring for business owners
•Estate/succession planning
•U.S. expatriate and cross border issues
•Tax efficient planning that will achieve both your short and long term objectives

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