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US citizens who are resident in Canada and own an interest in a corporate professional practice (such as a medical practice ) should consider their exposure to the passive foreign investment corporation (PFIC) rules. Canadian practitioners may be aware of the potential impact of the PFIC rules on Canadian mutual funds held by US citizens outside an RRSP. However, the scope of the rules extends beyond Canadian mutual funds.
Insights
2025 Federal Budget Highlights: Clean-Economy Incentives, Tax Relief, and Compliance Updates
The Minister of Finance and National Revenue, the Honourable François-Philippe Champagne, presented Budget 2025 on November 4, 2025. While no changes were proposed to personal or corporate tax rates, Budget ...
Tougher Tax Policy on Foreign Payments
If tariffs on inbound goods were not enough to shift economies and change US taxpayers’ behaviour, a new bill aims to levy a 25% excise tax on outsourcing payments to ...
A Head Start on Corporate Tax Filing: What to Organize Before Year-End
Getting ahead of your corporate tax filing helps avoid surprises, smooth cash-flow and make the most of deductions and credits. For businesses in Canada, now is the time to build ...