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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
Navigating Tax Hurdles in Family Business Succession: The New Intergenerational Share Transfer Rules
Canada’s capital gains deduction is a powerful tax break available to Canadian-resident individuals who sell shares in a Qualified Small Business Corporation (QSBC). It allows up to $1.25 million in ...
Canada’s Cannabis Industry in 2025: Is there room for Optimism amid the Policy Shifts?
Since its legalization in 2018, Canada’s cannabis industry has undergone significant evolution—marked by rapid expansion, early missteps, and more recently, cautious stabilization. While economic turbulence, regulatory hurdles, and lingering stigma ...
Navigating Emerging Industries Amid Economic Uncertainty in Canada
As of April 2025, Canada’s economic landscape presents both challenges and opportunities for emerging industries such as cannabis and psychedelics. While the nation has seen significant investments and regulatory changes ...