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
Succession Planning: A Practical Guide for Entrepreneurs and Family Businesses
Succession planning is a critical yet often overlooked aspect of running a successful business, especially for entrepreneurs and family-owned enterprises. The intricacies of transitioning leadership and ownership require thoughtful consideration, ...
From Innovation to Impact: The Essential Role of an Accounting Advisor in Tech Startup Success
Tech startups are synonymous with innovation, agility, and the drive to disrupt industries. However, beneath the surface of every successful tech venture lies a foundation of strong financial management. For ...
Navigating Financial Hurdles in your Trucking Business
The trucking industry is a cornerstone of the Canadian economy, serving as a crucial conduit between producers, retailers, and consumers. Yet, despite its indispensable role, the industry grapples with various ...