U.S. Citizens with Canadian Corporations: The GILTI Tax Trap Most Owners Miss
“I thought Form 5471 was the only thing I needed” If you are a U.S. citizen living in Canada and you own a Canadian corporation, filing Form 5471 is not the end of your U.S. obligations. The bigger issue is often GILTI: a U.S. tax on your corporation’s profit, charged to you personally, every year. […]
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