Cross Border Tax

“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. […]

Most cross-border tax problems start with a simple reality: Canada and the United States determine who they can tax in very different ways. Canada generally taxes you based on your residency, while the United States can tax you because you are a U.S. citizen or green card holder, because you are considered a U.S. resident