Rental income in the United States: your tax obligations
Olivier Custeau, Fiscaliste, B.A.A., M. Fisc., EAWhen a non-resident of the United States owns rental property in the United States, tax obligations arise. An overview.
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Our tax specialists keep you informed on a regular basis so that you stay on the lookout for news and best practices in domestic and foreign taxes.
Welcome to our blog. Visit this section regularly to be informed of news from our tax firm and to get sound advice from our experts in Canadian, US, and international taxation.
Forms 3520 and 3520-A: avoid penalties
Olivier Custeau, Fiscaliste, B.A.A., M. Fisc., EAAs a US citizen or resident of the United States, you must complete Form 3520 in order to postpone your transactions with a foreign trust.
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A new tax services firm opens its doors despite the pandemic
EffiscaThe pandemic will not have stopped Nicolas Godbout, owner of Impôts Ici !. Last January, he launched Effisca, a tax firm specializing in Canadian, American and international tax.
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Does the section 217 election apply to you?
Olivier Custeau, Fiscaliste, B.A.A., M. Fisc., EAThe section 217 election may be advantageous if your income is taxable at a higher rate than if it were reported on a Canadian income tax return.
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Does Form 8938 apply to you?
Olivier Custeau, Fiscaliste, B.A.A., M. Fisc., EAAs a specified person, you may be required to complete Form 8938 if the total value of your foreign financial assets exceeds a certain threshold.
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Rental income of non-residents of Canada
Olivier Custeau, Fiscaliste, B.A.A., M. Fisc., EAAs a non-resident of Canada, your rental income is subject to 25% withholding tax. Find out about your tax obligations in this area.
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Are you required to complete the FBAR form annually?
Olivier Custeau, Fiscaliste, B.A.A., M. Fisc., EAIf you are considered a US person, you may be required to complete the FBAR annually if the total value of your bank accounts outside of the USA exceed a certain threshold.
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Repercussions of a change in the use of your property
Olivier Custeau, Fiscaliste, B.A.A., M. Fisc., EAIf you have left Canada or bought a new property and you have decided to rent your old property that…
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Owning a Roth-IRA in Canada: the impacts
Olivier Custeau, Fiscaliste, B.A.A., M. Fisc., EAIf you've worked in the United States and contributed to a Roth IRA, this short article will help you understand the impacts of owning a Roth IRA in Canada.
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Departure from Canada and obligation to declare certain properties
Olivier Custeau, Fiscaliste, B.A.A., M. Fisc., EAIf you owned multiple properties before you left Canada, you may need to complete Form T1161 - List of Properties by an Emigrant of Canada.
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