US Cross-Border Tax Blog

Published by W.L. Dueck LLP

Posts filed under ‘Green Card’


US Tax vs. Canadian Tax

There are many similarities between the US and Canada, but there are some significant distinctions between US and Canadian tax law especially for US citizens resident in Canada, including permanent residents of the US (“green-card” holders). For the unwary those distinctions may result in substantial US tax liabilities where those differences are not identified in advance. The discussion below highlights three differences, among many, that may trigger unexpected US tax liabilities for US persons resident in Canada. Sale of Principal… Read More


US Persons Holding Non-US Mutual Funds

US citizens and lawful permanent residents (green card holders) who hold certain investments may unknowingly be subject to adverse US tax implications where the investments are characterized as investments in Passive Foreign Investment Companies (“PFICs”). PFICs include non-US mutual funds and exchange traded funds (ETFs) which are typically organized as corporations or trusts in Canada. The PFIC rules may also apply to other non-US entities, treated as corporations under US tax law, that earn significant amounts of investment income or… Read More