Cross-Border Tax Assistance

‍Determining Your Tax Residency

Figuring Out Where You Owe Taxes: We help you determine your residency status for tax purposes in both Canada and the U.S. This involves examining where your permanent home is, where your vital interests like family and work are centered, where you usually live, and your nationality. We'll ensure compliance with the Canada-U.S. Tax Treaty to resolve any dual residency issues.

Principal Residence Exemption (PRE) Eligibility

Maximizing Your Home Sale Benefits: If you're selling a property, we'll evaluate whether it qualifies as your principal residence under Canadian tax law. This includes confirming that you or your family ordinarily live there and that you meet all ownership requirements. We'll also advise you on how U.S. tax laws might affect you since they may not offer the same exemptions.

‍Cross-Border Tax Considerations

Managing Taxes on Both Sides of the Border: Owning and selling a home can have tax implications in both Canada and the U.S. We provide guidance on how capital gains taxes work in each country and how to apply the Principal Residence Exemption to minimize your tax liabilities. If you're selling U.S. real estate, we'll ensure you're aware of laws like the Foreign Investment in Real Property Tax Act (FIRPTA) to avoid any surprises.

Transferring Assets Between Countries

Moving Your Property Smoothly: If you need to transfer assets like your home between Canada and the U.S., we advise on the most tax-efficient ways to do so. Whether you're gifting, selling, or leaving property in a will, we'll help you understand the tax consequences and handle all the necessary paperwork to stay compliant with both Canadian and U.S. tax laws.

Tax Planning Strategies

Saving You Money on Taxes: We develop personalized tax planning strategies to optimize the use of the Principal Residence Exemption and reduce cross-border tax liabilities. This might include advising on the best timing for property sales or using trusts and other legal structures to protect your interests and achieve tax efficiency.

‍Representing You in Disputes

Standing Up for Your Rights: If you have a dispute with tax authorities, we represent you in negotiations, objections, and appeals. This includes challenging any assessments or reassessments related to the Principal Residence Exemption or cross-border tax issues. We'll work to ensure your rights are protected and that you're treated fairly.