Dates and location
Pricing
Hours
Dates and location
Pricing
Hours
Description
This comprehensive program is designed to provide you with a thorough understanding of the tax implications, compliance requirements, and reporting obligations faced by US citizens residing in Canada and conducting business activities.
Topics Include:
- Introduction to US Tax Compliance for American Expats and Business Owners in Canada
- Canadian Tax Consequences - Non-Residents, Part-Year Residents, and Residents
- Tiebreaker rule and Tax Treaties
- Foreign Property Reporting
- Business Investments Reporting
- Filing Deadlines, Penalties, Interest, and Administrative Matters
- Case Studies and Practical Examples
Schedule
- August 12, 2024 @ 1:00 pm - 5:00 pm
- August 13, 2024 @ 1:00 pm - 5:00 pm
Key Takeaways
By the end of this course, you will:
- Understand the tax implications and compliance requirements for US citizens living in Canada, including the determination of tax residency status and the impact on tax obligations in both countries.
- Gain knowledge of the US taxation system for citizens living abroad, including the income tax requirements specific to US citizens in Canada, such as foreign earned income exclusion and foreign tax credits.
- Learn about the reporting requirements for foreign property and investments, including key forms such as the FinCEN Form 114 (FBAR), T1135 reporting in Canada, reporting obligations for Passive Foreign Investment Companies (PFICs), and Form 8938 for specified foreign financial assets.
- Acquire knowledge of the reporting obligations and considerations for US citizens with business interests in Canada, including an overview of Form 5471 for foreign corporations and other relevant reporting requirements.
Who Will Benefit
- CPAs and tax professionals working in public accounting firms
- Controllers, CFOs, Finance Managers, and Financial Reporting Directors within multinational organizations that have a presence in the US
- Professionals seeking to enhance their knowledge and skills in advanced taxation and accounting for US taxes.
How to Access the Course
This course is a live webinar. You must attend the live course to receive verifiable CPD hours. We recommend you join five minutes prior to the scheduled starting time. To get the full experience of this interactive course, use a computer that has video and microphone capabilities.
Electronic material can be accessed one week prior to the course and should be downloaded in advance.
Registration, cancellation, withdrawal and all other CPA Ontario PD policies can be found here.
Speaker(s)
Babar Khan is an experienced cross-border tax professional with over a decade of experience in US & Canadian tax compliance and advisory work. He specializes in taxation for Expatriates, Business Travelers and High Net Worth Individuals. This primarily includes US and Canadian taxes (Resident, Non-Resident, Dual Status and US State Returns), foreign asset/informational reporting (3520s, 5471s, PFICs, FBARs, T1135s etc.), real estate related compliance (8288B, T2062 etc.), voluntary disclosures, dealing with Canada Revenue Agency and Internal Revenue Service on taxpayers' behalf, and consulting on departure/arrival tax issues on both sides of the border.