The federal government’s claim that the increased inclusion rate for capital gains applies only to a small number of people is a “bald-faced lie” according to Darren’s guest, outspoken lawyer and tax specialist Trevor Parry. They discuss other impacts of the federal budget, the advantages of using a life insurance policy inside a corporate entity, and why holding and not selling your asset might be the best long-term plan.

Today many people work from home but this can create problems with an employer. And if that employer is in another country like the United States things get even more difficult. In the aftermath of Covid remote working has become common but there can be all kinds of issues. Sharon Conrod, an accountant with Hanson Crossborder Tax https://www.hcbtax.com/, is Darren’s guest, and the two explore what can go wrong.

Canadians who return to the country after working south of the border may face “punitive” exit taxes from the U.S. and it doesn’t matter if their leaving is due to a divorce, illness or something else.

Darren’s guest is John Richardson of Citizenship Solutions, a Toronto-based lawyer who was born in the U.S. and has lived most of his life in Canada. His practice is largely devoted to assisting Americans who live outside the U.S. John says Americans living in Canada are often treated “unjustly” by the IRS.

“As far as the U.S. is concerned, there are two principles at play,” he says. “First, one never leaves the land of the free for free. Second, everything in the U.S. is taxable.”

Darren and John discuss a wide range of issues – everything from potential troubles for Green Card holders to compliance matters when dealing with two countries that have very different tax regimes to immigration problems.