Lawyers, accountants, bankers and financial advisors have their own expertise, but when it comes to seeking advice with money and assets you can’t do better than a trusted team. That's the message as Darren chats with lawyers Kevin Kirkpatrick and Azam Rajan of Bordera Tax and Immigration Law. https://bordera.ca/ They discuss the importance of seeking advice from professionals who know the deal on both sides of the border, not to mention American consultants who may not be familiar with international law, complexities in renouncing US citizenship, and the fact that many people are worth more than they realize. They also talk about the Corporate Transparency Act, a new US law that can require small businesses to report ownership information to the government with penalties starting at $10,000 US.

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. https://trevorparry.com/ 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.

Canadians who buy real estate in the United States often do so for emotional reasons but aren’t aware of all the problems that can arise. Darren tackles this with Shlomi Levy of Levy Salis LLP, whose practice is dedicated to US and Canadian tax and estate planning for individuals and corporations. The firm has offices in Montreal, Toronto and Florida. https://levysalis.com/

Darren and Shlomi discuss ways Canadians can buy US property, how to raise financing, differences between US states, and various what-if scenarios. What happens if someone becomes incapacitated? What are the rights of survivorship? How Power of Attorney differs between the two countries. Never mind all the potential issues with tax such as how to avoid double taxation.

Today people can work from anywhere – even across national borders – that coupled with increasingly mobile families means citizenship and immigration issues often come to the fore. People usually move from Canada to the US, or vice versa, because of three things – love, work or school.
Melissa Babel is an immigration lawyer who runs a boutique firm https://babelimmigrationlaw.com that deals with citizenship and immigration matters. In this episode, Darren and Melissa address a host of issues that may arise. It could involve individuals or couples with dual citizenship, tax matters arising from two countries with very different systems, the desire to renounce one’s citizenship, or seeking employment for family members after a person accepts a job offer across the border.
The common theme is that cross-border reality and compliance tend to be more complicated than people realize. And many do not plan accordingly. There is also the matter of changing laws. For example, a Canadian working in the US can pass on their Canadian citizenship to the first generation born there, but not to the second. But this may be changing.

Darren’s guest is Laura McLeman, a Certified Professional Accountant and Certified Public Accountant, and expert on cross-border tax. She said the largest population of Americans living outside the U.S. is in Canada, and that many of them have tax issues. Like being an ‘accidental American.’ People born in the U.S. but who have lived most of their lives in Canada often don’t realize they must file a tax return. Darren and Laura also explore potential pitfalls of carrying a Green Card, the complexities of cross-border banking and cross-border estate planning, and why it’s best to get professional help from experts who know the tax regime in both countries.

https://www.linkedin.com/in/laura-mcleman-cpa-ca/
https://www.thecleverfirm.com/about-us

All sorts of cross-border issues can arise when a Canadian decides to marry an American and many couples are not prepared. That’s the subject of this episode. Joining Darren is Véronique Malka, founder of the Canadian Law Group, a Canadian mobility firm based in New Jersey with offices north of the border. https://canadianlawgroup.com/about/

Véronique and Darren have seen everything. That includes a couple planning an expensive wedding only to learn one of them wasn’t allowed over the border, a person who wanted to bring work tools from one country to the other without having the required visa, and a couple who were cleared to cross but not with their children.

Their discussion explains how the border can easily get in the way of a couple who are already married or who plan to. That may involve problems with work visas (permanent and temporary), immigration documents, sponsorship of children, not to mention tax and investment accounts.