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2012 Dec 8 – Perrault

 
Mike Perrault
U.S. tax policies to change financial picture for snowbirds
Desert Sun (8 Dec 2012)

http://www.mydesert.com/article/20121207/BUSINESS/312070039/U-S-tax-policies-change-financial-picture-snowbirds

Impending changes in U.S. estate tax may affect Canadians who own U.S. real property. Financial planner Robert Keats says the “longstanding [U.S.-Canada tax] treaty makes the United States a virtual ‘tax haven’ for his high net worth Canadian clients.” While “tax advantages have been a catalyst for Canadians,” it is not clear that this circumstance will continue — although this promo article remains silent on that point.

Considerable space is devoted to 29 Nov 2012 IRS announcement of “updated procedures ‘to strengthen the Individual Taxpayer Identification Number program requirements’ that are key to the tax collection process for foreign nationals, and resident and nonresident aliens.” On a topic that extends well beyond the interest of snowbirds, “the IRS will no longer accept notarized copies of documents for tax ID numbers.” A key additional change will see new taxpayer ID numbers expire after five years for the first time.
 

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Written by usxcanada

8 December 2012 at 6:00 am

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