This course focuses on cross-border planning and U.S. tax compliance requirements for Canadians spending time in the U.S.
What skills will you develop?
- Determine how Canadian snowbirds are taxed for U.S. income tax purposes
- Calculate the number of days that a snowbird spends in the U.S. under the Substantial Presence Test
- Explain the purposes and filing requirements of the Closer Connection Exception Statement
- Determine the U.S. income tax filing and withholding tax requirement upon the sale of U.S. real property
- Explain the purpose of and requirements for obtaining a U.S. Taxpayer Identification Number
- Explain many of the real estate terms that are unique to U.S. real property purchases
- Outline the differences between Canadian and U.S. mortgages
- Calculate the amount of withholding tax that is imposed on different forms of U.S. investment income
- Identify the U.S. securities rules with respect to managing investment and registered investment accounts on behalf of snowbirds in the U.S.
- Determine whether a snowbird qualifies for Canadian and U.S. social security benefits
- List the various and the additional credits available to reduce or eliminate U.S. estate tax
- Explain and determine the most appropriate strategies to minimize, eliminate or to defer U.S. estate tax
- Explain to snowbirds clients the features they should look for in travel insurance
- Explain to clients the use of long-term care, critical illness and property insurance within their risk management planning
- Describe the requirements for establishing non-residency for Canadian income tax purposes
- Describe the taxation of Canadian source pension and social security benefits under U.S. tax rules
- Explain the eligibility requirements for receiving U.S. Medicare
Who should enrol?
- Investment advisors who are subject to CE requirements for professional development
- Financial planners who are subject to CE requirements for professional development
- Wealth managers who are subject to CE requirements for professional development