CANADA/ U.S. TAX

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UHY Victor Canada U.S. Tax Team (CUTT)

Canada is the United States’ leading trade partner, and in recent years the economies of these two countries have become increasingly integrated. Both countries have complex business environments, and trade is regulated by a combination of US and Canadian tax laws, NAFTA and the U.S. Canada Tax Treaty.

The Tax Treaty between the US and Canada has a broad impact on individuals and corporations engaged in cross-border commercial activity. The Fifth Protocol amending the Tax Treaty introduced significant changes to many areas of cross-border tax, including:

Recent years have also seen major developments in areas other than taxation. The US dollar has fluctuated in value against the Canadian currency, and many businesses and businesses and investors have incurred losses because they did not properly hedge themselves against these currency fluctuations.

To conclude, a proper understanding of the two business and regulatory environments is a key success factor to entities conducting cross-border business between the US and Canada. To assist our clients in this area, UHY Victor has assembled the Canada US Tax Team (CUTT). CUTT is a group of experienced U.S. and Canadian tax professionals, who work closely with one another to guide businesses in their cross-border ventures.

Areas of  Expertise

Corporate
  • Consideration of integrated tax minimization strategies and repatriation of profits
  • Regulation 105 and Regulation 102 withholdings
  • Compliance with Federal, State & Provincial tax laws
  • Payroll administration and year-end reporting requirements
  • Analysis of available corporate tax incentives and government assistance
  • Establishing an effective Canada US transfer pricing policy
  • Performing transfer pricing analysis
  • Sale of a cross-border business
  • Cross-border real estate ventures
  • Sale of real estate and section 116 withholding issues
  • Developing local business & banking contacts

DOWNLOAD OUR CANADA/U.S TAX SURVIVAL GUIDE

Estates and Trusts
  • Cross-border Trust and Estate planning and administration
  • Tax planning to minimize exposure to US Estate Taxes
Personal
  • Preparation of US and Canadian personal income tax returns
  • Analysis of the tax ramifications of a cross-border move
  • Departure tax
  • Expatriate tax planning and preparation
UHY Victor Response to the Spread of COVID-19

UHY Victor is taking action to maintain the health and welfare of our team, our clients and support communal efforts to respond to the coronavirus pandemic.

UHY Victor will remain open during this difficult period and client services will continue. We have implemented contingency plans which allow us to continue to operate as we all deal with the spreading pandemic.

In light of the present situation we have introduced the following measures:

  • Our staff and procedures have been structured so that our team can work remotely.
  • Our IT infrastructure and data are protected by cutting edge security systems.
  • To the extent possible, client meetings will be held through web meetings and other remote solutions.
  • Employees who experience the primary symptoms such as fever, cough and respiratory difficulties will work remotely until cleared.
  • Internally, we emphasize the importance of “social distancing”, and have enhanced our internal cleaning and disinfecting protocols.

UHY Victor will continue to monitor the changing situation and, will respond proactively as this major health challenge evolves.

We encourage all to stay informed and to visit the Public Health Agency of Canada COVID-19 site, and follow the guidelines set out by the government of Canada:

  • Now and always during cold and flu season, stay home if you are sick. Encourage those you know are sick to stay home until they no longer have symptoms.
  • Since respiratory viruses, such as the one that causes COVID-19, are spread through contact, change how you greet one another. Instead of a handshake, a kiss or a hug, a friendly wave or elbow bump is less likely to expose you to respiratory viruses.
  • Practise frequent hand hygiene and coughing and sneezing etiquette. Clean and disinfect frequently touched objects and surfaces, such as toys and door handles.

For more information on the guidelines of the Government of Canada on how to be prepared for COVID-19: Click here.

 
 
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