Insights
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Non-Taxable in Canada means Non-Taxable in the U.S.
Correction: With the Principle Residence Exemption, a U.S. citizen may exclude from income up to $250,000 of gains realized on the sale of a principal residence. The exclusion may not be used more frequently than once every two years. Tax Free Savi…
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The W 8 Form: Who It’s For and What It Does
You must give Form W-8BEN to the withholding payer if you are a nonresident alien who is the beneficial owner of an amount subject to withholding. W-8BEN: This is reportedly the most commonly used W 8 form. It's used to certify foreign status regard…
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Forms that may be required for Form 1040 for Expats
Form 5471: Ownership in a Canadian Corporation (Foreign Corporation) U.S. citizens who reside in Canada owning at least 10% in a Canadian Corporation or are officers, directors may be required to file Form 5471 annually. The ownership percentage det…
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