Canada’s Competitiveness: Managing Cross-Border Taxation

Canada’s workplace is changing and not just on our vast, thawing land. Home-based workers are able to earn their living around the globe, and despite uncertainty, the benefits offered by recent U.S. tax reforms are attractive to Canadian businesses and professionals seeking more competitive environments. For these reasons, May 15 is an important date.

It’s the deadline to register for Knowledge Bureau’s CE Summit workshops -  a vital educational tour, featuring tax expert Dean Smith, that helps tax and financial advisors prepare to manage the unique needs of clients with cross-border taxation issues.

Why does this matter? The increasing need for tax advisors who are certified and educated in cross-border taxation is a sign of the times. The demand has already risen in recent years as progressing technological developments make it possible for people and businesses to operate globally. More of the Canadian workforce, particularly the self-employed, take advantage of telecommuting opportunities every year, allowing them to work from anywhere, according to Statistics Canada.

Between 2006 and 2008 alone, the percentage of self-employed individuals working from home increased by 6 percent – from 54 percent to 60 percent –to a total of 1.8 million workers. It’s a trend that doesn’t appear to be slowing down either. According to reports, research firm International Data Corp (IDC) also demonstrated in their Canadian Mobile Worker 2012-2016 Forecast that more than 70 percent of employed Canadians work from out of the office at least part-time. When “working out of the office” means another country like the U.S, there are tax implications that must be addressed.

Having a firm understanding of cross-border taxation issues is, therefore, more important than ever when working with Canadian citizens who live or work in the United States full or part-time.

About the CE Summits. To be held in Winnipeg on May 29, Calgary on May 30, Vancouver on May 31, and Toronto on June 6, the CE Summit workshops deepen your professional knowledge on the issues is critical in today’s fast-paced new economy. Cross-border tax expert Dean Smith joins the tour to bring details about the following critical topics for Canadian families:

• What was the objective of U.S. tax reform? Effect of reforms on residency rules and filing requirements
• What changes will impact Canadians investing in the U.S. and U.S. citizens living in Canada?
• Personal tax: how will the rules affect Canadian residents who have children studying in Canada, snowbirds, retirees, rental, and personal property owners in the U.S?
• Family tax: what is the effect of change for Canadians who marry U.S. citizens?
• Tax tips for Expats and U.S. residents/citizens living in Canada
• Property owners: is it still a good idea to own property in the U.S?
• Corporate tax: in particular, what will the changes to the U.S. subpart F rules mean for planning for Canadian private companies?
• Tips on planning with professionals, Canadians who own U.S. shares
• The bottom line in investments, retirement, and estate planning for individuals, professionals, and private business owners

If you can’t make these dates, study online in the convenience of your home or office.  Knowledge Bureau’s Cross Border Taxation certificate course prepares advisors to address the tax implications of transactions taking place on both sides of the border. This course is offered as part of the Distinguished Financial Advisor – Tax Services Specialist designation, or it can be taken independently as a skill refresher.

Case studies, multiple-choice questions, and a wealth of information that features updates on this year’s tax reforms, guide you in addressing these complex issues. A free trial is available for this Cross Border Taxation course.

Additional educational resources:

Fall CE Summits (November 2-7) focuses on year-end planning for investors and small businesses. Early-bird registration for the Spring session ends May 15, 2018!

Another great resource to assist with the filing of accurate T1 returns, while addressing the unique needs of cross-border business owners, is the Knowledge Journal. Referred to as the “tax bible” it helps tax professionals prepare audit-proof returns. It is available with CE Summit registration, or it can be purchased individually.

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