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U.S. Life Insurance Withdrawals: Tax Implications and Strategies
Permanent life insurance policies—such as whole life, universal life, and variable life—are valuable financial tools that provide both protection and cash value accumulation. Understanding how withdrawals are taxed helps policyholders…
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Israel’s 2025 Voluntary Disclosure Procedure: Updates and Clarifications for U.S. Taxpayers with Israeli Ties
August 2025 Changes: Launch of the New Israeli Voluntary Disclosure Procedure (VDP) In August 2025, the Israeli Tax Authority (ITA) introduced a new Voluntary Disclosure Procedure (VDP), designed to allow…
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Everything Canadian Families Need to Know about the Two Types of RESP Withdrawals: Tax-Free vs. Taxable Payments
Understanding the Taxation of RESP Withdrawals A Registered Education Savings Plan (RESP) is a cornerstone of educational financial planning in Canada. It allows families to save for post-secondary education through…
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How Americans Must Report ‘Spin-Off’ Shares under Section 355 of the Internal Revenue Code (IRC) in the U.S.
U.S. corporations occasionally restructure by separating one part of their business into a new corporation and distributing shares of the new company to existing shareholders. For U.S. residents, these shares…
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How Canadian Residents Must Report Foreign ‘Spin-Off’ Shares under Section 86.1 of the Income Tax Act
Foreign corporations sometimes restructure their business and distribute shares of a new or separate company to their existing shareholders. For Canadian residents, these shares are known as foreign spin-off shares,…
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When CRA is Allowed to Miss Deadlines, or Why You Need an Experienced Tax Litigation Lawyer in Tax Court: Golden Mind Investment Ltd. v. The King, 2025 TCC 77
Introduction: Tax Litigation & Examination for Discovery The Tax Court of Canada serves as a federal court that adjudicates disputes arising from tax matters between individuals or companies and the…
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Understanding CRA Form T106 and How It Compares to U.S. Reporting Requirements
What Is CRA Form T106? Canadian taxpayers who engage in cross-border dealings with related non-residents face special reporting requirements. One of the most important filings in this area is CRA…
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U.S. Reporting Requirements for Cross-Border, Related-Party Transactions: What U.S. Taxpayers Must Know Now for Compliance
Understanding the U.S. Equivalent to Canada’s T106 In Canada, taxpayers must file CRA Form T106 to disclose certain non-arm’s length transactions with non-residents. The United States does not have a…
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CRA Finally Unveils 100-Day Service Improvement Plan for 2025: How Canadian Taxpayers Should Benefit
CRA Service Challenges and Ombudsperson Concerns In 2025, Canadians faced prolonged delays with the CRA, including call answer rates below 40%in July 2025 and lengthy processing backlogs for T1 tax…
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Why Passive Foreign Investment Companies (PFICs) Can Have Severe Tax Consequences: A Guide for U.S. Taxpayers
Overview: Why PFIC Rules Matter Many U.S. taxpayers with global investments are unaware of the harsh U.S. tax rules that apply to Passive Foreign Investment Companies, commonly known as PFICs.…
