New Ebook – Residents of Canada: What are the Canadian and U.S. Tax Ramifications when being forced to liquidate a U.S. brokerage account
New enforcement of existing U.S. nonresident client regulations regarding U.S. taxable brokerage accounts means that many of these accounts are being forced to close, loosely based on the location of the primary residence. U.S. citizens and Green Card holders residing in Canada or elsewhere are directly affected. Liquidating such accounts may seem straightforward but can often be extremely complicated. Potentially significant tax liabilities can arise, and this is especially so for U.S. citizens who are Canadian tax residents as they will face tax implications in both countries. Talk to Cardinal Point’s experts for help in such scenarios. They will look at the situation from the tax perspective, carefully calculating potential capital gains and determining whether planning might reduce tax liability.