Minimizing liability when paying income taxes can be complicated for the nearly 1 million American citizens living in Canada. Terry Ritchie, Cardinal Point Wealth Management Vice President, recently shared his expertise on this topic with Financial Planning for Canadian Business Owners podcast host Jason Pereira.
From the tax definition of U.S. resident and income tax filing requirements to tips for setting up businesses and incorporating in Canada, Terry and Jason cover numerous topics of interest to Canadian entrepreneurs who are also residents of the United States.
In the nearly one-hour episode, you’ll also learn:
- The potential penalties for not filing income taxes
- Tax changes that occurred when Trump became president
- Canada and U.S. homeowner tax differences
- The importance of tax compliance
- The effects of tax debt on U.S. passports
- Much more
Check out the podcast and complete transcript of Terry and Jason’s conversation here.