Private client-cross border tax

Whether you're a US citizen living in Canada or a Canadian working or investing in the US, KPMG's private client-cross border tax professionals can help you successfully navigate the tax laws of both nations.

American citizens and green card holders who live in Canada face daunting challenges in cross border tax planning since they must comply with American and Canadian tax laws. In addition, Canadians (and other non-Americans) who invest in US properties, spend a significant amount of time in the US either working or on vacation, or those who want to move to the US often find they're facing a similar set of tax hurdles.

Individuals in these situations are confronted by a complex tax landscape that can become even more complicated as tax laws on either side of the border continue to evolve. This is a particularly difficult problem for those who have investments abroad, or who have established a cross border business. Tax reporting and corporate structuring issues should also be considered, since taxpayers could face substantial non-compliance penalties even in cases where no significant tax exposure exists.

The list of cross border tax issues is long and, as mentioned, is getting longer as key issues arise in the areas of charitable giving, private foundations, partnerships, immigration, residency planning and US expatriation, just to name a few. Fortunately, individuals with international connections can turn to KPMG's private client services for trusted, reliable and experienced cross-border tax advice. KPMG takes a personalized approach to cross border tax preparation, and our private client services specialize in all types of cross border tax issues.

Cross border estate planning, wills and trusts can provide both taxable and non-taxable benefits to the estate and its beneficiaries. Problems can arise, however, when a trust exists on one side of the Canada-US border and a beneficiary or contributor resides on the other. Conflicting cross border tax issues can be frustrating and can in some cases lead to accidental non-compliance.

KPMG provides private client services that take into account the complexities of international trust and estate planning. For example, we can assist you in designing a will with testamentary trust provisions that qualifies for both US estate tax deferral mechanisms and the Canadian capital gains deferral for assets passing to a surviving spouse. This is just one of many ways we can work with you to develop a tax-effective approach to international trust and estate planning that can enhance wealth management during your lifetime and beyond.

International tax is getting more complex and the continually evolving US-Canada economic relationship complicates the cross border tax landscape even further. The effects may include cross border tax compliance issues and corporate structuring questions regarding tax planning, and may affect how individuals prepare for future challenges, changes and opportunities in their international business activities.

KPMG's cross border tax services professionals bring an extensive understanding of US and international tax matters to bear on tax compliance issues. Our deep industry knowledge can provide you with cross border tax advice that goes beyond simple tax compliance. No matter what type of current tax exposure you're dealing with, we can offer practical solutions to help you manage cross border tax compliance, personal tax planning, tax filing and information reporting requirements in the countries where you reside, hold citizenship, own assets or conduct business.

Canada and the US both impose significant taxes on the transfer of wealth. In addition, Canadians who own marketable securities or real property in the US, or who have a US pension, must consider the US income tax implications of cross border estate planning. A carefully considered cross border estate planning strategy can help manage the various taxes imposed by multiple jurisdictions while mitigating emotional stress and distress.

KPMG's experienced tax consultants can assess an individual's exposure to capital gains, estate, inheritance, gift, and probate taxes, and analyze alternatives for you as you consider how to distribute your wealth to heirs, charities, and other beneficiaries. We have the tools to help you approach, understand and resolve cross border estate planning challenges and other international trust and estate planning issues. Our professionals can assist in the design and implementation of a wide-ranging estate plan that accomplishes your wealth-transfer intentions while managing exposure to foreign taxation.

Cross border income tax issues can be confusing to say the least – and confounding for those dealing with cross border tax preparation. Unfortunately, cross border tax issues are a fact of life for individuals, organizations and businesses with interests and investments that span the US-Canada border. KPMG can help you implement a customized tax plan that can be reviewed and updated regularly. We constantly track legislative developments in the tax arena – both in the US and in Canada – in order to identify new opportunities and avoid adverse outcomes.

With our deep experience in cross border tax consulting, KPMG can help you meet your investment and earnings objectives while managing your obligations in multiple jurisdictions. Our experienced and dedicated professionals can assist you with corporate structuring issues, resolve tax issues over vacation properties, and provide tax-efficient retirement, trust and estate planning services.