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Quarterly Update:
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Altro Levy Partners In the News
In recent months, our partners have been called upon by various media outlets for interviews on current cross-border topics or to publish articles on our specialized field. The topics have ranged from snowbirds selling their US property for currency gains to various tax credits for dual residents and more. Below are links to five news items that appeared over the past few months online and in print media, which feature several of the Firm's partners, David A. Altro, Shlomi Steve Levy & Matt C. Altro. Advisor's Edge - Disability tax credits for dual residents
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Recent Blogs & Publications |
FIRPTA – New Withholding Tax Requirements for Non-ResidentsFrom the Altro Levy Blog The current value of the Canadian dollar has presented many Canadians with an opportunity to realize significant capital gains when selling their US real estate. These types of profits would have otherwise been unattainable had the dollar kept its value in the global market. This opportunity is not one that is likely to be seen again for a long time, which is why so many Canadians are cashing out and listing their US properties. While the potential gains for Canadians can be substantial, the tax ramifications are something that needs to be addressed. There have been recent changes to the U.S. Foreign Investment in Real Property Tax Act (“FIRPTA”), which has come into effect just as Canadians are beginning to cash in.
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Canadians Clamour to Renounce US CitizenshipShlomi Steve Levy Last year, I wrote about the cost of renouncing US citizenship. In 2014, the US government raised the rate to renounce from $450 to $2350. Despite the increased fee, in 2015, 4279 US citizens renounced their citizenship – the largest number in history. This figure represents a significant increase when compared with the 2014 figure of 2999 expatriates. It is estimated that Canadians make up a large percentage of these expatriates. The Foreign Account Tax Compliance Act, more commonly known as FATCA, is partially responsible for the record number of US citizens looking to cut ties with the US, particularly in Canada. FATCA is currently a topical issue for my Canadian clients with US ties.
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The Protecting Americans from Tax Hikes Act (“PATH”): Changes to the Treatment of Real Estate Investment Trusts (“REITs”)David A. Altro Previously, I blogged about PATH and the changes the legislation makes to the Foreign Investment in Real Property Tax Act (“FIRPTA”). One of the most important changes is that certain foreign pension funds are now exempt from FIRPTA when they dispose of U.S. real property. It was predicted that the exemption would increase the amount of foreign investment in U.S. real estate, and Canadian pension funds are already capitalizing on the change in the law: Canada’s largest pension fund, Canada Pension Plan Investment Board, recently announced its joint purchase of a $1.4 billion U.S. university student-housing portfolio with Scion Group LLC and Singapore’s GIC Private Ltd.
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Clinton vs. Trump: The US Presidential Frontrunners’ Platforms on Immigration, Tax & Health Care and their Potential Impact on CanadiansMatt C. Altro B. Comm., F. Pl., CFP® (Canada & US) In February, I discussed the leading presidential candidates’ positions on tax and health care on CJAD 800AM, reviewing the platforms of Bernie Sanders, Hillary Clinton, Ted Cruz and Donald Trump. Last week, The Atlantic published a US presidential race cheat sheet with a byline stating that November’s presidential race will most likely be run by Hillary Clinton and Donald Trump, based in part on these candidates’ recent victories in the Northeast primaries. Now that the presidential race’s true frontrunners are more clear, an updated discussion of Clinton and Trump’s platforms is warranted. As such, this blog provides a high-level primer of three key aspects of Clinton and Trump’s campaigns: immigration, tax and health care. These three issues are significant for Canadians who are interested in spending more than six months in the US per year. |
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Register Now for a Seminar in Oakville, ON!Altro Levy has been invited to speak at a seminar on May 25. This seminar is open to the public and will take place in Oakville, Ontario. For information about the event and to register, please visit our website. |
Register Now for a Seminar in Burlington, ON!Altro Levy has been invited to speak at a seminar on June 13. This seminar is open to the public and will take place in Burlington, Ontario. For information about the event and to register, please visit our website. |
Americans Living in Canada – Smile, The IRS is Watching YouThe book Americans Living in Canada – Smile, The IRS is Watching You by David A. Altro and Jonah Z. Spiegelman has been available since the spring of 2014 and has experienced great success and received praise by readers. An estimated one million US citizens are living in Canada as permanent residents or dual citizens. These individuals face extraordinary challenges in handling their tax & estate issues and deserve planning support from professionals who specialize in issues that affect them. Many American expats are unaware that they have continuing tax obligations to the Internal Revenue Service (IRS) that do not end when they leave the US. Annual income tax returns are required throughout their lives, and there may be tax filings required on death to complete the settlement of their estates. Our practice has grown to work with clients faced with these challenges by providing tax & estate planning options and/or analyses to determine when expatriation may be the best option. To learn more, Americans Living in Canada - Smile, the IRS is Watching You can be purchased as an eBook online from Amazon by clicking here, or a hard-copy can be ordered from our website by clicking here. |
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EB-5 Program Extended in Current Form until September 30, 2016David A. Altro Congress’s long-awaited verdict is now in: the EB-5 program will be extended in its current form until September 30, 2016. Congress reached its decision on December 15 2015 in the evening, as it negotiated the omnibus spending bill. U.S. lawmakers decided to postpone changing the program in order to find the best solutions to current issues, such as mismanagement of EB-5 funds and lengthy visa processing times. The most recent draft of amending legislation was ultimately dismissed because Congress felt that, if implemented, the new law would put too strict a limit on the number of visas available for the type of projects in which foreign investors typically choose to invest.
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Canadians who want to live in the U.S. year-round require a visa or Green Card. While there are a variety of paths to permanent U.S. residency, the EB-5 investment-for-Green Card path has become increasingly popular. By making an EB-5-qualified investment in a U.S. business, Canadians become eligible for Green Cards and receive the right to live and work in the U.S. Moving to the U.S – The EB-5 Way: Your Green Card Path to U.S. Immigration provides a road-map of the EB-5 immigration and investment process while highlighting valuable tax and estate planning opportunities for Canadians moving to the U.S. Moving to the U.S. – The EB-5 Way: Your Green Card Path to U.S. Immigration addresses many issues that can arise for Canadians who make an EB-5 investment. The book has six sections:
Stay tuned to our website and newsletters for the official release of this book and to obtain a copy when it becomes available.
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OUR TEAM UPDATEOur team has continued to grow and develop its expertise to better serve our clients. Below are a few updates on new team members and new designations obtained by the team. |
Matthew L. WolchOntario & New York Attorney, B.MOS., J.D.Matthew Wolch is an Associate at Altro Levy. He specializes in cross border and domestic tax and estate planning. He regularly drafts wills, trusts and incapacity documents and advises clients on estate tax mitigation strategies. |
Sergei TitorenkoQuebec Lawyer, LL.B., LL.M.Sergei Titorenko is an Associate at Altro Levy. He specializes in cross border tax and estate planning and real estate transactions, as well as international law and corporate matters. |
Jory SternFlorida Attorney, B.A., J.D.Jory Stern recently completed his articling requirements at Altro Levy and will be transitioning to the role of Associate with the Firm. His practice will focus on cross border tax and estate planning and real estate. Welcome, Jory! |
Heela Donsky WalkerOntario Lawyer, B.A., J.D., TEPHeela Donsky Walker has been with Altro Levy since 2013. She has a high level of expertise in Ontario wills, trusts and estate planning. We are proud to share that Heela has recently obtained the TEP designation from the Society of Trust and Estate Practitioners (STEP). Congratulations, Heela!
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Thank you for Your Feedback!Thank you to all who took the time to provide feedback about your experience using our website. We are currently working on several improvements to help you all find what you're looking for more easily! We have also recently drawn the winners of copies of our books Owning U.S. Property the Canadian Way, Third Edition and Americans Living in Canada - Smile, The IRS is Watching You. The 50 winners will be contacted this week to confirm their mailing address so that we can mail the winners their book. Thank you again to all for your feedback! |
Follow us on Social MediaTo ensure that our clients and external partners stay current on cross border news, Altro Levy is very active on social media. New blogs by our professionals, media articles and more are posted on all our social media platforms, which include Facebook, Twitter and LinkedIn. Stay up to date with cross border news by: If you already follow us on social media, do not be shy to send us suggestions for cities to host seminars, webinar topics, blog topics you would like more information on, questions for our radio show and more. We look forward to staying in touch! |
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