Winning Big While Gambling In The U.S. Can Bring Tax Pain

Cleo Hamel | Posted 11.23.2015 | Canada Business
Cleo Hamel

Unlike Canada, the U.S. does not let you have lottery or gambling wins tax-free. So whether you are playing fantasy sports sites based in the U.S., gambling in Vegas or playing a U.S. lottery, you can expect the Internal Revenue Service (IRS) to be interested in your winnings.

Spending Too Many Days In The U.S. May Complicate Your Taxes

Cleo Hamel | Posted 11.09.2015 | Canada Business
Cleo Hamel

Last week, Canadian government plans for keeping better track of people coming and going from the U.S. were revealed. The driving purpose for the increased scrutiny will save the government millions of dollars in social benefits on those who shouldn't receive them because they are out of the country.

FATCA Court Challenge Fails to Make a Dent

Cleo Hamel | Posted 10.01.2015 | Canada Business
Cleo Hamel

As expected, the court challenge to the Foreign Account Tax Compliance Act (FATCA) by two Canadians failed to stop the flow of information between the Canada Revenue Agency (CRA) and Internal Revenue Service (IRS) happening in the last half of September. Lawyers for the Canadians argued that the agreement was an unlawful use of the tax treaty and a violation of the Charter of Rights and Freedom and was unconstitutional but a Federal Court judge disagreed.

Court Fight to Stop FATCA Impacts Every Canadian

Cleo Hamel | Posted 09.15.2015 | Canada Business
Cleo Hamel

Under the FATCA rules, financial institutions are obligated to provide the IRS with information about accounts and holdings of U.S. citizens. Basically, the IRS is trying to make sure you are not hiding money overseas though Canada is hardly a tax haven. But there is more to this overreaching legislation that just tracking down deadbeat U.S. citizens.

Why I Don't Want to Become an American Citizen

Shannon M. Nelson | Posted 02.17.2015 | Canada Business
Shannon M. Nelson

As a Canadian living in the United States (legally -- I'm a permanent resident), Americans routinely ask me when I'm going to become a U.S. citizen. It's always interesting to watch their reactions when I tell them "no thank you." The simple answer is that don't want to run afoul of that greedy monster, the IRS.

The Six-Year Rule: Why U.S. Presidents Have Such Short Shelf Lives

David Martin | Posted 10.04.2013 | Canada Politics
David Martin

The six-year rule is a simple arithmetic formula that dictates that an American president has run his effective course after six years in office. After that, he's pretty well useless and might as well step down. Skeptical? See Richard Nixon, Ronald Reagan, Bill Clinton, and George W. Bush.

U.S. Plan Would Turn Canadian Banks Into 'Extensions Of The IRS': Flaherty

CP | Julian Beltrame, The Canadian Press | Posted 11.16.2011 | Canada Politics

OTTAWA - Canada is accusing the United States of sowing distress and fear among dual citizens who have innocently failed to file a U.S. return when th...