Larry Stolberg, CPA, CA

Update to changes to U.S. expatriation fee - US–Canada Cross-Border Tax & Accounting Expert It was just announced by the U.S. State Department that the fee that one pays at the U.S. Consulate where you formerly expatriate citizenship will be reduced effective April 13, 2026 to $450 USD from $2,350 USD. The $2,350 USD fee was raised from $450USD in 2015. A reduction was considered in 2023 h...

Changes to Annual & Lifetime Gift Tax Exemption - US–Canada Cross-Border Tax & Accounting Expert For 2025, the annual exemption to a non- spouse is $19K and was not changed for 2026 by the Big & Beautiful Bill that passed in July 2025. The lifetime exemption is $13.99M for 2025 and $15M for 2026 due to the passing of the Big & Beautiful Bill. U.S. citizens or green card holders

U.S. Person Selling Canadian Principal Residence - US–Canada Cross-Border Tax & Accounting Expert A U.S. person say residing in Canada who files married separate their U.S. 1040 only can exclude $250K USD of their capital gain on the sale of their principal residence provided certain prescribed criteria is met. If the property was held more than a year, the maximum tax rate on long-term capital....

Revised GILTI provisions under the Big Beautiful Bill - US–Canada Cross-Border Tax & Accounting Expert Changes to sections 250 and 960 have resulted in an increase in the tax burden to a CFC on active business income. GIVEN, for Ontario CCPCs, the 2025 the annual tax rate on active business income on the first $500K is about 12.2% due to the federal & Ontario Canadian small business deduction. Income...