Possible tax relief looming for U.S. citizens living in Canada
The Tax Fairness for Americans Abroad Act of 2018, introduced on December 20 by Rep. George Holding of North Carolina, is the first step to try to offer tax relief for Americans working abroad. The implications of the possible changes could impact expatriates living in Canada. The rule would end the country’s current citizen-based taxation and instead only apply tax to income earned in the U.S. The U.S. presently stands alone as the only country to be taxing income that is not earned or repatriated to the United States. This would greatly benefit American citizens abroad.
“A new U.S. bill introduced this month is a first step towards ending the country’s citizenship-based taxation by taxing only those people who live in the U.S.”
Read more: https://business.financialpost.com/personal-finance/taxes/possible-tax-relief-looming-for-u-s-citizens-living-in-canada