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Trump tax bills for thousands of Canadian residents

Trump tax bills for thousands of Canadian residents

Trump tax reform resulting in massive bills for thousands of Canadian residents

Source: CBC News
Author: Elizabeth Thompson

A law meant to hit U.S. corporations sheltering funds offshore is inflicting collateral damage here.

Thousands of Canadian residents are facing massive tax bills because of U.S. President Donald Trump’s December tax reform, CBC News has learned.

Canadian residents with U.S. or dual citizenship who own Canadian corporations are being slapped by an American measure meant to get big U.S. multinationals to stop parking billions of dollars in offshore subsidiaries — a one-time retroactive tax being levied on all of their companies’ retained earnings going back to 1986.

Tax lawyers and accountants say they are struggling to find strategies to soften the blow of what one of them calls a “nightmare” situation for their clients.

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