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“Thousands of Canadian residents are facing massive tax bills because of U.S. President Donald Trump’s December tax reform, CBC News has learned,” wrote Elizabeth Thompson for CBC News on April 30, 2018.
Thompson continued, “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.”
Read the full article here.
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