As President-elect Joe Biden transitions into the White House, there are certain U.S. tax rules that could cause Canadians living and working in the United Sates significant issues. Our tax and retirement expert Peter Bowen outlines the possible tax implications on Canadians and what it could mean for estate planning, foreign US assets, and many other tax issues. Main topics he covers in this podcast include: changes to personal tax rates, additional payroll taxes, targeting certain cohorts, itemized deductions, and expanding the Child & Dependent Care Tax Credit. Peter says it’s currently unclear as to the extent of these changes to tax policies because control of the Senate is still up in the air. But in the end whatever the outcome, there will be large implications on many tax issues such as tax credits and retirement contributions.
Recorded on November 12, 2020.