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  • Monte Silver, Tax lawyer

Saved by the bell: Thousands of Canadian residents hit by Trump tax get temporary reprieve

Thousands of Canadian residents who are facing massive tax bills as a result of the sweeping tax reform U.S. President Donald Trump signed into law in December have been given a temporary reprieve.


With only days to go before a deadline of June 15 to make the first payment, the U.S. Internal Revenue Service (IRS) announced last week that many of those hit by the new repatriation or 'transition' tax will now have until April 15, 2019 to make their first instalments.


However, Canadian residents who owe more than $1 million in repatriation taxes are out of luck. They will have to make their first payments later this week or face late-payment penalties.


Meanwhile, the angst over this the one-time, retroactive tax has started to convince the U.S. Congress to come up with a permanent solution for thousands of Canadian residents who are grappling with its impact.


http://www.cbc.ca/news/politics/trump-repatriation-gilti-tax-canadian-1.4703386

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