{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Barenaked Money","title":"Cross Border for Business Owners","html":"","width":"100%","height":180,"duration":2667,"description":"Cross Border for Business Owners: Tax Residency, Departure Taxes, and Cross-Border Planning (with Todd King)\n\nIn this special bonus episode, Matt Kempton and Devin Cattelan, specialists in cross-border services with Verecan Capital Management, are joined by Todd King, Tax Practice Leader at Baker Tilly Nova Scotia, to discuss what business owners should know before moving between Canada and the United States. King explains how the two countries' tax systems differ and why changing tax residency can create unexpected complications. The conversation covers Canada's departure tax, which can leave business owners facing a substantial tax bill even without selling their company, along with strategies that may help reduce or defer that tax. They also discuss the risk of double taxation, how U.S. business structures such as LLCs can create complications in Canada, and the tax considerations surrounding trusts, insurance policies, and investments. Drawing on his experience working with clients on both sides of the border, King shares examples of situations where early preparation helped avoid costly problems, as well as cases where people sought advice after relocating. The discussion also covers the potential tax consequences of renouncing U.S. citizenship or relinquishing a long-held green card, emphasizing the importance of planning before a move, while more options may still be available. Mentioned in this episode (and worth checking out):\n·       Planning for U.S. Expatriation: The Ins and Outs of IRC 877A","thumbnail_url":"https://img.transistorcdn.com/HKm4C3awkHkaiv9_Dp4iTfbQWZWWM-hkdx2wgJb_fz0/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS82Y2Zj/N2E4MDA3NzJlNzM2/YmZjZTg3OTU4ZTdm/NTQ2Ny5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}