The U.S. tax system imposes income tax on both its residents and its citizens, regardless of where they live in the world – even Canada. This means the thousands of U.S. persons living in Canada need to consider both Canadian and U.S. income tax issues in their overall planning. This article examines three major U.S. tax issues that U.S. persons living in Canada encounter when purchasing life insurance from Canadian insurers, including some planning tips.
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