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The week's question
In December 2024, in the thread "Re: BRK: Why Not XOM?", BreckHutHigh asked the members: "What about the long road trips with kids?" This week it is put to everyone again. The button below opens the small thread re-asking it - read what others have said so far, then give your own answer as an ordinary reply.
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Personal Finance / Macroeconomic Trends & Risks
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Author: tecmo   😊 😞
Number: of 4460 
Subject: The U.S. Federal tax bill impact for Canadians
Date: 06/02/25 4:42 PM
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Not sure where else to post this:

edwardjones.ca - Federal tax bill

While Canada has a tax treaty with the United States, under the proposed legislation, Canadians and Canadian business could see a reduced realized after-tax return on U.S. income producing assets.

Under the current treaty, the withholding tax rate on individuals is reduced from 30% to 15% in certain accounts such as a non-registered account, tax-free savings account or first home savings account. For a registered retirement savings plan or registered retirement income fund, the withholding tax is reduced to 0%. Canadian businesses also see a benefit when earning dividends from their U.S. subsidiaries. Currently, the withholding tax rate that they pay is 5%.

The proposed bill would see the withholding tax applied to individuals and businesses increase by 5% per year until the rate reaches 20% above the statutory rate of 30%.


tecmo
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