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The United States has had income tax expatriation rules for many years, which may apply taxes when individuals give up their U.S. citizenship, or properly surrender their green cards. The rules are a bit like the taxes that can apply to Canadians moving out of Canada as far as a deemed disposition of assets is concerned.

Although several studies have shown that wealthier people tend to be happier, prioritizing money over all else can also be harmful. Money correlates with happiness, but only to a point.

New alternative minimum tax (AMT) provisions came into effect on January 1, 2024.

The federal government introduced AMT in 1986 to ensure high income individuals paid a fair share of tax.

As we approach year-end, there are several tax planning considerations to keep in mind. Let’s review five of them.