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Showing posts from July, 2024

The US Tax Impact of Canadian Employment

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  Ries is all about investing just enough for a lit starter product—nothing too bougie, nothing too pricey. The vibe is to create what he calls an MVP, ya know? "This is, like, a major truth that's tough for a lot of entrepreneurs to, like, accept," Ries wrote. U may b wishing 4 a mind-blowin' prototype dat will change da world or one dat will impress dat snarky cousin at Thanksgiving.  The smarter move is to take small steps, get that feedback, and adjust accordingly. Ries labels this the "bld-mesure-lrn" feedback loop. It's like, why stress about a business plan, fam? You'll totally outgrow your prototype in no time. OMG, like Reid Hoffman, the OG cofounder of LinkedIn and a total boss on the Endeavor board, is all like, "If you ain't cringing at your first product, you've straight up slept on it for way too long." One advantage of not betting the farm is that you're not flexing a lot of cash, fam.   In 1999, this dude Nick Sw...

Is Canada the US's Leading Trading Partner?

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   Manufactured goods have traditionally been Canada's top imports. Autos and auto parts are the most popular imports, followed by industrial machinery. Gas, textiles, chemicals, winter vegetables, and tropical and subtropical fruits and nuts are among the other notable imports. The US is Canada's main trading partner, accounting for over two thirds of total commerce with the US. Trade is composed more of exports than imports. It explains the dependence on U.S. trade in a way that goes beyond the straightforward technical problem of import and export market shares. Canadian business is immediately and directly impacted by business trends in the United States due to the significance of exports. Other important allies include South Korea, Japan, the UK, Mexico, and Germany. Services The service sector in Canada employs more people than all other sectors combined. One of the service industries with the quickest rate of growth is tourism. One of the most sought-after travel destin...

Analyzing US-Canada Trade Relations

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  The sale of shares in the Target Corporation held by the US Limited Partnership results in an income or capital gain is a factual decision. An ever-changing corpus of case law governs whether a gain or loss on the disposition of property is on the income or capital accounts. Given that capital gains were not taxed before 1972, no other area of tax law has resulted in as much tax litigation in Canada. In Canada, our courts consider a number of variables when deciding whether a profit is business income or capital gain. These include: (1) the taxpayer's intention, (2) the number and frequency of transactions, (3) the transaction's relationship to the taxpayer's regular business, (4) the nature of the transaction, including the nature of the disposed asset and the method of disposition, (5) the declared objects of a corporation in the case of corporate transactions, and (6) the type of assets being disposed of. Intention, whether main or secondary, is the most important fact...

US Tax Filing Requirements for Cross-Border Workers

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  Living permanently here allows you to learn about the nation, its people, and its administration. This booklet explains your rights and obligations as an immigrant as well as municipal, state, and federal government operations. Discover historical events that shaped the United States, the value of community involvement, and how to get involved  The rights, responsibilities, and policies relevant to permanent residents are discussed in this work. See USCIS rules, policies, forms, and recommendations for additional information. Use these thorough materials for particular immigration inquiries or cases.  This material is available on the USCIS website, www.uscis.gov. Your USCIS records are available online or by phone at 1-800-870-3676. For additional information, phone Customer Service at 1-800-375-5283 or 1-800-767-1833 (hearing impaired). Although this book could get you going, it cannot address all of your concerns regarding American life. See local groups or a state, ...

Understanding the US-Canada Trade Partnership

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  The North American Free Trade Agreement (NAFTA) was established to facilitate trade between the United States, Canada, and Mexico. The deal, which removed most trade tariffs between the three countries, took effect on January 1, 1994. Numerous tariffs, particularly those on agricultural products, textiles, and vehicles, were gradually phased down until January 1, 2008. NAFTA was terminated in 2020, and the United States-Mexico-Canada Agreement (USMCA) replaced it. The North American Free Trade Agreement was established in 1994 to promote trade among the United States, Mexico, and Canada. NAFTA decreased or eliminated duties on imports and exports among the three member countries, resulting in a massive free-trade zone. Two NAFTA side accords seek to set high common standards in workplace safety, labor rights, and environmental protection, preventing corporations from relocating to other countries to take advantage of lower salaries or laxer regulations. It was eventually replaced...

Is Canada the US's Principal Trading Partner

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  Mexico became the US's largest trading partner last year, surpassing Canada and China for the first time. This embarrassing figure is just the latest evidence of Canada's economic downturn since Prime Minister Justin Trudeau entered office in 2015. The value of US-Mexico trade in 2023 was US$798 billion (C$1.1 trillion), surpassing America's other two main trading partners. The trend will continue as offshore factories in China and elsewhere relocate to Mexico to take advantage of the North American free trade agreement's tariff-free benefits. "This is not cyclical, this is new," said Andrew Hupert, a trade specialist who relocated from China to Mexico, to Al-Jazeera. Mexico is thriving due to geopolitical trends and a trade-friendly administration. According to government estimates, Mexico received US$13 billion in investments in the first six months of 2023, the majority of which went to the auto industry. "The pandemic left us a very important lesson...

The US's Biggest Trade Partner Canada

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  The United States normally exports more agricultural goods by value than it imports, but imports have grown faster than exports over the last decade, resulting in a negative trade balance in some years. From fiscal years 2013 to 2023, U.S. agricultural exports increased at a compound annual growth rate of 2.1%. During the same period, agricultural imports in the United States climbed by 5.8%. The strong US currency and consumer preferences for year-round produce selections have fueled the rapid surge in US import demand. The ensuing agricultural trade balance has been negative in three of the last ten fiscal years. Without accounting for inflation, the value of US agricultural exports peaked in fiscal year 2022 before falling in 2023. Total exports were valued at $178.7 billion in 2023, down $17 billion from 2022. Four sectors accounted for over 90% of all agricultural exports. Grains and feeds are divided into four categories: oilseeds and goods, animals (including livestock ...

Is Canada the Foremost Trade Partner for the US

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  The United States and Canada have the world's largest and most comprehensive trading alliance, which supports millions of employment in both countries and totals $1.95 trillion in bilateral trade and investment. Canada has always been the leading US export destination, accounting for 14.2% of total US goods exports in 2022. In 2022, Canada remained the US's largest trading partner. Every day, Canada and the United States exchange over $2.5 billion in products and services. According to the Department of Commerce's Bureau of Economic Analysis, two-way commerce in goods and services was US$919.2 billion in 2022, with bilateral investment stock topping US$1.027 trillion, crossing the trillion-dollar mark for the first time. US exports of goods and services to Canada surpassed $429 billion in 2022, up 16.7% from 2021. Thirty-four states in the United States consider Canada to be their top export market, with 45 ranking Canada as their first or second export market. In 2022, ...

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