The United States tax reform could have some major repercussions for people that own businesses in Canada. Key elements of this proposal include a corporate tax rate reduction, capital expensing and more. While political barriers still exist for this proposal, the proposed overhaul of the US tax system appears to do a lot of good for Canadian business that conducts business in the United States. However, Americans living in Canada who own Canadian corporations, fear that it could lead to massive tax bill.

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