The American Rescue Plan expanded the Child Tax Credit to $3,600 per child under 6 and $3,000 for ages 6-17, with advance monthly payments starting July 15. I've been walking my cross-border families through the eligibility rules and clawback thresholds — if this applies to you, let's make sure you're set up correctly.
I keep a close eye on developments like these so my clients don't have to. Tax law changes can significantly affect your filing strategy, and I believe the earlier you understand them, the better positioned you are to plan effectively.
Whether you file in Canada, the United States, or both, staying current on these changes is essential. In my cross-border practice, I've seen firsthand how policy shifts in one country can create unexpected obligations — or opportunities — in the other.
If you have questions about how this affects your specific situation, please don't hesitate to reach out. I'm here to help you navigate these changes and make the best decisions for your financial future.