Living in Canada as an American: Thanksgiving Traditions Explained As we head into the holiday season, many of us are reflecting on our traditions, especially those of us who live between two countries. At Beacon Hill Wealth Management, we work with many Americans living in Canada, and one topic that always comes up this time…
5 Common Expat Cross-Border Tax Return Errors In this episode of Crossing the 49th, Newsglobal from Beacon Hill Wealth Management discusses the top 5 tax return mistakes expats make when filing U.S. and Canadian returns. From form 2555 errors to foreign tax credit issues, Phil covers the key pitfalls and how to avoid them for…
U.S. State Tax Returns for Canadians In this episode of Crossing the 49th, Newsglobal discusses U.S. state tax filing for Canadians. Learn when and why Canadians need to file state returns, especially for rental income, property sales, or if you’re moving from the U.S. to Canada. Get insights on exit returns, foreign tax…
RRSPs For Americans In this episode of Crossing the 49th, Newsglobal from Beacon Hill Wealth Management discusses the tax implications of holding and withdrawing from an RRSP as a U.S. resident. Learn how the Canada-U.S. tax treaty affects RRSPs, foreign tax credits, and how to plan your withdrawals to minimize tax liabilities. Key Topics: Tax…
How Interest, Dividends and Capital Gains are treated for U.S. Expats in Canada On this episode of Crossing the 49th I discuss the tax treatment of interest, dividends and capital gains for U.S. expats that live in Canada. Key Topics: How these income items are taxed Foreign tax credit application including 1116 form filings Relevant…
Why it’s a bad idea to transfer your US IRA to your Canadian RRSP ep#29 On episode #29 of Crossing the 49th Podcast, we discuss why transferring your IRA to an RRSP might not be a good idea. Understanding Why You Should Think Twice Before Transferring Your IRA to an RRSP | Cross-Border Tax and…
US Expats and the October 15th Deadline – ep.#28 Crossing the 49th. On episode #28 of Crossing the 49th Podcast, we discuss the upcoming October 15th deadline. Understanding the October 15 Deadline for U.S. Expats in Canada | Cross-Border Tax and Financial Planning In this episode of Crossing the 49th, I break down the important…
IRS Streamline program, TFSA, RESP, NIIT and much more with Rob Brown and Doug Lawson EP. #27 On episode #27 of Crossing the 49th Podcast, we delve into the IRS Streamline Tax Program and Cross-Border Financial Planning with Experts Rob Brown and Doug Lawson. Extended Summary of the Podcast: Join host Newsglobal and guests…
How to Find and Work with a Cross-Border CPA – Ep.25 On episode #25 of Crossing the 49th Podcast, we discuss How to Find and Work with a Cross-Border CPA. Extended Summary of the Podcast: In this insightful episode, host Newsglobal provides valuable tips on finding and working with a cross-border tax accountant. Phil…
When are my cross-border tax returns due? – Ep.24 On episode #23 of Crossing the 49th Podcast we discuss When are my cross-border tax returns due? Extended Summary of the Podcast: In the episode of “Crossing the 49th,” host Newsglobal delves deep into the intricacies of cross-border tax and financial planning, specifically tailored for…
October 16th, Crypto, 30% IRA withholdings and CRA FTC – Ep.23 On episode #23 of Crossing the 49th Podcast we discuss October 16th, Crypto, 30% IRA withholdings and CRA FTC. Summary: In the latest episode of “Crossing the 49th: The Crossborder Tax and Financial Planning Podcast,” host Newsglobal delves into some frequently asked cross-border…
Make sure to plan before moving to Canada – Ep.22 On episode #22 of Crossing the 49th Podcast we discuss why it’s important to make sure to plan before moving to Canada. 🎙️🇨🇦 Hello, dear readers! In the latest episode of “Crossing the 49”, our host Newsglobal delves into the intricacies of tax and…
Canadian Immigration Solutions for Americans w/Elizabeth Long – Ep.21 On episode #21 of Crossing the 49th Podcast I am joined by Elizabeth Long from Long Mangalji immigration as she discusses Canadian Immigration Solutions for Americans. Topics discussed include ways to come to Canada to work or study, avenues for obtaining permanent residence, tips…
Catch up on US tax returns in Canada via the IRS streamline program – Episode 20 On episode #20 of Crossing the 49th Podcast we discuss how to get caught up on your tax returns as an US expat living in Canada. Topics discussed include how to assess your eligibility under the streamline program…
Live cross-border tax and investment Q&A – Episode 19 On episode #19 of Crossing the 49th Podcast we walk through some live cross-border tax and investment questions. Topics discussed include: 0:00 Intro 5:24 US pensions and foreign tax credits 9:37 Claiming mortgage interest deduction 15:15 Inherited IRA and RRSP 17:19 US person and TFSAs…
Cross-Border Tax and Investment Q&A – Episode 18 On episode #18 of Crossing the 49th Podcast we hosted a live Cross-Border Tax and Investment Q&A. On another instalment of cross-border Q&A we discuss various cross-border tax and investment related issues. 0:00 We’re live! 2:05 I inherited a bunch of stocks from my father last year…
Principal residence, losses, inherited IRA, FBARs and more – Episode 17 On episode #17 of Crossing the 49th Podcast we discuss Principal residence, losses, inherited IRA, FBARs and more. On another instalment of cross-border Q&A we discuss various cross-border tax and investment related issues. I’m moving to Canada, should I sell my PR or rent…
How to correct under and over withholdings on US pensions – Episode 16 On episode #16 of Crossing the 49th Podcast we discuss how to correct under and over withholdings on US pensions. When you receive pension income from the US as a Canadian tax resident the custodian of the plan is required to withholding…
Business Structures for Americans in Canada – Episode 15 On episode #15 of Crossing the 49th Podcast we discuss some business structures available for Americans living in Canada. We speak a lot to new and established Americans living in Canada that need to assess which business structure is right for them. Some business structures available…
Americans Selling their Principal Residence in Canada – Episode 14 On episode #14 of Crossing the 49th Podcast we discuss the tax implications of Americans living in Canada selling their main home. Given significance of home price increases over the last few years we often help US clients plan for the sale of their main…
FAQ: foreign tax credits, incorporation and Bitcoin – Episode 13 On episode #13 of Crossing the 49th Podcast we walk through more cross-border frequently asked questions. I made a mistake on my cross-border returns, what should I do? Should I keep my US inheritance in the US? I’m getting audited by the CRA for…
Cross-Border FAQ: CRA reviews, W8, Inheritances, IRA or RRSP? – Episode 12 On episode #12 of Crossing the 49th Podcast we walk through some frequently asked questions regarding cross-border tax and financial planning. I speak to lots of cross-border clients each week and I’ve compiled a list of some of the most asked questions I…
Canadians with US Pensions – Episode 11 On episode #11 of Crossing the 49th Podcast we discuss how US pensions are taxed in Canada. Many of my client receive pension income from the US whether it be traditional government or private US pensions or registered pension payments from 401k or IRA accounts. In this podcast…
Expat and Cross-Border Tax Deadlines – Episode 10 On episode #10 of Crossing the 49th Podcast we discuss important cross-border and expat tax filing deadlines. Given the potential for large penalty assessment on late tax filings it’s extremely important to not only understand all the US and Canadian tax filing deadlines, but also to ensure…
Common Expat Tax Return Mistakes – Episode 9 On episode #9 of Crossing the 49th Podcast we discuss the most common mistakes I see others making on their cross-border Canadian and US income tax returns. I’ve reviewed a lot of US tax returns from new clients. Given the inherit complexity of cross-border tax returns…
ROTH IRAs in Canada – Episode 8 On episode #8 of Crossing the 49th Podcast we discuss US ROTH IRAs and how they relate to Canadian tax planning and required compliance. Proper planning for your ROTH IRA accounts is essential before you move to Canada. Some if not all planning opportunities will cease to exist…
RRSPs and US Expats – Episode #7 On episode #7 of Crossing the 49th we discuss Canadian RRSPs and how they affect US expats living in Canada. What are RRSPs? How do they work? Tax deduction Spousal RRSPs Home buyers plan When they RRIF 71 years old Impact on US Citizens in Canada? US IRA…
Cross-Border Tax and Investment QA – Episode 6 Note: apologies for the audio quality on this one. It will be fixed on the subsequent podcast. On episode #6 of Crossing the 49th Podcast we walk through some common cross-border tax and investment questions that clients have. Question 1: How do I report my US IRA…
5 Options for Canadians with US IRAs- Expat Tax Podcast On episode #5 of the Expat Tax and Financial Planning Podcast we discuss some options for Canadians holding US IRA accounts. Whether you moved up to Canada with a pre-existing IRA or have inherited an IRA from a relative living in the US the following…
Top 10 Expat Tax Questions – Expat Tax Podcast On episode #4 of the Expat Tax and Financial Planning Podcast we discuss some of the most asked questions I get from clients regarding cross-border tax and financial planning issues. The top questions discussed on this podcast include: As a US citizen in Canada do I…
Tax implications of moving investments to Canada – Expat Tax Podcast Note: apologies for the quality of the audio. Half of the podcast was recorded in my car. Subsequent recordings will be much more clear. On episode #3 of the Expat Tax and Financial Planning Podcast we discuss some of the tax issues related to…
Understanding Form T1135 – Expat Tax Podcast On episode #2 of the Expat Tax and Financial Planning Podcast we discuss form T1135 – Foreign income verification filings. For a comprehensive article on form T1135 and the issues related to foreign asset reporting click here. Form T1135 is required to be filed by tax residents of…
Podcast Episode #1 – Moving your IRA to Canada Episode #1 – Moving your IRA to Canada – Cross Border Tax and Financial Planning Podcast In this episode we discuss your options related to transferring your IRA or 401k to Canada. Options discussed include: Withdrawing the IRA as a lump sum Leaving the IRA in…