How to Apply for the Canada Emergency Response Benefit (CERB) UPDATED 03/26/2020 – please see attached the COVID-19 emergency response act. Highlights include: Personal tax measures Corporate tax measures Other tax measures Today Prime Minister Justin Trudeau unveiled a $2,000 a month benefit for those workers affected by the COVID-19 pandemic. Information on the new…
Canada Revenue Agency and the Digital World As the Globe and Mail reported recently, the Canada Revenue Agency (CRA) has started monitoring social media influencers and video-game streamers to ensure that such activities as paid endorsements and sponsorships align with annual income tax documents. At this point, the CRA is only monitoring influencers and gamers…
Update: Second Stimulus Package and Payments As we all recover from Thanksgiving dinner and look ahead to the holiday season, discussions around the second stimulus package continue. However, a decision (and second stimulus payment) is far from imminent. Here is a brief update of what might be ahead as we move toward 2021. Recap Treasury…
Withdrawal of RRSP as a US Citizen and Resident Question Hello, Just wanting to get some advice on withdrawing my RRSP to pay my house here in the US. I am a dual citizen living in the states. Worked in canada for 10 years, about 10 ago. Thank You for your time. Answer Hi XXX…
US Citizen living in Canada going business in Canada and the US Question Mr. Hogan I’m 59 years old and a US Citizen and Canadian Permanent Resident. For the last 10 years, I’ve been an employee of a US Management Consultancy, working entirely in the US for US clients while residing in [Canadian province]. I’d…
Gift to US resident taxpayer (US Citizen) from a Canadian Parent Question Hello.. Can you please answer for me: I am Canadian, and my grown son lives in the USA, and recently became a US Citizen. If I “gift” him money (such as for a down payment on a house).. will he be required to…
ROTH IRA for Canadians and Newcomers to Canada Key Points Roth IRAs offer tax-free growth and withdrawals in the U.S., but Canadians face unique tax considerations. The Canada-U.S. tax treaty may protect Roth IRA earnings from Canadian taxation if handled properly. Reporting a Roth IRA on Canadian tax returns is essential to avoid penalties and…
House committee releases 845 page report on January 6th attack on the Capital Key Points The House Committee released an 845-page report detailing the events and findings of the January 6th attack on the U.S. Capitol. The report includes evidence of coordinated efforts to overturn the 2020 presidential election results. Key figures involved in the…
Saving and investing advice for new investors Question Hi Phil I saw online that you help with financial planning. I don’t have much money to pay for advice, so maybe you can point me in the right direction. I always remember my grandfather telling me to invest as early as possible and now that I’m…
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…
US citizen living in Canada and inheritance? Key Points U.S. citizens living in Canada must navigate complex tax implications when receiving an inheritance from the U.S. Inheritances are generally not taxable in the U.S., but income generated from inherited assets may be subject to U.S. and Canadian taxes. The Canada-U.S. tax treaty can help avoid…
2025 is gearing up to be a landmark year filled with extraordinary events that promise to inspire, entertain, and unite people across the globe. From international expos and cultural festivals to major sports tournaments and global summits, there’s something for everyone. Let’s dive into the top 10 must-watch events of 2025 and why they deserve…
Update: Biden’s Tax Plan Although incoming-President Biden will come into office with control of both the House and Senate, the margins in both chambers are razor-thin. The bottom line: passing his proposed tax increases on corporations and individuals making over $400,000 annually might not prove a bit tougher than expected. As explained in a previous…
Moving to Canada, working a bit, then retiring Question Hi Phil I came across your website after watching some of your videos on moving to Canada with investments. Quite helpful videos considering how little information there is about our situation online. Let me outline out situation and you can tell me if you can help…
Receiving and inherited ROTH IRA in Canada Question Hi Phil I live in Ottawa and i just got word that I will be receiving and inherited ROTH IRA from my late Grandmother in the next few months. I actually didn’t know what a ROTH IRA was until I looked it up. It’s not massive, but…
Retiring to Canada and help with with taxes and investments Question Hi I found your contact information on the Americans in Canada facebook group. I wanted to reach out to try and schedule a future appointment or consultation. Please let me know how I can book such a meeting. In preparation for this meeting I…
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…
ROTH IRA disclosures in Canada Question I am a Canadian citizen living in Toronto and my wife is a U.S. citizen and living in Toronto with PR status. Below is the situation with Roth IRA disclosure: Status: • Due to lack of awareness (assumed all retirement accounts are the same and therefore not required to…
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…
Reduce Your Payroll Withholdings and Keep More Cash From Your Paycheck If you are one of the many that receives a sizable income tax refund at tax time your employer is possibly withholding more tax then is necessary. You have the legal right to apply to CRA and ask your employer to reduce your tax…
“Advice” for new Real Estate Investor Question Hi Phil I’m moving to Victoria next month from Vancouver and I saw that you have a CPA practice on the Island. I’m reaching out in case you can help answer some real estate investment questions (also for a school project): What advice would you give to a…
Sale of Thailand property by Canadian Key Points The sale of property in Thailand by a Canadian resident is subject to both Thai and Canadian tax laws. Capital gains from the sale may be taxable in Canada, even if taxes were paid in Thailand. The Canada-Thailand tax treaty can help prevent double taxation, but proper…
Red Pulse ICO – Invested and Moved to Exchange for Sale Question Hi I see you’ve helped others with crypto tax issues, hopefully you can help me with my question. I recently invested in the new Red Pulse token ICO. I invested around $2,000 and I’ll be selling eventually once the tokens are listed on…
Scientific Research and Experimental Development Program Canada’s Scientific Research and Experimental Development program (SR&ED) is a federally-funded program administered by the Canada Revenue Agency which, through tax-incentives like tax credits and cash refunds, rewards businesses of all sizes and in all business sectors for conducting scientific research and development projects. The Scientific Research and Experimental…
Reduce the amount of tax withholdings from you paycheque Question Dear Phil, I stumbled upon your website while searching internet for information on tax payments. My income tax is being deducted from each paycheck. My spouse is self employed and pays taxes once a year. Because of the nature of her business (real estate) she…
How to get an ITIN for a US investment account as a Canadian? Key Points Canadians needing an ITIN for a U.S. investment account must submit IRS Form W-7 with supporting documents. An ITIN is required for Canadians who do not qualify for a Social Security Number but need to file U.S. tax returns. Properly…
Income splitting a US IRA in Canada Question Hi Phil I found your website via youtube after watching some of your videos on IRAs. Great job on the videos, looking forward to seeing more. I don’t think question was addressed so I thought I would send you a quick email to see if I could…
Olivia Hussey, the celebrated actress known for her iconic role as Juliet in Franco Zeffirelli’s Romeo and Juliet (1968), has passed away at the age of 73. A beloved figure in cinema, Hussey left an indelible mark on the industry with her performances that transcended time and culture. Her death marks the end of an…
CRA Foreign Tax Credit Review – Please Help! Question Hi Phil I’m dealing with a CRA review of my T1 foreign tax credit claim and it’s driving me nuts. Hopefully you have a good idea on how to fix this mess. Here’s the situation. I lived in the US for a few years and during…
Buying Canadian property as an American There are many reasons to invest in Canadian property as an American. The process, however, is not always straightforward. Here are a few tips to streamline the process and help you make the best decision for your investment. 1. Get your finances in order Before you start shopping for…
Letter from CRA – Tax return review? Question Dear Phil, I seem to have a real mess on my hands!! You probably hear that often, but my situation seems to be unique. I have spent a great deal of time over the past 3 months in researching Cross Border tax information because I received a…
Canadian Cities Entering Bid for Amazon’s Second Headquarters Amazon recently began accepting bids for the location of its future second headquarters, and multiple major Canadian cities – including Ottawa, Toronto, Calgary, and Vancouver – are joining the race. While Amazon’s primary headquarters is in Seattle, Washington, there are indeed some advantages for Canadian cities as…
Jessica Alba and Cash Warren, one of Hollywood’s most admired couples, have reportedly decided to separate after 16 years of marriage. This news comes as a shock to fans who have long viewed their relationship as a symbol of lasting love and partnership. Below is a comprehensive summary of the situation, presented in a user-friendly…
Renouncing Citizenship, US investments, Rental CCA and double tax Question Please let me know what your consultation fees are for advising on the questions listed below. I am a 68-year-old, retired, US citizen and Canadian permanent resident since 2018. I am married to a Canadian and live in Quebec. We have assets and income in…
Should I convert my IRA before moving to Canada? Question Hello, I have a question…I’m planning on moving to Canada (I’m a US citizen) in the next few months and I’m wondering whether I should convert my existing IRA ($200,000) to a ROTH IRA or enter Canada and roll it into an RRSP. What are…
FBAR Exchange Rates 2022 As a US citizen or resident of the US, and to the extent that you have beneficial interest or signing authority over foreign financial accounts (foreign to the US) in excess of $10,000 (calculated as the total of the highest balance in all your non-US bank and investment accounts) USD you…
The CRA revokes the registered status of the Canadian Lacrosse Association The CRA has revoked the Canadian Lacrosse Association as a registered Canadian amateur athletic association (RCAAA). RCAAA had the authority to issue donation receipts for income tax purposes but know they have been suspending by CRA. For issuing more than $60.7 million in donation…
Key Highlights: RBI’s Role in Stabilizing the Rupee Traders observed that the RBI has intervened multiple times over the past 10 days to defend the rupee at the ₹85.80 level. These interventions have slowed the pace of depreciation, which accelerated in December. Change in Strategy? The recent appointment of Sanjay Malhotra as RBI Governor has…
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…
Help please. I have inherited a U.S. traditional IRA (I am Canadian, living in Canada) Key Points Inheriting a U.S. Traditional IRA as a Canadian resident involves complex tax considerations in both countries. The Canada-U.S. tax treaty allows for tax deferral but requires careful planning to avoid double taxation. Distributions from an inherited IRA are…
Human Metapneumovirus (HMPV) has drawn global attention due to recent outbreaks, particularly in China and India. Here’s a comprehensive look at what HMPV is, its symptoms, preventive measures, and current developments. What is Human Metapneumovirus (HMPV)? HMPV is a respiratory virus belonging to the Pneumoviridae family, first identified in 2001. It causes infections similar to…
Living in Canada with US Based Investments? Watch for Complex T1135 Reporting. Canadian taxpayers (including US citizens living in Canada) with US investments may need file CRAs T1135 foreign income verification form. The T1135 form is required whenever a Canadian taxpayer’s cost in foreign property is more than $100,000. Some exceptions do apply however as…
Tax issues for Canadian beneficiaries of US estate Question Hi Phil, I came across one of your articles and your email. I am wondering if you would be willing to consult on what I think might be, to you, a fairly straightforward question regarding withholding rates on distributions from a US estate and Canadian beneficiaries. …
Cross Border Tax Deadline Dates Outlined below are a list of tax deadlines for American’s living in Canada as well as regular Canadian taxpayers and non-residents of Canada. Note that in years where the deadline falls on a holiday it is often moved to the next business day. Deadlines may also be adjusted by Governments…
Startup “Sarwa” Bringing Innovation to Investment Planning The idea for Sarwa – a new low-cost wealth management firm which uses computer-generated algorithms – came to its co-owners after seeing numerous associates in the United Arab Emirates fall victim to fraudulent investment plans which benefited brokers at the expense of investors. Mark Chahwan, a Canadian entrepreneur…
In a tragic incident on December 29, 2024, Jeju Air Flight 2216, a Boeing 737-800, crashed at Muan International Airport in South Korea, leading to a substantial number of fatalities. The aircraft, en route from Bangkok’s Suvarnabhumi Airport to Muan, was carrying 175 passengers and six crew members. Upon landing, the plane skidded off the…
The CRA, Cryptocurrency, and Voluntary Disclosure On September 18, 2020, the CRA applied to Federal Court in an attempt to obtain client’s confidential tax information from Coinsquare Ltd., a Toronto-based cryptocurrency trading platform. Included in the application was a request to view trading and holding information. This filing is one of a series of significant…
As 2024 draws to a close, norovirus cases are making headlines across the United States. Often referred to as the “winter vomiting bug,” this highly contagious virus is causing spikes in infections in several states, including Minnesota and beyond. Understanding the symptoms, transmission, and prevention measures is essential as public health officials urge caution during…
Canada Reclaims Top Spot in U.S. Real Estate Investments Canada consistently ranks high among foreign investors in the United States, and has again surpassed China as the number-one investor in U.S. real estate. According to a new report from commercial real estate firm JLL on the first six months of 2017, Canada’s investments in U.S….
Cannabis, Income Tax and Justin Trudeau Question Hi I have a close friend that runs a cannabis dispensary in Vancouver and he’s doing quite well. He offered to help me open up my own dispensary with his help. I do have a few questions before I take him up on his offer and actually go…