The Auditor General of Canada has found that $27 billion in suspicious COVID-19 payments have been made. Executive summary: The Auditor General of Canada has found that $27 billion in suspicious COVID-19 payments have been made The government has said that it will work to recover any overpayments The opposition has called for an investigation…
CRA announces electronic filing requirements for GST and HST Beginning July 1, 2010, all gst/hst registrants with annual taxable supplies over $1.5 million (in addition to some other less common situations contained within the release) will be required to filing electronically. Although these changes are only in effect for those mentioned above, the Government encourages…
Cross Border Tax Q&A – Dual Status Return when Entering the US Question Hi Mr. Hogan I’ll be moving to the US to take up a permanent job. I plan on getting my green card and remaining in the US for an extended period of time. I am aware of the need to sever my…
Citizenship Based Taxation is not going Away, but these 5 Changes Would Change the Game (for the better) Many Americans living abroad have been advocating aggressively for the repeal of Citizenship based taxation (CBT). These advocates argue that the rules that tax US citizens abroad are unfair and overly punitive. Although I do not entirely…
Welcome to the CA Final Result Day Blog for the ICAI November 2024 Exam. Today marks a significant milestone for thousands of aspiring Chartered Accountants eagerly awaiting their results. This blog provides live updates, step-by-step guides to check your results, insights into merit lists, pass percentages, and everything else you need to know. Stay tuned…
In heartbreaking news, Jeff Baena, the talented screenwriter and director known for his work on indie hits such as Life After Beth and The Little Hours, has passed away at the age of 47. Baena, also known as the husband of acclaimed actress Aubrey Plaza, was found deceased in his Los Angeles home on January…
Brenton Wood, the beloved American soul singer best known for his 1967 classics “The Oogum Boogum Song” and “Gimme Little Sign,” passed away at the age of 83 on January 3, 2025. The artist died peacefully in his sleep at his home in Moreno Valley, California, leaving behind a legacy of soulful music that has…
Moving from Canada and non-resident status Question Dear Mr. Newsglobal, I’m a Canadian citizen who recently moved to the states for work. I came across your contribution to a Canadian news article about cross border income tax a few months ago when I was preparing for my move. Although the tax season is a bit…
CONCORD, N.H. — Kelly Ayotte, a Republican and former U.S. senator, officially took office on Thursday as New Hampshire’s 83rd governor. During her inauguration at the State House, Ayotte outlined her vision for the state, emphasizing unity, fiscal discipline, and priorities like education, public safety, and economic growth. She succeeds Gov. Chris Sununu, also a…
In a groundbreaking move, Syria is exploring the legalization of Bitcoin as part of its strategy to rebuild its war-torn economy. Following the collapse of the Assad regime, the transitional government, with guidance from the Syrian Center for Economic Research, has proposed adopting Bitcoin and other digital assets to combat inflation, stabilize the economy, and…
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…
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…
Should I Incorporate my Business? Question I’ve spoken to 2 separate accountants lately and each of them gave me different advice. One guy said I should definitely incorporate my business and the other guy said I should wait until my income increases. My net profits each year are around $150,000. Thanks XXXXXX Answer Hi XXXXX…
Overview of deal Aspect Details Brand Name FAE Beauty Founder Karishma Kewalramani Episode Season 4, Episode 1 Ask ₹1 Crore for 1% Equity Deal ₹1 Crore for 1.5% Equity Sharks Involved Aman Gupta, Namita Thapar Company Status In-Business Revenue Before Pitch ₹10 Crores in the last 6 months Hero Product Lip Whip 12H Matte Liquid…
Disney Enjoying Increased Revenue amid Potential Fox Deal While Disney’s fiscal second-quarter earnings and revenue were stronger than expected, the company’s long-term outlook may ultimately depend on its highly-anticipated video streaming service (set to debut in 2019) and whether it can close a deal for assets belonging to Twenty-First Century Fox, according to analysts. In…
The History of the IRS Ever wonder when the IRS was first implemented or when taxpayers were first allowed to electronically file their tax returns? The IRS has posted a historic timeline of the history of the IRS. Take a read here: History of the IRS
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…
OPTrust Remains Confident in U.S. Investments Despite various political risks in the U.S. in 2017, the “strong foundations” of its economy continue to inspire confidence in Canadian investors, according to Hugh O’Reilly. O’Reilly is the President and CEO of OPTrust, which oversees one of the largest pension funds in Canada. OPTrust manages over $19 billion…
Moving to Canada with ROTH IRA, IRA and US investments at Vanguard Key Points Moving to Canada with a Roth IRA or traditional IRA requires careful planning to avoid potential tax issues in both countries. Canadian residents must report U.S.-based investments, including those at Vanguard, on their Canadian tax returns. The Canada-U.S. tax treaty may…
Tax Tip #2 – Can I Adjust a Previous Year’s Canadian Tax Return? If you find that you’ve made a mistake on your Canadian tax return you are able to submit a T1adj form with CRA to make the changes. Once submitted CRA will assess the changes, make the required changes (in some cases they…
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…
Choosing an executor is a decision that carries significant importance and responsibility. Your executor will handle your estate, ensuring your assets are distributed according to your wishes, and that any outstanding debts or taxes are settled. Given the legal, financial, and emotional weight of this role, it’s essential to select someone who is both capable…
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…
Inherited IRA from Brother in Texas Question My husband and I live in a small town in rural Canada. In 2019 my husband’s brother, who lived in Texas, passed away and left my husband as beneficiary of an IRA account. Now we are in a frenzied dilemma! Not sure what to do – we have…
Receiving a large inheritance – IRA and investments Key Points Receiving a large inheritance, including IRAs and investments, involves complex tax implications in both the U.S. and Canada. Inherited IRAs have specific rules for distributions, which may trigger taxes in both countries if not handled correctly. Properly managing the timing and method of withdrawing from…
Moving to Canada after selling US business Question Hi Phil Was referred to you by my US CPA, XXXX. I don’t think you know him, but he did find you online. I have some important questions that I’m having a hard time finding answers to. Hopefully you’re the right guy to help. My husband and…
Why it’s a bad idea to transfer your IRA to your RRSP Executive Summary IRAs are tax-advantaged U.S. retirement accounts with different tax implications in Canada. Canadian residents, with or without U.S. citizenship, can own U.S. IRAs, but specialized management is recommended. IRA withdrawals are taxed differently for Canadians based on their U.S. tax status….
Incorporating superfoods into your diet is an effective way to enhance weight loss while boosting overall health. These nutrient-packed foods provide essential vitamins, fiber, and antioxidants, which can help you stay energized and feel fuller for longer. Here are five superfoods that should be on your radar for achieving a healthier, leaner you. 1. Berries…
Inherited IRA from Father in the US. What are my options? Question Hi Phil I inherited a fair sized IRA (over $600,000) from my US citizen father who resided in the US for over 30 years. My current Canadian broker is suggesting that I collapse the IRA and transfer a portion to my RRSP. The…
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…
The Girl Scouts of the USA (GSUSA) have announced that Toast-Yay! and Girl Scout S’mores, two of their popular cookie varieties, will be discontinued after the 2025 cookie season. Fans of these cookies have expressed disappointment over the decision, with social media platforms abuzz about the impending loss. What’s Happening? Cookies Facing Retirement Last Chance…
Climate change has become one of the defining challenges of our time. In 2024, the evidence of its effects has become undeniable, with unprecedented weather events, rising sea levels, and widespread ecological disruptions. Scientists and policymakers worldwide are urging immediate action, as the window to prevent catastrophic impacts narrows. This article delves into the latest…
Canadian Tax on Inheritance from the US? Question Hi Mr. Hogan My Mother recently passed away (she lives in the US and I live in Canada) and I’ll be receiving a sizable inheritance some time next year once the estate is fully resolved and wound up. I’m really worried about how much tax I’ll need…
Transcript from conversation regarding Cannabis industry trends and tax Recording #1: Information on investing or incorporating on a Cannabis-related company. As most of you know, the federal government plans on legalizing Cannabis in 2018. We don’t have full regulations as of yet and they’ve left it to the provinces to regulate the distribution of Cannabis…
American Expat Small-Business Owner Living in Canada – 5471 issues Key Points American expat small business owners in Canada may need to file Form 5471 to report their foreign corporation to the IRS. Failure to file Form 5471 can result in significant penalties, even if no tax is owed. Proper classification of the Canadian corporation…
The Border-Gavaskar Trophy, named after cricketing legends Allan Border (Australia) and Sunil Gavaskar (India), represents one of the fiercest rivalries in cricket. Established in 1996, this bilateral series has evolved into a showcase of skill, grit, and unforgettable moments. Featuring two cricketing powerhouses, Australia and India, the trophy has witnessed epic battles that define the…
What you need to know about the new RMD rules Key Points The age for Required Minimum Distributions (RMDs) has been raised to 73, starting in 2023. Failure to take an RMD by the deadline may result in a 25% penalty on the amount not withdrawn. Roth IRAs are exempt from RMDs during the owner’s…
Strengthening India’s Artillery Capabilities The Ministry of Defence (MoD) has signed a major contract with Larsen & Toubro (L&T) for the procurement of 100 K-9 Vajra-T 155 mm, 52-calibre, self-propelled howitzers. This deal, valued at ₹7,628 crore, is aimed at bolstering the firepower of the Indian Army and enhancing operational preparedness. Key Features of the…
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…
China is currently experiencing a significant increase in cases of Human Metapneumovirus (HMPV), a respiratory virus causing symptoms similar to the common cold and COVID-19. This surge has led to overcrowded hospitals, particularly affecting children’s healthcare facilities. Overview of HMPV HMPV is a respiratory virus that typically leads to upper and lower respiratory tract infections….
Transcript – Saving tax by moving US based in investments to Canada Transcript: Saving Tax on moving your investments to Canada from the US. Here’s a small strategy that some people don’t take advantage of when trying to save on overall tax from a portfolio standpoint. If we imagine a situation where an individual has…
Martin Luther King Jr. Day (MLK Day) is celebrated annually on the third Monday of January to honor Dr. Martin Luther King Jr., a monumental leader in the Civil Rights Movement. In 2025, this important holiday falls on Monday, January 20. MLK Day is not only a time for reflection but also an opportunity to…
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…
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…
Canadian tax on US principal residence sale? Key Points Canadians selling a U.S. principal residence may be subject to Canadian tax on the capital gain. The U.S. may also tax the sale, but the Canada-U.S. tax treaty can help avoid double taxation. The principal residence exemption in Canada can reduce or eliminate Canadian tax on…
Foreign Tax Credit for Taxes on Swiss Tax Returns Question Hello, I lived in Switzerland for a few years and I failed to file my US returns. I’m a US citizen, currently residing in the US but I have been living in Switzerland for a few years. I’m currently catching up with my delinquent US…
Masood Azhar, a notorious terrorist leader and the founder of Jaish-e-Mohammed (JeM), has been at the forefront of orchestrating devastating attacks that have caused untold suffering. Recent reports indicate that Azhar suffered a serious “hart attack”, sparking speculation about his condition and the implications for his terrorist organization. This article delves into the details of…
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…
Gambling Refund Disallowed by the IRS Question Phil, I know you don’t know me from a hole in the ground and I know you are out to make money but I thought I’d ask anyhow. I’m a XXXXXX in XXXXX but US Tax law isn’t my forte. I have had an ITN for more than…
IRA, 401k and US Investments for Canadians (FAQ) We meet with a lot of clients who are looking for some guidance on how to handle their US investment accounts. Whether they have moved from the US or inherited US assets from family members these individuals often have the same questions, concerns and tax planning issues….