Earning Bitcoin and Ether from the US – Canadian Consultant Question Hi I run a consulting practice in Vancouver and I have a few US clients. Once of my US clients pays me in Bitcoin and Ether (crypto currencies). I receive transfer payments each month. When I do my taxes for 2017 I need to…
Calculator for Americans living in Canada selling their home Key Points Americans living in Canada face unique tax implications when selling their primary residence, including potential U.S. capital gains tax. The Canada-U.S. tax treaty offers some relief, but careful planning is necessary to avoid double taxation on the sale. Determining the tax basis of the…
Cross Border Tax Topics – The Wealthy Life Appearance A big thanks to Sybil Verch and the crew at the Wealthy Life for having us down for the show. Although the segment was relatively brief we were able to touch on a few key cross border tax and investment topics: General Tax and Compliance Considerations…
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…
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…
Elderly Senior Couple in Vancouver – Late US Tax Returns Question Dear Mr Hogan, I am a volunteer providing free advice to marginalized and impoverished communities. I would really appreciate your help, if you are willing, in securing a quick bit of off-the-cuff advice for clients who are elderly Canadian citizens living in Vancouver. I…
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…
2019 Federal Budget introduces Advanced Life Deferred Annuities availability for RRIFs We will have more info as these rules get rolled out, however it looks like the 2019 Federal Budget introduced measures that will allow individuals to stretch their RRIF accounts even further into retirement. By allowing Canadians to invest in Advanced Life Deferred Annuities…
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…
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…
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…
Update: Agreement on Second Stimulus Package Announced Sunday, December 21, and a deal has finally been reached on a second stimulus package. After months of partisan stalemate, the 4 leaders of the Senate and Congress finalized an agreement on a package that will include $600 stimulus checks mailed to millions of Americans within a few…
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…
Speculation about the relationship between choreographer and social media influencer Dhanashree Verma and cricketer Yuzvendra Chahal has been making headlines after the couple reportedly deleted each other’s pictures from Instagram and unfollowed one another. These actions have fueled rumors of a potential split. However, no official confirmation or statement has been made by either party….
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…
Update: Banks, Criminals, and Dirty Money In my blog on September 21st, I detailed the recent flurry of regulatory posturing and reactions to the leak of 2,657 documents known as the FinCEN files. Briefly, as BuzzFeed News (BFN) summarizes: “The FinCEN Files expose an underlying truth of the modern era: The networks through which dirty…
Bitcoin investment and Canadian tax Question I’m not sure this is the right place to post this, but I can’t seem to find a good answer anywhere. I was lucky enough to buy bitcoin at very low levels in 2013 (my brother is a tech at google) and I’ve held a significant amount of my…
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…
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…
Canada Revenue Agency Voluntary Disclosure Program The Canada Revenue Agency’s Voluntary Disclosure Program offers a unique opportunity for a “do over” for individuals who want to correct past mistakes or omissions on their tax returns. The following article summarizes the Voluntary Disclosure Program, including information on who is eligible and certain program limitations. It is…
Cross Border Tax Q&A – Can I roll my RRSPs to an IRA? Question Phil I’ll be moving to California permanently next January and I wanted to get your opinion on a tax matter. Will I be able to “roll over” my RRSPs to an IRA (before or after I leave) into an IRA tax…
Gambling US Tax Refund for Canadian Question Hello Phil, I recently came back from a trip to Las Vegas where I won over $20,000 in winning on a slot machine (crazy since I never really gamble). The casino withheld 30% of my winnings and gave me a 1042-s form. I heard you can help me…
Keeping your US address on your investment account after you leave?… My own horror story Key Points Maintaining a U.S. address on investment accounts after moving to Canada can lead to significant legal and tax issues. U.S. investment firms may freeze accounts or close them if they discover the account holder is no longer a…
Event Details **Image courtesty: kennedyspacecenter.com Viewing Opportunities Witness the awe-inspiring launch of SpaceX Falcon 9, deploying its Starlink 12-12 mission for global broadband connectivity. Add excitement to your day with several premium viewing options included with your admission. Viewing Locations Location Distance from Launch Pad Features Apollo / Saturn V Center 6.2 miles (10 km)…
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…
Summary of the IRS Voluntary Disclosure and Amnesty Program The following article is a summary of the IRS Voluntary Disclosure and Amnesty program, specifically the new internal guidance procedure targeting those with foreign and offshore accounts. While the majority of this article’s information has been culled from the IRS webpage entitled, Voluntary Disclosure: Questions and…
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…
The International Cricket Council (ICC) has officially announced the schedule for the ICC Men’s Champions Trophy 2025, marking the tournament’s return after an eight-year hiatus. The event is set to take place from February 19 to March 9, 2025, across venues in Pakistan and the United Arab Emirates (UAE). Tournament Overview The Champions Trophy will…
How Do I Invest My Inheritance? Question Hi I’ll be receiving an inheritance from my grandfather who lived in Florida. It’s more money than I’ve ever had and I’m not sure how to invest the money. I’ve always been a good saver, but I’ve never had this much money. I’m looking for some guidance on…
The devastating wildfires across California in 2025 have left thousands grappling with the loss of homes, businesses, and personal belongings. Navigating insurance claims after such a catastrophe can feel overwhelming, but understanding the process can help you maximize your settlement and expedite recovery. Steps to Take After Wildfire Damage Immediate Relief: What Insurance Covers Right…
Update: President-elect Biden’s Views on a Second Stimulus Package With a first-ever pandemic holiday seasoning drawing nearer every day, there is no real change in the second-stimulus stalemate that has drawn on for months now. Deep partisan divisions in both the House and Senate continue to hold sway even as new coronavirus cases top 200,00…
Expat Tax and Financial Planning Newsletter To keep up to date on Expat Tax and Financial Planning issues make sure to subscribe to our newsletter above. We look forward to hearing from you! [wd_hustle id=”4″ type=”embedded”/] Archive of previous newsletters below: November 21, 2020 Hi everyone First, I want to thank everyone that provided feedback…
First year filing in Canada with T1135 Question Hi Phil, I came across your website on Google, and I am interested in accounting services to complete my 2021 US Tax Return and my 2020 + 2021 Canadian Tax Return, as well as receive tax planning advice. I am a US Citizen living in Victoria on…
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….
Update: Second Stimulus Package Compromise Proposal Gains/Loses Traction Thursday, December 3, opened with a report that outgoing President Trump acknowledging that he would sign a coronavirus relief package if Congress can broker a deal in the coming weeks after months of partisan-driven deadlock. “I want it to happen, and I believe they’re getting very close…
New Streamlined Procedures for US Citizens Living In Canada If you’re a US citizen or green card holder living in Canada and have not yet caught up on filing your US tax returns now is a great time to take advantage of the IRS’s new streamlined tax filing procedures. Essentially the IRS is allowing non-resident…
Manitoba Investment Adviser Fined $485K for Stealing Wife’s Funds Gennaro Scerbo, a former investment adviser who worked for a branch of RBC Dominion Securities in Winnipeg, has been fined $485,000 – the largest fine in Manitoba’s history – by the Investment Industry Regulatory Organization of Canada (IIROC). Scerbo is accused of making “fraudulent withdrawals from…
How to File US Tax Returns in Canada (Ultimate Guide updated for 2023) Key Points U.S. citizens and green card holders living in Canada must file U.S. tax returns annually, regardless of residency. The Foreign Earned Income Exclusion and Foreign Tax Credit can help avoid double taxation on income earned in Canada. Filing U.S. tax…
As we enter 2025, the global economy is poised for transformation, shaped by emerging technologies, shifting geopolitical dynamics, and evolving consumer behaviors. From the lingering effects of the pandemic to the rise of green energy and artificial intelligence (AI), this year promises to redefine business practices and economic landscapes. Understanding these trends and challenges is…
Cross Border Tax Q&A – Canadian with UK Pension Question Dear Sir This year I am eligible to claim a UK state pension for myself and my wife (as a dependent). Over the last ten years, I have made voluntary contributions to the UK National Insurance, so as to maintain that eligibility for a pension….
Moving to the US from Canada – Tax implications Question Hi Phil, Thanks for a well-written and timely article on US-Canada cross border tax issues. I am one of the many working professionals who is about to face the complications as described in your article (http://philhogan.com/cross-border-tax/tax-consequences-of-emigrating-leaving-from-canada/) A bit on my background: I am a Canadian…
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…
Does the Tax-Free First Home Savings Account (FHSA) work for Americans in Canada? Key Points The Tax-Free First Home Savings Account (FHSA) offers Canadian residents tax-free savings for their first home purchase. U.S. citizens in Canada may face U.S. tax reporting and potential taxation on FHSA contributions and earnings. The FHSA is not recognized under…
Friend fined $10,000 for late T1135 filing Key Points A $10,000 fine was imposed for late filing of the T1135 form, which reports foreign assets. The T1135 form is mandatory for Canadians with foreign property exceeding CAD 100,000. Failure to file the T1135 on time can result in significant penalties, even if no tax is…
Moving to Canada – How to Handle Investments? Key Points Moving to Canada requires careful planning to manage U.S. investment accounts and avoid tax pitfalls. U.S. brokerage accounts may be restricted for Canadian residents, necessitating alternative strategies. Transferring investments to a Canadian institution may trigger capital gains taxes in the U.S. Properly structuring investments can…
![Shark Tank India Season 4 Episode 2 A Detailed Recap with Entrepreneur Insights [Watch Online]](https://www.newsglobal.news/wp-content/uploads/2025/01/Shark-Tank-India-Season-4-Episode-2-A-Detailed-Recap-with-Entrepreneur-Insights-Watch-Online-600x400.png "Shark Tank India Season 4 Episode 2: A Detailed Recap with Entrepreneur Insights [Watch Online]")
Shark Tank India Season 4 Episode 2 was a power-packed episode featuring a range of innovative businesses and insightful negotiations. Here’s a detailed breakdown of the entrepreneurs, their pitches, funding negotiations, and what happened after the show. Dive in to explore the stories of BL FABRIC, Culture Circle, and Nexera.Health. Summary Table: Entrepreneurs and Deals…
The Goverment Gives Long-Haul Truck Drivers Additonal Tax Benefits On December 28th, 2009 the Minister of Finance announced that the eligible deduction portion of meal expenses for long-haul drivers will be increased to 75% from 70% for meals incurred in 2010. The announcement also discusses an additional increase for meals incurred after 2010 to 80%….
Help with cross-border investment questions Key Points Cross-border investments between the U.S. and Canada involve complex tax and regulatory considerations that require careful planning. Americans living in Canada need to navigate both U.S. and Canadian tax laws, which can impact investment strategies and returns. Common cross-border investment issues include reporting requirements, tax treaties, and the…
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…