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…
How to transfer large US inheritance to Canada? Question Hi Phil, found you on youtube of all places. Sometime next year I’m going to be receiving a fairly large portfolio inheritance from my late mother in the US. Her lawyer and accountant are going to be working through the last of the estate work and…
30% withheld from US SEP IRA to Canadian resident Question I’m 60 and have a Vanguard SEP-IRA with $448K USD in the US. Vanguard now *always* withholds 30% on withdrawals (unless an RMD at 71) and won’t allow non-residents to change asset allocation. I think I want to lump sum move the funds to my…
Moving to Canada with US Revocable Trust Question Hi Phil I found your contact information online. My husband and I will be moving to Nanaimo from Colorado some time mid next year. Most of our assets are in a revocable trust including investments, our house and a rental property. On on of your blog posts…
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…
Retiring to Canada with investments and large pension Question Hi Phil I got your email from my brother you that you helped when he sold his Victoria rental condo a few years back. He said you were very knowledgeable about cross-border matters and that you could probably help with my questions, so here it is……
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…
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…
Which should I file first, my US or Canadian tax return? Question Mr. Hogan, I’ve been following you on the Facebook group for some time and I really enjoy the articles you write. I hope someday that I could earn enough money to have you help me file my tax returns. For now I’m filing…
How to invest my inheritance? Question I was very fortunate last year and received over $300,000 from my grandmother as an inheritance when she passed away. I still have the money sitting in a bank account and I don’t know how to invest it. Also, some people say that I need to pay tax on…
Should I convert my US IRA to my RRSP? Question Thanks for the help earlier. Before she proceeds with finding an advisor who can manage her us-registered IRA, she wants to confirm the following with you. Can you confirm that it is not advisable for her to convert a $700K IRA to an RSP, because…
Moved to Canada with 401k accounts – What are my options? Question Hello Phil, I’m a follower of your Youtube channel and would like to thank you for the educational videos you share. It is very informative and the content is delivered in an easy to understand manner. I have a query regarding 401k accounts. My…
Kilometers for Kids – December 2021 Note: Don’t forget to follow our new Facebook page for update on KMforKids.ca here http://facebook.com/kmforkids.ca and our donation and pledge tracking sheet here: http://philhogan.com/updates What is Kilometres for Kids? KM for kids is an idea I’ve been thinking about for some time. Simply put, it’s a charitable initiative that…
Should I Transfer my IRA to my RRSP? Question Hi Phil I had this question from XXXXX at RBC, but she said I should touch base with you to review what our options might be. I have a IRA in the US (around $700,000) and a smaller RRSP up here in Canada with RBC. I…
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…
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…
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…
Canadian Foreign Tax Credit on IRA Distribution Question Hi Phil I think I need some help with a tax matter that has developed. I have an IRA in the US that I’ve just started taking distributions from. I move to Victoria from Colorado 10 years ago and I plan on staying in Canada until my…
Should I transfer my US inheritance to Canada? Question Hi Phil I found you on your expat Youtube channel after doing some googling around to find some answers to some questions that I had. I’ll be receiving an an inheritance from a relative in Texas some time in the next few months. Most of the…
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…
Moving to Canada with Large ROTH IRA Question Hi Phil I stumbled across your site after researching some issues on google. I’ll be moving to Vancouver for work at the end of the year from Texas and I need some help with my US investments. A few years ago I invested in some very speculative…
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…
How to transfer US investments to Canada, including ROTH IRA Question Hi Phil We spoke a few years back when my wife and I were planning on moving to Victoria. We put those plans off for a few years but now we’re committing to actually make the move next year. To give you a recap…
Moving to Canada with IRA, ROTH IRA and Investments to retire Question Hi Phil My wife is a member of your Facebook group and she thought you would be the perfect person to talk to with respect to our situation. My wife and I still be moving to Victoria early next year. Our kids are…
US Tax Return for American in Canada with SS Benefits Answer Hi XXXXX Thanks for the email. Given the length of your email I won’t be able to address all the issues below, however I’ll do my best to summarize some thoughts below: Software for US citizens living in Canada doesn’t really exist. Those that…
“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…
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…
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…
President Biden’s Financial Plan and Your 401(k) Among the numerous changes to individual taxes that President Biden is proposing to pass into law in the first months of his term are some changes to the 401(k) plan that could significantly change retirement financial planning. According to reports, the most important changes will include: The current…
Moving with Family and Daughter to Quebec from Texas Question Hi Philip, First let me thank you for your very informative “Americans Living in Canada” FB group. I learn a lot by reading through the posts – this is useful to me as my family is going to relocate to Canada (from Texas) and I…
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…
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…
Second Stimulus Checks and President-Elect Biden’s COVID Relief Plan How quickly things can change in Washington. Just weeks after a months-long stalemate was broken with the approval of a $900 per individual second stimulus payment, incoming-President Biden has unveiled a $1.9 trillion COVID relief proposal that will provide direct payments of $1,400 per person and…
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…
The Biden Tax Plan: Implications for Individuals It is safe to say that the 2020 Presidential Election was on personality and relatively light on policy details. But with the January 20th inauguration approaching quickly, here is an overview of what we know about the tax plan that will likely come into play in the first…
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…
What is a 401k in Canada? Question I’ll be relocating to Canada closer to the end of the year. I currently have a 401k that I contribute to through my employer. I will still be working for the same employer when I move to Canada (remotely). Should I continue contributing to my 401k? What is…
Thinking of retiring to Canada – Tax and Investment Questions Question Hi Phil I found your contact info through the facebook group for Americans in Canada. Great group by the way, we’ve learned a lot for far. My wife and I (she’s Canadian and I’m American) will be moving to Canada in late 2021 and…
IRS Guidance on Second Stimulus Payments The US treasury and the IRS have recently released some guidance on the second stimulus payment. I’ll outline a summary of these updates below: Overview The IRS and the Treasury Department expects the first American taxpayers to receive their payments starting this week. Taxpayers are not required to request…
Update: Details of Second Stimulus Package Announced With the second stimulus package expected to be passed by Senate on Monday, December 21, and passed into law soon after that by President Trump, the details are becoming clearer on the payment levels Americans can expect: Stimulus payments: The new package includes $600 stimulus checks per adult…
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…
ROTH IRA and TSFA Questions Question Hello! This is Erin from the recent question about what to do with American investments. A little about me: I make 12k USD per year through remote work for an American company. I make about 30k Canadian self employed income. Is it possible to invest in both TFSA and…
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…
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…
Update: Corporate America joins in call for second stimulus package deal With the progress of the so-called compromise package bogging down in recent days, there is growing concern that a second stimulus package will even get a vote on the Senate floor before the holiday hiatus. A key focus of the current stalemate is a…
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…
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…