Left Canada and moved to US – Deemed Disposition Rules Question Great website! Here is my situation…please let me know if you can help. Thank you… I left Canada (XXXXXX) about 9 years ago (in XX) and moved to California, where I now live. When I left Canada, I filed my Cdn taxes for the…
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…
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…
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…
American Doctor Moving to Victoria BC Question Hi, I’m a radiologist that will be moving up to Victoria in the summer to work on contract at the general hospital. I’m concerned that I haven’t properly planned for the tax consequences of the move. I can outline in general terms my situation and perhaps we can…
Starting a Business in Vancouver, Need Some Advice on an Appropriate Structure Question Hi Phil I’m starting an application and gaming company with 2 close friends of mine in Vancouver. We’ve been told on multiple occasions that going into business with friends is a big mistake. But after looks of discussions we’ve all decided to…
US tax withholdings on pension death benefit Question Hi Phil, This is XXXXX XXXXX from the Americans Living in Canada FB page. I’m sure you’re busy this time of year, but I’m hoping you might be able to answer a question for me. I live in BC, and my dad passed away last July in…
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…
Poco is set to redefine the mid-range smartphone market with the launch of its highly anticipated Poco X7 Series in India on January 9, 2025. Packed with cutting-edge features, the Poco X7 5G and Poco X7 Pro 5G aim to deliver a seamless blend of performance, design, and functionality at an accessible price point. All…
How does CRA know about my foreign income in the US? Question I have a bunch of investments in the US that I had before I retired to Canada. It’s not much income right now, but once my IRAs and other pensions start paying distributions it will be fairly significant. I also have stocks in…
On January 20, 2025, President Donald Trump enacted a series of executive orders aimed at overhauling U.S. immigration policies. These measures include declaring a national emergency at the U.S.-Mexico border and attempting to end birthright citizenship for certain children born in the United States. Here’s the content presented in a table format for clarity: Key…
Canadian Job Market Sees Growth in November Key Points The Canadian job market experienced significant growth in November, with an increase in employment across various sectors. Unemployment rates in Canada remained stable, indicating a robust labor market despite economic uncertainties. Job gains were seen in industries such as manufacturing, construction, and professional services. The positive…
Why Are So Many Americans Moving to Canada? According to a YouGov survey on June 23, 31 per cent of Americans are either very interested (15 percent) or somewhat interested (16 percent) in moving to Canada if the candidate they vote for is not elected in November. (Interestingly, 6 percent reported having no intention 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…
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…
How to Start a Business in BC If you’re interested in starting a business in BC you’ve come to the right place. Living, investing and building a business in BC can be a challenging but very rewarding experience. The steps to starting a business can vary but I’ll outline some basis steps and considerations when…
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…
Canada Announces New Immigration Plan Levels On October 30th, Immigration, Refugees, and Citizenship Canada (IRCC) released its Immigration Levels Plan for 2021 to 2023. The announced targets are history-making, with never-before-seen goals for each of the coming three years. Specifically, the country hopes to welcome: 401,000 new immigrants in 2021 411,000 in 2022 421,000 in…
Capital Gains Tax on Bitcoin and Cryptco Currencies – Trading and Investment Issues Question Hi I’m an American living in Canada and I see that you help people with Canadian and cross border tax and investment issues. I need some help in this area. Early on in the evolution of Bitcoin and other cryptocurrencies I…
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…
RRSP payment to UK resident withholding tax? Question Hello, I moved from Canada in 2003 and left my RRSP in Canada. I’m planning on withdrawing $10,000 from the RRSP this year. How much Canadian tax will they withhold? Thanks for your time. XXXXX Answer Hi XXX Canada will withhold 25% of the RRSP payment at…
The healthcare sector is the backbone of society, ensuring the well-being of millions. However, when the workforce that sustains this critical infrastructure faces challenges, it sends ripples through the community. Recently, nearly 5,000 frontline healthcare workers at Providence Health in Oregon have announced their intent to strike starting January 10, 2024. This development highlights deep-seated…
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…
Democrats Propose Huge COVID-19 “Bazooka” Wow, the Democrats have proposed significant stimulus in their March 18, 2020 memo to the House of Representatives. Some highlights include: $2,000 for each adult and $1,000 for each child per month Suspension of credit payments Credit facility available to help reimburse creditors Suspend all negative credit reporting Prevent debt…
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…
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…
My daughter leaving Canada – tax implications? Question Phil, I saw your website and thought I would run this by you. I actually have a bit of a tax background, but my daughter’s situation is new to me. My daughter lived in Ontario for a few years and became a CA permanent resident. In February…
Do Canadians Need to File US Estate Tax Returns? Key Points Canadians may need to file a U.S. estate tax return if their worldwide estate exceeds the U.S. filing threshold. The U.S. estate tax applies to non-resident aliens holding U.S.-situs assets, such as real estate or stocks. There are specific exemptions and credits available under…
New Postcard Sized 1040 for 2018 The IRS recently announced the new “simplified” 2018 1040 form. The new version of the 1040 replaces the older 1040, 1040-A and 1040-EX forms. Trump announced the “simplified change” to the 1040 last year, however many are not so convinced this new version will simplify tax filings for taxpayers….
Moving from California to BC – IRA to RRSP Issues Question Hi Mr. Hogan I moved up to Canada from California last May. My current Canadian broker is suggesting that I transfer my IRA to a new RRSP. Based on his calculations I can only transfer 40% tax free. The remainder will need to be…
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…
California residents with Canadian RRSP – Need tax help! Key Points California residents with Canadian RRSPs must navigate complex U.S. and state tax rules. The U.S. requires annual reporting of RRSPs on IRS forms to avoid penalties. California does not recognize RRSP tax deferral, leading to potential double taxation. Proper planning is essential to minimize…
Canadian Non-Resident Tax Guide As a non-resident of Canada you are liable for tax and reporting for income earned from Canadian sources. This guide will walk you through the rules and regulations related to each type of Canadian source non-resident income. Non-Resident Withholding Taxes Non-residents of Canada are subject to withholding taxes on certain types…
Moving to BC with Lots of Money and Assets – Things to Consider Question I’m moving to Victoria BC at the end of the year and will need to setup a consultation to discuss my financial and tax situation. I thought it best to outline my situation before meeting so you could get some context…
The Ministry of Defence (MoD) signed two contracts on Monday, worth a combined Rs 2,867 crore, for constructing an Air Independent Propulsion (AIP) plug for the Defence R&D Organisation’s (DRDO’s) AIP system and its integration onboard Indian submarines. Summary of MoD Contracts for Submarine Enhancements Details Description Date of Signing December 30, 2024 Total Value of…
Americans in Canada – How to vote abroad Key Points U.S. citizens living in Canada can vote in U.S. elections by absentee ballot. Registering to vote from abroad requires filling out the Federal Post Card Application (FPCA) annually. The FPCA allows Americans abroad to receive their ballot electronically or by mail. Submitting the FPCA early…
Canadian non-resident selling property situated in Canada Question I have owned a residence on Vancouver Island since 2003. I used it as a seasonal residence for myself and wife (our two sons were born in Canada) until 2007 when I took a Doctoral program in my field in Traditional Chinese Medicine in Victoria.for two years…
Moving from Thailand to BC Question Hi Phil, My name is XXXXX. Thank you for your emails. I was born in Vancouver, BC in 1955 to UK parents who moved to Washington DC in 1967 to work. After high school and a BA degree on the East coast, I completed 2 masters degrees at the…
Victoria BC ITIN Acceptance Agent – Individual Taxpayer Identification Number As an IRS acceptance agent we can help you obtain an ITIN (Individual Taxpayer Identification Number) for US tax purposes. This will require the completion of form W-7 and a signature from our acceptance agent. Who needs an ITIN? Non resident aliens required to file…
Question Related to non-resident property sale by American Dear Mr. Hogan, I seek your guidance. I am currently on XXXXXXXX and once the international ferry starts up again after 4 November, I could come to your Victoria office. Or perhaps you do consults by phone, email and FAX. I need: 1) a determination of my current…
Curaçao, a vibrant Caribbean island, offers a plethora of activities that cater to diverse interests. Here’s a curated list of 50+ fun things to do in Curaçao for an epic vacation: Here’s a detailed list of activities in Curaçao, organized into separate tables based on categories for better clarity. Beaches & Water Activities Activity Description…
CRA Cracking Down on Non-Compliance I wanted to share the recent CRA news release regarding how much extra revenue CRA has obtained by auditing and reviewing individuals and businesses’ income tax affairs. The article also outlines some cases where criminal prosecution was levied. The quick lesson here is……file you returns on time and make sure…
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…
Adani Green Energy Limited (AGEL), a leading player in India’s renewable energy sector, has announced the incorporation of a new subsidiary, Adani Green Energy Sixty Eight Limited (AGE68L). This strategic move underscores AGEL’s commitment to expanding its renewable energy footprint across the nation. Key Details of the New Subsidiary: This development aligns with AGEL’s strategic…
Moving out of Canada – Tax issues Question Hello Phil Thanks for your quick reply. Just to clarify, my intention is to fully retire by 2023 (as in nothing but pension income) and live in the home that my husband and I purchased in Washington IF everything goes according to plan and I am awarded…
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….
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…
Donald Trump was sworn in as the 47th President of the United States on January 20, 2025. In his inaugural address, he outlined ambitious goals for a “golden age of America,” emphasizing national pride, economic prosperity, and security. Below, we analyze the key points of his speech and immediate executive actions. Key Themes of Trump’s…
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…
The Ministry of Youth Affairs & Sports has announced the recipients of the National Sports Awards 2024, celebrating outstanding performances and contributions to Indian sports. The awards will be presented by the President of India at a grand ceremony on January 17, 2025, at Rashtrapati Bhavan. Major Dhyan Chand Khel Ratna Award 2024 Recipients The…