Canadian with 401k plan in the US Question Hello I worked in the US from 2001 to 2008 and contributed to a 401K plan. I moved back to Canada (I am a Canadian citizen) in 2008. I am now retired and mad a partial withdrawal this year from my Vanguard 401K plan. I gave them…
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…
Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest contract chipmaker, reported stellar fourth-quarter results for 2024. The company’s revenue and profit outpaced analyst predictions, fueled by surging demand for AI chips. TSMC’s remarkable performance underscores its pivotal role in the AI-driven semiconductor market. Key Highlights Financial Performance Metric Q4 2024 Actual LSEG Consensus Estimate YoY…
Federal and Provincial Governments May Split Marijuana Tax Revenue This week, Prime Minister Justin Trudeau discussed new plans for a potential excise tax on the legal sale of recreational marijuana, the latter of which is set to take effect on July 1st, 2018. “The proposal we put forward is $1 excise tax per gram, up…
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…
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…
How to plan for investments before moving back to Canada Question Hi Phil My husband and I are part of your Facebook group for Americans in Canada. We have been following the group for some time and are planning our move back to Canada in the coming year. We both moved down to California 20…
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…
US streamline tax return catch up and inherited IRA Key Points The U.S. Streamlined Filing Compliance Procedures allow Americans abroad to catch up on missed tax returns without severe penalties. Inherited IRAs require careful handling to ensure compliance with both U.S. and Canadian tax laws. Timely and accurate reporting of inherited IRAs can prevent unexpected…
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…
Gautam Gambhir’s Tenure as India’s Head Coach: Key Highlights and Issues Aspect Details Position and Appointment – Appointed as India’s head coach in July 2024 after Rahul Dravid’s tenure ended.– BCCI’s first choice was VVS Laxman; Gambhir was a compromise candidate. Current Performance – India trails 1-2 in the ongoing Border-Gavaskar Trophy against Australia.– Must…
The engagement of Sean Hannity and Ainsley Earhardt, two prominent figures at Fox News, has captured the attention of fans and media alike. Known for their influential roles on the network, Hannity and Earhardt have been rumored to be a couple for years, but their recent engagement has finally confirmed their relationship. This article explores…
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…
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…
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…
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…
A massive wildfire is raging through Pacific Palisades in Los Angeles, causing widespread evacuations and threatening homes and businesses. The fire, driven by fierce winds and dry weather, has already burned over 1,200 acres and shows no signs of slowing down. Category Details Location Pacific Palisades, Los Angeles, California Acres Burned Approximately 1,260 acres Wind…
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…
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. …
Should I incorporate my BC company? Question Hi I run a successful online marketing business in Vancouver that I have been involved with since 2002. I’m getting a lot of conflicting advice on whether or not I should incorporate by business. Let me give you some facts and perhaps you can point me in the…
Will they Implement a Canadian Wealth or Estate Tax? Question My wife and I have been reading lately about all this talk related to a possible wealth or estate tax on Canadians. We have significant investment accounts in both Canada and the US. Do you think Canada will actually implement a wealth tax anytime soon?…
How to make you mortgage interest deductible – David Ingram video I wanted to share this great video with everyone. In this video David Ingram answers a viewers email about how to make your mortgage interest deductible. Enjoy! Right now what I want to talk to you about is Mortgage Interest as a deduction in…
2024 has been a stellar year for web series enthusiasts, delivering a plethora of binge-worthy content across diverse genres and languages. From the gripping crime drama of The Penguin to the thrilling sci-fi of Fallout, and regional gems like Thukra Ke Mera Pyaar in India, there’s something for everyone. Explore our carefully curated list of…
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)…
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…
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…
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…
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…
Exclusive Canadian Immigration Webinar featuring Elizabeth Long Hi everyone I’m excited to announce our very first podcast guest. On November 17th I’ll be hosting a webinar with Elizabeth Long of Long Mangalji to discuss various Canadian immigration issues and strategies. Elizabeth has extensive experience in Canadian immigration strategies and I look forward to discussing these…
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…
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…
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…
Should I convert my IRA to a ROTH IRA before moving to Canada? Question I’ll be moving to Ottawa from Boston late this year and I’ve been working through some financial planning with my broker. While doing some research online I came across your cross border tax articles, specifically the ones outlining IRA conversions. I…
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…
The entertainment world is buzzing with news of a groundbreaking merger between Disney’s Hulu + Live TV and sports-centric streaming platform FuboTV. This partnership is set to revolutionize the live TV streaming market, combining resources and services to offer enhanced value to subscribers. Here’s a detailed look at what this deal means for both companies,…
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 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…
Canada Continues To Aim At Attracting New Investment With Lower Taxes The Canadian government continues to boast about their plans to further reduce income tax for corporations in an effort to attract additional investment from outside its borders. Some of the tax changes include: Substantial, broad-based tax reductions that are lowering the federal general corporate…
Leaving Canada with Lots of Disney Stock – Tax Issues? Question Hi Phil I recently stumbled across your blog and I think you may be the right guy to answer my questions. I’ll be leaving Canada permanently to work in California (I’m also a US citizen) for a small start up venture. Other than a…
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…
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…
CRA Foreign tax credit review and US capital gains distribution Question Hi Phil I follow you on social media and one day would love to be one of your clients once I can afford the extra tax accounting costs. In the meantime I wonder if you can help me with a tax problem I’m having….
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…
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…
Mistakes I often see on Cross-Border US and Canadian tax returns I’ve reviewed many US tax returns from new clients. Given the inherent complexity of cross-border tax returns, I tend to see lots of incorrect filings and omissions. This post is not meant to point out others’ mistakes but rather to inform those with cross-border…
The state of California is grappling with multiple wildfires that have caused widespread destruction and prompted mass evacuations. Below is a summary of the latest updates, affected areas, and critical information to help residents and concerned individuals stay informed. Current Wildfires in California Fire Name Location Acres Burned Containment Structures Destroyed Evacuations Eaton Fire Pasadena…
Top 10 Expat Tax Return Mistakes – Are you making any of these? We file over 1,500 expat tax returns per year and we also review a significant amount of expat returns prepared by individuals and other accounting firms. First, I would like the preface the following list with the fact that I understand honest…
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…
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…
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…