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…
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…
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….
Should I move my investments to Canada? Question Hi Phil I’ve just recently joined the Americans in Canada Facebook page and have been following your posts. All good stuff. We moved to Kelowna last year from California and have a few questions related to our investments in the US. I’m a dual citizen and my…
October 16th, Crypto, 30% IRA withholdings and CRA FTC – Ep.23 On episode #23 of Crossing the 49th Podcast we discuss October 16th, Crypto, 30% IRA withholdings and CRA FTC. Summary: In the latest episode of “Crossing the 49th: The Crossborder Tax and Financial Planning Podcast,” host Newsglobal delves into some frequently asked cross-border…
Tax Tip #1 – What Happens If I File My Canadian Tax Return Late? Your Canadian tax return is due April 30th unless you or your spouse or common-law partner carry on a business in which case you have until June 15th. Note however that any tax balance owing still needs to be paid by…
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…
Moving to Canada with investments in a revocable trust… Question I’ll be moving up to Canada next year and I’ll need help navigating some planning. I have a fair amount of investments in my revocable trust and need someone to review the holding to ensure I don’t run into trouble when I become a Canadian…
In a tragic incident that has sent shockwaves through the international community, a plane crash in Kazakhstan has claimed the lives of 38 individuals. Azerbaijan’s President Ilham Aliyev has made a startling claim that the aircraft was brought down by Russian ground fire. The accusation has sparked tensions between the two nations, with Russian President…
Hudson Meek Movies and TV Shows Title Short Review Baby Driver (2017) Meek portrays Young Baby, offering a glimpse into the protagonist’s early life in this action-packed heist film. Celebrated for its dynamic soundtrack and innovative car chase sequences. 90 Minutes in Heaven (2015) Meek plays Chris Piper in this drama based on a true…
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 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…
How to Transfer my IRA to Canada (or into an RRSP)? Question Hi Phil I moved to Canada in 2008 from Texas. I still have a sizable IRA in the US and in order to simplify my life I would like to move the account or funds up to Canada. Of course, I would prefer…
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…
5 Years of past due Canadian tax returns. Question Hi, I hope you can help. I’ve neglected to file my Canadian taxes for the last 5 years (please no lecture thanks….I know I’ve been bad)… I’m self employed and I’m finally caught up with all my bookkeeping records. I’ll be taxable in 2007 to 2009…
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…
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…
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…
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…
Canadian families expected to pay more for groceries in 2023 Executive Summary: Canadian families can expect to pay an additional $1,065 for groceries in 2023, according to a new report. The report, which was released by Dalhousie University and the University of Guelph, found that prices for meat, vegetables, and fruits are expected to rise…
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…
2013: Allegations of Money Laundering 2019: Involvement in NSEL Scam Allegations 2020: RBI Penalty for Marketing Violations 2021: Fraudulent Loan Disbursements 2024: RBI Penalty for Interest Rate Violations 2024: Unauthorized Transactions and Customer Losses Why You Should Maintain Distance from DCB Bank: A Warning for Caution In recent years, DCB Bank has been embroiled in…
US Citizen moving to Canada – Possible expatriation tax Question Hello Mr. Hogan, I’ll be moving from California to Canada in February of next year and I just wanted to get a sense for any tax implications that I need to be considering before I make the move. Let me give you some background of…
When are my cross-border tax returns due? – Ep.24 On episode #23 of Crossing the 49th Podcast we discuss When are my cross-border tax returns due? Extended Summary of the Podcast: In the episode of “Crossing the 49th,” host Newsglobal delves deep into the intricacies of cross-border tax and financial planning, specifically tailored for…
Canadian Corporation Doing Business in the US Question I am an accountant in [Canadian city] and have tried to call the IRS to determine what my client will require in forms and cannot get to talk to a person. I found your name on the internet and would gladly pay for your expertise in just…
Cross Border Tax Deadline Dates Outlined below are a list of tax deadlines for American’s living in Canada as well as regular Canadian taxpayers and non-residents of Canada. Note that in years where the deadline falls on a holiday it is often moved to the next business day. Deadlines may also be adjusted by Governments…
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…
Tax withholdings on RRSP withdrawal to Italy Key Points RRSP withdrawals by Canadian residents moving to Italy are subject to a 25% withholding tax by Canada. The Canada-Italy tax treaty may reduce the withholding tax on RRSP withdrawals under certain conditions. Properly reporting RRSP withdrawals on both Canadian and Italian tax returns is essential to…
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…
What should I do with my U.S. home when I move to Canada Key Points Keeping a U.S. address on investment accounts after moving to Canada can lead to account freezes and closures. Using a U.S. address may cause compliance issues with Canadian tax laws and complicate tax reporting. Financial institutions may impose penalties or…
T1135 and Moving to Canada from Texas Question Hi My wife and I will be moving from Texas to Calgary early in 2021. We’re trying to do as much research on the move as possible. To be honest, the complexities of the tax systems between both Canada and the US is making our heads spin….
Canadian gifting money to their US citizen Son 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 report this on…
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…
The New Citizen Naturalization Test The oral exam that immigrants to the U.S. must complete to receive their citizenship just got more complicated. On Friday, November 13, officials from the U.S. Citizenship and Immigration Services (USCIS) revealed plans to implement the revised version of what is known as the naturalization civics test. The oral test…
How to deal with an IRS audit or review If you’ve received notice that the IRS is going to conduct a review or audit of one or more of your tax returns, you may experience several emotions, ranging from fear to guilt to even anger for apparently being singled out, but with a little more…
“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…
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…
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…
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……
Reduce Your Payroll Withholdings and Keep More Cash From Your Paycheck If you are one of the many that receives a sizable income tax refund at tax time your employer is possibly withholding more tax then is necessary. You have the legal right to apply to CRA and ask your employer to reduce your tax…
IREDA in the Spotlight The Indian Renewable Energy Development Agency (IREDA), a key player in financing India’s green energy revolution, has captured investors’ attention with its stellar Q3FY25 performance. The company’s impressive financial metrics, growing loan book, and ambitious expansion plans have fueled a 6% surge in its share price. This article unpacks the highlights…
ROTH IRA Election – Income Tax Technical News no. 43 The rules related to how you actually make the ROTH IRA election are contained within CRA’s Income Tax Technical News no. 43. To read the entirety of the technical guide please click the image below:
Disclosing Offshore Investment Accounts to CRA – Don’t Let CRA Find Them First. I met with a client a few weeks ago that needed some advice on whether or not to disclose his Swiss offshore investment accounts. I was reminded again by how important it is for Canadians to ensure they not only report income…
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…
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…
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…
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…
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…
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…