A Second Stimulus Round: How it Will Happen and When to Expect It Although the number of Americans decreased slightly in the past week, the pressure on individuals and families running out of benefits under the CARES Act only increases as the economy continues to grind toward recovery. And the recovery itself might not be…
IRA or RRIF Withdrawals? Question If I’m thinking of taking distributions from my IRA or RRIF in excess of my required minimum distributions which should I pull from first? My RRIF or IRA? Answer I get this question a lot, and of course, like all things tax and investment related the answer to the question…
In a historic event for professional wrestling, Wrestle Dynasty 2025 lived up to its name, delivering unforgettable moments, high-stakes action, and stunning upsets. Featuring the culmination of the International Women’s Cup, a record-setting match outcome in Tony Khan’s AEW promotion, and the ongoing evolution of inter-promotional wrestling, the event highlighted the power of collaboration across…
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…
Gambling Refund Disallowed by the IRS Question Phil, I know you don’t know me from a hole in the ground and I know you are out to make money but I thought I’d ask anyhow. I’m a XXXXXX in XXXXX but US Tax law isn’t my forte. I have had an ITN for more than…
Disclosure of ROTH IRA for Canadian 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 wrt Roth IRA disclosure: Status: • Due to lack of awareness (assumed all retirement accounts are the same and therefore not required…
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…
Overview of deal Aspect Details Brand Name FAE Beauty Founder Karishma Kewalramani Episode Season 4, Episode 1 Ask ₹1 Crore for 1% Equity Deal ₹1 Crore for 1.5% Equity Sharks Involved Aman Gupta, Namita Thapar Company Status In-Business Revenue Before Pitch ₹10 Crores in the last 6 months Hero Product Lip Whip 12H Matte Liquid…
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…
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…
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…
US Social Security Payments to Canadian Key Points U.S. Social Security payments to Canadian residents are subject to a 25.5% withholding tax by the IRS. The Canada-U.S. tax treaty can reduce the withholding tax on Social Security payments to 15% for Canadian residents. Social Security benefits must be reported on Canadian tax returns and may…
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…
California and Canadian tax residency issues Question Phil, Saw your website and thought I would run this by you. I actually have a bit of a tax background but my son’s situation is new to me. My son lived in Ontario for a few years and became a CA permanent resident. During February 2021, he…
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…
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…
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…
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…
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…
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?…
Do I need to file in the US for a Canadian business? Key Points U.S. citizens or residents with a Canadian business may need to file U.S. tax returns, even if the business is based in Canada. Reporting requirements include filing forms like the FBAR and Form 5471 for foreign corporations owned by U.S. persons….
On January 20, 2025, history will be made as Donald Trump is inaugurated as the 47th President of the United States, marking his second non-consecutive term. This momentous occasion takes place on the federal holiday honoring Martin Luther King Jr., creating a unique and significant intersection between the legacy of the Civil Rights Movement and…
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…
The untimely death of Hudson Meek, a talented young actor best known for his role in Baby Driver, has left fans, peers, and the entertainment industry reeling. At just 16 years old, Hudson was on the cusp of a promising career when a devastating accident claimed his life. This article explores the details of the…
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…
CRA Announces Interest Rates For The First Quarter CRA has announced their interest rates for the first quarter of 2010. The rates include both the penalty rates for overdue balances as well as the prescribed rates for employee and shareholder loans: The interest rate charged on overdue taxes, Canada Pension Plan contributions, and Employment Insurance…
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…
The cricketing world is abuzz with South Africa’s monumental achievement as they secure a spot in the ICC World Test Championship (WTC) Final for the first time. The Temba Bavuma-led team clinched their place in a dramatic victory over Pakistan, marking a historic moment in the country’s cricketing journey. As South Africa celebrates, the focus…
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…
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…
RRSPs For Americans In this episode of Crossing the 49th, Newsglobal from Beacon Hill Wealth Management discusses the tax implications of holding and withdrawing from an RRSP as a U.S. resident. Learn how the Canada-U.S. tax treaty affects RRSPs, foreign tax credits, and how to plan your withdrawals to minimize tax liabilities. Key Topics: Tax…
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…
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…
In today’s hyperconnected world, consistent and reliable network services are critical for individuals and businesses alike. However, network outages remain a recurring issue, often sparking widespread disruption. One such event recently captured public attention: the Airtel outage. Airtel, one of India’s leading telecommunications providers, experienced a significant service disruption that left millions of users without…
IRS Streamline tax filing amnesty program for 2018 Question Hi I’m an American living in Canada that has not filed US tax returns for some years (based on my conversation with my friends I’m not the only one). I’m curious to know about how the IRS streamlined tax program works for amnesty. Do you help…
How to File Late Corporate Tax Returns? Question Hi I started a contracting company in 2012 and incorporated in 2013. The company has become relatively successful however I’ve neglected to file tax returns for each year. I want to ensure I don’t get in any more trouble with the tax department and I would like…
2025 is gearing up to be a landmark year filled with extraordinary events that promise to inspire, entertain, and unite people across the globe. From international expos and cultural festivals to major sports tournaments and global summits, there’s something for everyone. Let’s dive into the top 10 must-watch events of 2025 and why they deserve…
Update: Second Stimulus Package and Payments As we all recover from Thanksgiving dinner and look ahead to the holiday season, discussions around the second stimulus package continue. However, a decision (and second stimulus payment) is far from imminent. Here is a brief update of what might be ahead as we move toward 2021. Recap Treasury…
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…
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…
What should we do with our IRA and RRSP when we move to Canada? Key Points Managing IRAs and RRSPs after moving to Canada requires careful consideration of cross-border tax implications. IRAs can continue to grow tax-deferred, but withdrawals may be taxed in both the U.S. and Canada. RRSPs are recognized by the U.S. for…
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…
The year 2024 has seen some of the most remarkable box office successes across India, the United States, the United Kingdom, and globally. With significant contributions from theatrical releases and OTT platforms, this list captures the top 10 grossing films in each category. Let’s explore in detail: **click on movie title to watch respective movie…
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…
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…
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…
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…
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…
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…