Gifting Canadian RRSP to Children Key Points Gifting a Canadian RRSP to your children is not allowed, as RRSPs cannot be transferred during your lifetime without triggering taxes. Withdrawals from an RRSP are fully taxable as income, making direct gifts of RRSP funds costly for the giver. Upon the holder’s death, RRSPs can be transferred…
Cross-Border Tax QA – FBARs, 1116, IRA Transfers and Other As you can imagine I receive a significant amount of cross-border tax questions each and every week. Given some of these questions are quite frequent I thought it might be helpful to post some answers to some of the most frequently asked cross-border tax questions…
Tax Treaty Articles every US Expat should know – Pensions The Canada-US tax treaty can be quite complex and difficult to understand if you don’t have a lot of experience in interpreting the treaty and applying treaty rules through income tax return elections and forms. In very general terms the tax treaty was negotiated between…
American Selling Property in Victoria BC – Tax Issues Question I live in XXXXXX, and still a Canadian passport holder, and am a permanent resident of the US. My property on Galiano Island is listed by Sotheby’s, and the home has been for sale since last October. We had an offer in February which in…