Moving from Texas to BC – Tax and Investment Questions Question Hi, I hope this email finds you well. I came across your website while searching for advice on moving from the U.S. to Canada, and I really appreciate all the helpful content you’ve shared. I have a few questions about my specific situation and…
Moved up to Canada with 401k, investments and LLC business assets Key Points Moving to Canada with 401(k) investments and LLC business assets requires careful cross-border tax planning. 401(k) plans can continue to grow tax-deferred, but withdrawals will be taxed in both the U.S. and Canada. LLC business assets may be treated differently under Canadian…
Moved to Canada with 401k accounts – What are my options? Question Hello Phil, I’m a follower of your Youtube channel and would like to thank you for the educational videos you share. It is very informative and the content is delivered in an easy to understand manner. I have a query regarding 401k accounts. My…
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…
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…
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…
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…
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…
Everything you Need to Know about form T1135 In addition to income reporting tax forms we also need to complete informational reporting forms for our clients. One example of such forms is form T1135 – foreign income verification statement. What is Form T1135? According to CRA’s official website the first iteration of the T1135 was…
Moving to Canada with Investments, and I Need Help! Question Hi there I got your name from my mother that said that you help her with her Canadian and US tax returns. I’ll be moving back to Canada in 2020 and wonder if you are taking new clients. I think my situation is quite complex…
Cross Border Tax Topics – The Wealthy Life Appearance A big thanks to Sybil Verch and the crew at the Wealthy Life for having us down for the show. Although the segment was relatively brief we were able to touch on a few key cross border tax and investment topics: General Tax and Compliance Considerations…
Late Filing T1135 Under the New VDP Program – US Investments Question I read your article on Canadian voluntary disclosure and T1135 late filing forms. I wanted to ask about how I would go about filing these late forms given the changes to the program. I’ve had my taxes done by a professional accountant in…
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….
Living in Canada with US Based Investments? Watch for Complex T1135 Reporting. Canadian taxpayers (including US citizens living in Canada) with US investments may need file CRAs T1135 foreign income verification form. The T1135 form is required whenever a Canadian taxpayer’s cost in foreign property is more than $100,000. Some exceptions do apply however as…
ROTH IRA for Canadians and Newcomers to Canada This post was created to give some information, perspective and strategies to those Canadian residents that currently hold ROTH IRA accounts either within the US or in Canada (through a designated Canadian broker able to manage US assets). If you need help moving your IRA to Canada…
10 Things to Know Before Moving to Canada from the US 1. US Citizens File Taxes Even When They Live Outside the US US citizens moving to Canada will still be required to file US taxes even though they no longer reside in the US. Tax filings will be required based upon their US citizenship…
Frequently asked cross border tax and financial planning questions He get a significant amount of questions on the site. Unfortunately we are not able to answer everyone’s request. Make sure to also post your questions on our cross border tax and financial planning forum. We have many professionals available to help answer current queries. We’ve…
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…