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. …
Canadian Wealth, Inheritance and Estate Tax I get these questions all the time, does Canada have a wealth, inheritance or estate tax? The quick answer, at least for now, is no… Canada doesn’t currently have any type of wealth tax other than a final death tax that calculates and taxes a taxpayer’s final capital gain…
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…
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…
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…
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…
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…