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…
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…
The Auditor General of Canada has found that $27 billion in suspicious COVID-19 payments have been made. Executive summary: The Auditor General of Canada has found that $27 billion in suspicious COVID-19 payments have been made The government has said that it will work to recover any overpayments The opposition has called for an investigation…
CRA has launched formal consultations to streamline the reporting of payroll Canada Revenue Agency (CRA) has launched formal consultations to streamline the reporting of payroll information for the purpose of supporting businesses and employees. Executive summary: The government of Canada has launched formal consultations to streamline the reporting of payroll information The consultations are aimed…
Cross-Border Tax and Investment Q&A – Episode 18 On episode #18 of Crossing the 49th Podcast we hosted a live Cross-Border Tax and Investment Q&A. On another instalment of cross-border Q&A we discuss various cross-border tax and investment related issues. 0:00 We’re live! 2:05 I inherited a bunch of stocks from my father last year…
CRA Foreign tax credit review and US capital gains distribution Question Hi Phil I follow you on social media and one day would love to be one of your clients once I can afford the extra tax accounting costs. In the meantime I wonder if you can help me with a tax problem I’m having….
First year filing in Canada with T1135 Question Hi Phil, I came across your website on Google, and I am interested in accounting services to complete my 2021 US Tax Return and my 2020 + 2021 Canadian Tax Return, as well as receive tax planning advice. I am a US Citizen living in Victoria on…
Renouncing Citizenship, US investments, Rental CCA and double tax Question Please let me know what your consultation fees are for advising on the questions listed below. I am a 68-year-old, retired, US citizen and Canadian permanent resident since 2018. I am married to a Canadian and live in Quebec. We have assets and income in…
Which should I file first, my US or Canadian tax return? Question Mr. Hogan, I’ve been following you on the Facebook group for some time and I really enjoy the articles you write. I hope someday that I could earn enough money to have you help me file my tax returns. For now I’m filing…
Cross-Border Tax and Investment QA – Episode 6 Note: apologies for the audio quality on this one. It will be fixed on the subsequent podcast. On episode #6 of Crossing the 49th Podcast we walk through some common cross-border tax and investment questions that clients have. Question 1: How do I report my US IRA…
Canadian Foreign Tax Credit on IRA Distribution Question Hi Phil I think I need some help with a tax matter that has developed. I have an IRA in the US that I’ve just started taking distributions from. I move to Victoria from Colorado 10 years ago and I plan on staying in Canada until my…
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?…
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….
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…
Question Related to non-resident property sale by American Dear Mr. Hogan, I seek your guidance. I am currently on XXXXXXXX and once the international ferry starts up again after 4 November, I could come to your Victoria office. Or perhaps you do consults by phone, email and FAX. I need: 1) a determination of my current…
Is your corporation at risk of being deemed a personal services business (PSB) by the CRA? If your corporation is deemed to be a personal services business (PSB) your corporation is no longer eligible for the small business deduction (SBD) and its income is taxed at full corporate tax rates. For 2016 the B.C. corporate…
Family Income Splitting for Doctors – A Significant Income Tax Saving Strategy Our physician clients are some of the higher paid professionals in BC. Some making well over $500,000 per year. At these income levels average tax rates can be over 40%. For those that plan properly significant tax savings can be obtained by allocating…
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…
CRA Foreign Tax Credit Review – Please Help! Question Hi Phil I’m dealing with a CRA review of my T1 foreign tax credit claim and it’s driving me nuts. Hopefully you have a good idea on how to fix this mess. Here’s the situation. I lived in the US for a few years and during…
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…
Reduce the amount of tax withholdings from you paycheque Question Dear Phil, I stumbled upon your website while searching internet for information on tax payments. My income tax is being deducted from each paycheck. My spouse is self employed and pays taxes once a year. Because of the nature of her business (real estate) she…
CRA Cracking Down on Non-Compliance I wanted to share the recent CRA news release regarding how much extra revenue CRA has obtained by auditing and reviewing individuals and businesses’ income tax affairs. The article also outlines some cases where criminal prosecution was levied. The quick lesson here is……file you returns on time and make sure…
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…
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…
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…
CRA Is Now Offering Online Payment Services It’s been a long time coming, but The Canada Revenue Agency is now offering electronic payments for individuals and businesses. Their new MyPayment system allows individuals to pay personal tax installments and balances as well as allowing businesses to pay the following accounts: