US Expats and the October 15th Deadline – ep.#28 Crossing the 49th. On episode #28 of Crossing the 49th Podcast, we discuss the upcoming October 15th deadline. Understanding the October 15 Deadline for U.S. Expats in Canada | Cross-Border Tax and Financial Planning In this episode of Crossing the 49th, I break down the important…
Does the Tax-Free First Home Savings Account (FHSA) work for Americans in Canada? Key Points The Tax-Free First Home Savings Account (FHSA) offers Canadian residents tax-free savings for their first home purchase. U.S. citizens in Canada may face U.S. tax reporting and potential taxation on FHSA contributions and earnings. The FHSA is not recognized under…
Moving to Vancouver from the US, need help with investments and future inheritance Key Points Moving to Vancouver from the U.S. requires careful planning to manage investments and future inheritances under Canadian tax laws. U.S.-based investments may face restrictions in Canada, necessitating a review of your investment strategy. Inherited assets from the U.S. could trigger…
Moving to Canada with Trusts, IRAs and Real estate issues Key Points Moving to Canada with trusts, IRAs, and real estate involves complex tax considerations in both the U.S. and Canada. Trusts may be subject to different tax treatments in Canada, potentially leading to unexpected tax liabilities. IRAs can continue to grow tax-deferred, but distributions…
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…
Canadians with US Pensions – Episode 11 On episode #11 of Crossing the 49th Podcast we discuss how US pensions are taxed in Canada. Many of my client receive pension income from the US whether it be traditional government or private US pensions or registered pension payments from 401k or IRA accounts. In this podcast…
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…
Expat and Cross-Border Tax Deadlines – Episode 10 On episode #10 of Crossing the 49th Podcast we discuss important cross-border and expat tax filing deadlines. Given the potential for large penalty assessment on late tax filings it’s extremely important to not only understand all the US and Canadian tax filing deadlines, but also to ensure…
Common Expat Tax Return Mistakes – Episode 9 On episode #9 of Crossing the 49th Podcast we discuss the most common mistakes I see others making on their cross-border Canadian and US income tax returns. I’ve reviewed a lot of US tax returns from new clients. Given the inherit complexity of cross-border tax returns…
Need help with estate planning in Victoria Question Hi Phil I got your contact info from my long-term lawyer XXXX XXXXX. He will be helping with my estate matters but I also have a bunch of US based issues, estate planning and investments that I need help with. Not to mention a rather large US…
Mistakes I often see on Cross-Border US and Canadian tax returns I’ve reviewed many US tax returns from new clients. Given the inherent complexity of cross-border tax returns, I tend to see lots of incorrect filings and omissions. This post is not meant to point out others’ mistakes but rather to inform those with cross-border…
Moving to Canada, working a bit, then retiring Question Hi Phil I came across your website after watching some of your videos on moving to Canada with investments. Quite helpful videos considering how little information there is about our situation online. Let me outline out situation and you can tell me if you can help…
RRSPs and US Expats – Episode #7 On episode #7 of Crossing the 49th we discuss Canadian RRSPs and how they affect US expats living in Canada. What are RRSPs? How do they work? Tax deduction Spousal RRSPs Home buyers plan When they RRIF 71 years old Impact on US Citizens in Canada? US IRA…
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…
Moving from Canada and non-resident status Question Dear Mr. Newsglobal, I’m a Canadian citizen who recently moved to the states for work. I came across your contribution to a Canadian news article about cross border income tax a few months ago when I was preparing for my move. Although the tax season is a bit…
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…
Moving to Canada with IRA, ROTH IRA and Investments to retire Question Hi Phil My wife is a member of your Facebook group and she thought you would be the perfect person to talk to with respect to our situation. My wife and I still be moving to Victoria early next year. Our kids are…
The Biden Tax Plan: Implications for Individuals It is safe to say that the 2020 Presidential Election was on personality and relatively light on policy details. But with the January 20th inauguration approaching quickly, here is an overview of what we know about the tax plan that will likely come into play in the first…
IRS Guidance on Second Stimulus Payments The US treasury and the IRS have recently released some guidance on the second stimulus payment. I’ll outline a summary of these updates below: Overview The IRS and the Treasury Department expects the first American taxpayers to receive their payments starting this week. Taxpayers are not required to request…
ROTH IRA and TSFA Questions Question Hello! This is Erin from the recent question about what to do with American investments. A little about me: I make 12k USD per year through remote work for an American company. I make about 30k Canadian self employed income. Is it possible to invest in both TFSA and…
Citizenship Based Taxation is not going Away, but these 5 Changes Would Change the Game (for the better) Many Americans living abroad have been advocating aggressively for the repeal of Citizenship based taxation (CBT). These advocates argue that the rules that tax US citizens abroad are unfair and overly punitive. Although I do not entirely…
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…
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….
Top 10 Expat Tax Return Mistakes – Are you making any of these? We file over 1,500 expat tax returns per year and we also review a significant amount of expat returns prepared by individuals and other accounting firms. First, I would like the preface the following list with the fact that I understand honest…
Retiring to Canada and help with with taxes and investments Question Hi I found your contact information on the Americans in Canada facebook group. I wanted to reach out to try and schedule a future appointment or consultation. Please let me know how I can book such a meeting. In preparation for this meeting I…
New Postcard Sized 1040 for 2018 The IRS recently announced the new “simplified” 2018 1040 form. The new version of the 1040 replaces the older 1040, 1040-A and 1040-EX forms. Trump announced the “simplified change” to the 1040 last year, however many are not so convinced this new version will simplify tax filings for taxpayers….
American Moving to Canada – I Need Help! Question Hi there I’ve finished my paperwork with my immigration lawyer and we’ll be making the move up to Victoria in early 2018. She told me to ensure I got the advice of an international tax expert to sort out any tax issues I’ll be facing and…
Can I Extend my US 1040 Income Tax Return Past October 15th? Question I’m a US citizen living in Canada that has yet to file his US tax return. I was told by a friend that I could have until December 15th, 2017 to file my return. However I can’t find any information online about…
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…