How to File US Tax Returns in Canada (Ultimate Guide updated for 2023) Key Points U.S. citizens and green card holders living in Canada must file U.S. tax returns annually, regardless of residency. The Foreign Earned Income Exclusion and Foreign Tax Credit can help avoid double taxation on income earned in Canada. Filing U.S. tax…
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…
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…
Principal residence, losses, inherited IRA, FBARs and more – Episode 17 On episode #17 of Crossing the 49th Podcast we discuss Principal residence, losses, inherited IRA, FBARs and more. On another instalment of cross-border Q&A we discuss various cross-border tax and investment related issues. I’m moving to Canada, should I sell my PR or rent…
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…
Cross Border Tax Deadline Dates Outlined below are a list of tax deadlines for American’s living in Canada as well as regular Canadian taxpayers and non-residents of Canada. Note that in years where the deadline falls on a holiday it is often moved to the next business day. Deadlines may also be adjusted by Governments…
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…
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 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…
Top 10 Expat Tax Questions – Expat Tax Podcast On episode #4 of the Expat Tax and Financial Planning Podcast we discuss some of the most asked questions I get from clients regarding cross-border tax and financial planning issues. The top questions discussed on this podcast include: As a US citizen in Canada do I…
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…
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…
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 Victoria BC from California – Need Tax and Investment Advice Question Hello I found information online when I was doing my research. My wife and I are in the process of planning our move from San Diego to Vancouver Island some time later this year. We won’t need help with taxes and investment…
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…
Do I Need to Report my Bitcoins on my FBAR Forms? Question I actually live in Canada but I’m also an American that files US tax returns and FBARs each year. I have some bitcoins and Ether coins that I’ve accumulated over the years. The coins are spread between online crytco accounts like bitrex and…
US Doctor in Canada with Late US Tax Returns? Question Hi Mr. Hogan I’m a Radiologist that moved to Victoria over 5 years ago with my family. Both my husband and 2 kids have US citizenship and my husband is also a Canadian Citizen. I currently have my permanent resident card and will apply for…
If Trump Wins I’m Moving to Canada! – But What About Taxes? Not many thought he could get this far through the election cycle, but as Donald Trump secures the Republican nomination many Americans are seriously considering a long-term move to Canada. Unfortunately for most Americans a move to Canada may not be as simple…
How do I file my late US tax returns as a Canadian resident? Question Hello, I’ve lived in Canada for over 22 years and I haven’t filed a US tax return since I moved here (Ontario). Is the IRS going to want 22 years of tax returns filed? I don’t think I could even find…
Summary of the IRS Voluntary Disclosure and Amnesty Program The following article is a summary of the IRS Voluntary Disclosure and Amnesty program, specifically the new internal guidance procedure targeting those with foreign and offshore accounts. While the majority of this article’s information has been culled from the IRS webpage entitled, Voluntary Disclosure: Questions and…