5 Common Expat Cross-Border Tax Return Errors In this episode of Crossing the 49th, Newsglobal from Beacon Hill Wealth Management discusses the top 5 tax return mistakes expats make when filing U.S. and Canadian returns. From form 2555 errors to foreign tax credit issues, Phil covers the key pitfalls and how to avoid them for…
U.S. State Tax Returns for Canadians In this episode of Crossing the 49th, Newsglobal discusses U.S. state tax filing for Canadians. Learn when and why Canadians need to file state returns, especially for rental income, property sales, or if you’re moving from the U.S. to Canada. Get insights on exit returns, foreign tax…
RRSPs For Americans In this episode of Crossing the 49th, Newsglobal from Beacon Hill Wealth Management discusses the tax implications of holding and withdrawing from an RRSP as a U.S. resident. Learn how the Canada-U.S. tax treaty affects RRSPs, foreign tax credits, and how to plan your withdrawals to minimize tax liabilities. Key Topics: Tax…
How Interest, Dividends and Capital Gains are treated for U.S. Expats in Canada On this episode of Crossing the 49th I discuss the tax treatment of interest, dividends and capital gains for U.S. expats that live in Canada. Key Topics: How these income items are taxed Foreign tax credit application including 1116 form filings Relevant…
Canadian tax on US principal residence sale? Key Points Canadians selling a U.S. principal residence may be subject to Canadian tax on the capital gain. The U.S. may also tax the sale, but the Canada-U.S. tax treaty can help avoid double taxation. The principal residence exemption in Canada can reduce or eliminate Canadian tax on…
Sale of Thailand property by Canadian Key Points The sale of property in Thailand by a Canadian resident is subject to both Thai and Canadian tax laws. Capital gains from the sale may be taxable in Canada, even if taxes were paid in Thailand. The Canada-Thailand tax treaty can help prevent double taxation, but proper…
What tax filings should you expect your first year in Canada? Key Points Your first year in Canada involves filing both Canadian and possibly U.S. tax returns if you’re a U.S. citizen or resident. Canadian tax filings will include reporting worldwide income, with credits available for taxes paid to other countries. New residents must file…
Question about Capital Gains taxes by IRS on Canadian property Key Points U.S. citizens are subject to IRS capital gains tax on the sale of Canadian property, even if it’s their principal residence. The Canada-U.S. tax treaty may provide relief to avoid double taxation, but proper filing is crucial. Capital gains on Canadian property must…
California and Canadian tax residency issues Question Phil, Saw your website and thought I would run this by you. I actually have a bit of a tax background but my son’s situation is new to me. My son lived in Ontario for a few years and became a CA permanent resident. During February 2021, he…
Cross-Border FAQ: CRA reviews, W8, Inheritances, IRA or RRSP? – Episode 12 On episode #12 of Crossing the 49th Podcast we walk through some frequently asked questions regarding cross-border tax and financial planning. I speak to lots of cross-border clients each week and I’ve compiled a list of some of the most asked questions I…
How are US pensions taxed in Canada Question I moved back to Canada a few years ago and will be starting to draw on my US pension in the coming months. How will my US pension be taxed in Canada? Answer Hi, thanks for your question, however considering I don’t know much about your situation…
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…
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…
Moving to Canada after selling US business Question Hi Phil Was referred to you by my US CPA, XXXX. I don’t think you know him, but he did find you online. I have some important questions that I’m having a hard time finding answers to. Hopefully you’re the right guy to help. My husband and…
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…
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…
Should I convert my US IRA to my RRSP? Question Thanks for the help earlier. Before she proceeds with finding an advisor who can manage her us-registered IRA, she wants to confirm the following with you. Can you confirm that it is not advisable for her to convert a $700K IRA to an RSP, because…
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…
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…
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…
Should I convert my IRA before moving to Canada? Question Hello, I have a question…I’m planning on moving to Canada (I’m a US citizen) in the next few months and I’m wondering whether I should convert my existing IRA ($200,000) to a ROTH IRA or enter Canada and roll it into an RRSP. What are…
Do I pay US tax on interest earned from the US? Question Hello Phil, I have what I hope is a simple question. If a Canadian resident earns interest income on money invested in the US, does the Canadian resident then have to file US income tax? If so, is an ITIN number needed by…
Foreign Tax Credit for Taxes on Swiss Tax Returns Question Hello, I lived in Switzerland for a few years and I failed to file my US returns. I’m a US citizen, currently residing in the US but I have been living in Switzerland for a few years. I’m currently catching up with my delinquent US…