How to get an ITIN for a US investment account as a Canadian? Key Points Canadians needing an ITIN for a U.S. investment account must submit IRS Form W-7 with supporting documents. An ITIN is required for Canadians who do not qualify for a Social Security Number but need to file U.S. tax returns. Properly…
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…
US citizen living in Canada and inheritance? Key Points U.S. citizens living in Canada must navigate complex tax implications when receiving an inheritance from the U.S. Inheritances are generally not taxable in the U.S., but income generated from inherited assets may be subject to U.S. and Canadian taxes. The Canada-U.S. tax treaty can help avoid…
Receiving a large inheritance – IRA and investments Key Points Receiving a large inheritance, including IRAs and investments, involves complex tax implications in both the U.S. and Canada. Inherited IRAs have specific rules for distributions, which may trigger taxes in both countries if not handled correctly. Properly managing the timing and method of withdrawing from…
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…
Moving to Canada from Texas with ROTH IRA, Investments and Living Trust Key Points Moving to Canada from Texas with a Roth IRA requires careful planning to avoid Canadian tax on future distributions. Roth IRA investments may continue to grow tax-free in Canada, but proper reporting to the CRA is essential. A U.S. living trust…
Should I sell all my investments before moving to Canada? Key Points Selling all investments before moving to Canada may trigger capital gains taxes in your current country of residence. Canada imposes tax on worldwide income, including gains on investments sold after becoming a resident. Maintaining certain investments might be beneficial, but they must be…
FAQ: foreign tax credits, incorporation and Bitcoin – Episode 13 On episode #13 of Crossing the 49th Podcast we walk through more cross-border frequently asked questions. I made a mistake on my cross-border returns, what should I do? Should I keep my US inheritance in the US? I’m getting audited by the CRA for…
US tax withholdings on pension death benefit Question Hi Phil, This is XXXXX XXXXX from the Americans Living in Canada FB page. I’m sure you’re busy this time of year, but I’m hoping you might be able to answer a question for me. I live in BC, and my dad passed away last July in…
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…
How to transfer large US inheritance to Canada? Question Hi Phil, found you on youtube of all places. Sometime next year I’m going to be receiving a fairly large portfolio inheritance from my late mother in the US. Her lawyer and accountant are going to be working through the last of the estate work and…
How to invest my inheritance? Question I was very fortunate last year and received over $300,000 from my grandmother as an inheritance when she passed away. I still have the money sitting in a bank account and I don’t know how to invest it. Also, some people say that I need to pay tax on…
Receiving and inherited ROTH IRA in Canada Question Hi Phil I live in Ottawa and i just got word that I will be receiving and inherited ROTH IRA from my late Grandmother in the next few months. I actually didn’t know what a ROTH IRA was until I looked it up. It’s not massive, but…
Should I transfer my US inheritance to Canada? Question Hi Phil I found you on your expat Youtube channel after doing some googling around to find some answers to some questions that I had. I’ll be receiving an an inheritance from a relative in Texas some time in the next few months. Most of the…
Canadian Tax on Inheritance from the US? Question Hi Mr. Hogan My Mother recently passed away (she lives in the US and I live in Canada) and I’ll be receiving a sizable inheritance some time next year once the estate is fully resolved and wound up. I’m really worried about how much tax I’ll need…
Inherited IRA from Brother in Texas Question My husband and I live in a small town in rural Canada. In 2019 my husband’s brother, who lived in Texas, passed away and left my husband as beneficiary of an IRA account. Now we are in a frenzied dilemma! Not sure what to do – we have…
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…
How Do I Invest My Inheritance? Question Hi I’ll be receiving an inheritance from my grandfather who lived in Florida. It’s more money than I’ve ever had and I’m not sure how to invest the money. I’ve always been a good saver, but I’ve never had this much money. I’m looking for some guidance on…