Moving from California to Victoria – Need help planning! Key Points The couple is preparing to move from California to Victoria, BC, with a focus on financial planning. They need guidance on converting a 401(k) to an IRA and potentially creating a ROTH IRA. Reviewing and simplifying investment accounts before moving is crucial to avoid…
Gifting Canadian RRSP to Children Key Points Gifting a Canadian RRSP to your children is not allowed, as RRSPs cannot be transferred during your lifetime without triggering taxes. Withdrawals from an RRSP are fully taxable as income, making direct gifts of RRSP funds costly for the giver. Upon the holder’s death, RRSPs can be transferred…
Help with cross-border investment questions Key Points Cross-border investments between the U.S. and Canada involve complex tax and regulatory considerations that require careful planning. Americans living in Canada need to navigate both U.S. and Canadian tax laws, which can impact investment strategies and returns. Common cross-border investment issues include reporting requirements, tax treaties, and the…
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…
What should we do with our IRA and RRSP when we move to Canada? Key Points Managing IRAs and RRSPs after moving to Canada requires careful consideration of cross-border tax implications. IRAs can continue to grow tax-deferred, but withdrawals may be taxed in both the U.S. and Canada. RRSPs are recognized by the U.S. for…
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…
IRA or RRIF Withdrawals? Question If I’m thinking of taking distributions from my IRA or RRIF in excess of my required minimum distributions which should I pull from first? My RRIF or IRA? Answer I get this question a lot, and of course, like all things tax and investment related the answer to the question…
Moving to Canada with investments in a revocable trust… Question I’ll be moving up to Canada next year and I’ll need help navigating some planning. I have a fair amount of investments in my revocable trust and need someone to review the holding to ensure I don’t run into trouble when I become a Canadian…
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…
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…
How to plan for investments before moving back to Canada Question Hi Phil My husband and I are part of your Facebook group for Americans in Canada. We have been following the group for some time and are planning our move back to Canada in the coming year. We both moved down to California 20…
Moving to Canada with US Revocable Trust Question Hi Phil I found your contact information online. My husband and I will be moving to Nanaimo from Colorado some time mid next year. Most of our assets are in a revocable trust including investments, our house and a rental property. On on of your blog posts…
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…
Retiring to Canada with investments and large pension Question Hi Phil I got your email from my brother you that you helped when he sold his Victoria rental condo a few years back. He said you were very knowledgeable about cross-border matters and that you could probably help with my questions, so here it is……
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…
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…
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…
Moved to Canada with 401k accounts – What are my options? Question Hello Phil, I’m a follower of your Youtube channel and would like to thank you for the educational videos you share. It is very informative and the content is delivered in an easy to understand manner. I have a query regarding 401k accounts. My…
Should I Transfer my IRA to my RRSP? Question Hi Phil I had this question from XXXXX at RBC, but she said I should touch base with you to review what our options might be. I have a IRA in the US (around $700,000) and a smaller RRSP up here in Canada with RBC. I…
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…
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…
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…
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…
US Tax Return for American in Canada with SS Benefits Answer Hi XXXXX Thanks for the email. Given the length of your email I won’t be able to address all the issues below, however I’ll do my best to summarize some thoughts below: Software for US citizens living in Canada doesn’t really exist. Those that…
Moving with Family and Daughter to Quebec from Texas Question Hi Philip, First let me thank you for your very informative “Americans Living in Canada” FB group. I learn a lot by reading through the posts – this is useful to me as my family is going to relocate to Canada (from Texas) and I…
Am I taxed on my inheritance from the US? Question Hi Phil I found your website online after doing some research. Please let know the charge to answer my questions (do you accept paypal?) I received an inheritance from my mother’s estate last month. It will take until 2021 to have the estate settled and…
US Resident Cashing Out RRSP Question Hello Phil, I found your commentary very helpful as I have been considering cashing out my RRSP and reinvesting in the US: https://www.hutcheson.ca/tax-on-rrsprrif-payments-after-moving-to-the-u-s/ I am Canadian living in the US and have been here along with my wife since XXXX. At the time we left our RRSP’s and let…
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…
Startup “Sarwa” Bringing Innovation to Investment Planning The idea for Sarwa – a new low-cost wealth management firm which uses computer-generated algorithms – came to its co-owners after seeing numerous associates in the United Arab Emirates fall victim to fraudulent investment plans which benefited brokers at the expense of investors. Mark Chahwan, a Canadian entrepreneur…
Canada Reclaims Top Spot in U.S. Real Estate Investments Canada consistently ranks high among foreign investors in the United States, and has again surpassed China as the number-one investor in U.S. real estate. According to a new report from commercial real estate firm JLL on the first six months of 2017, Canada’s investments in U.S….
10 Things to Know Before Moving to Canada from the US 1. US Citizens File Taxes Even When They Live Outside the US US citizens moving to Canada will still be required to file US taxes even though they no longer reside in the US. Tax filings will be required based upon their US citizenship…
How to Transfer my IRA to Canada (or into an RRSP)? Question Hi Phil I moved to Canada in 2008 from Texas. I still have a sizable IRA in the US and in order to simplify my life I would like to move the account or funds up to Canada. Of course, I would prefer…