Moving from Texas to BC – Tax and Investment Questions Question Hi, I hope this email finds you well. I came across your website while searching for advice on moving from the U.S. to Canada, and I really appreciate all the helpful content you’ve shared. I have a few questions about my specific situation and…
Why it’s a bad idea to transfer your US IRA to your Canadian RRSP ep#29 On episode #29 of Crossing the 49th Podcast, we discuss why transferring your IRA to an RRSP might not be a good idea. Understanding Why You Should Think Twice Before Transferring Your IRA to an RRSP | Cross-Border Tax and…
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…
Why it’s a bad idea to transfer your IRA to your RRSP Executive Summary IRAs are tax-advantaged U.S. retirement accounts with different tax implications in Canada. Canadian residents, with or without U.S. citizenship, can own U.S. IRAs, but specialized management is recommended. IRA withdrawals are taxed differently for Canadians based on their U.S. tax status….
What you need to know about the new RMD rules Key Points The age for Required Minimum Distributions (RMDs) has been raised to 73, starting in 2023. Failure to take an RMD by the deadline may result in a 25% penalty on the amount not withdrawn. Roth IRAs are exempt from RMDs during the owner’s…
Help please. I have inherited a U.S. traditional IRA (I am Canadian, living in Canada) Key Points Inheriting a U.S. Traditional IRA as a Canadian resident involves complex tax considerations in both countries. The Canada-U.S. tax treaty allows for tax deferral but requires careful planning to avoid double taxation. Distributions from an inherited IRA are…
ROTH IRA for Canadians and Newcomers to Canada Key Points Roth IRAs offer tax-free growth and withdrawals in the U.S., but Canadians face unique tax considerations. The Canada-U.S. tax treaty may protect Roth IRA earnings from Canadian taxation if handled properly. Reporting a Roth IRA on Canadian tax returns is essential to avoid penalties and…
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…
Moving to Canada with ROTH IRA, IRA and US investments at Vanguard Key Points Moving to Canada with a Roth IRA or traditional IRA requires careful planning to avoid potential tax issues in both countries. Canadian residents must report U.S.-based investments, including those at Vanguard, on their Canadian tax returns. The Canada-U.S. tax treaty may…
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…
How to correct under or over withholdings on US IRA or pension payments Whether you’re a US citizen or a non-resident Alien US custodians are required to withhold US tax on payments of IRA and other related pensions to Canadian residents. Under the Canada-US income tax treaty non-residents of the US are liable for a…
My advisors is telling me to withdraw my IRA? Question Hi Phil, I’m a member of the Facebook page. Maybe you can help me with some planning I’m trying to do for the coming year. I moved to Canada last year and my plan is to remain in Canada permanently. The only thing left in…
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…
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…
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…
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…
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…
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…
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…
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…
5 Options for Canadians with US IRAs- Expat Tax Podcast On episode #5 of the Expat Tax and Financial Planning Podcast we discuss some options for Canadians holding US IRA accounts. Whether you moved up to Canada with a pre-existing IRA or have inherited an IRA from a relative living in the US the following…
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…
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…
Everything you Need to Know about form T1135 In addition to income reporting tax forms we also need to complete informational reporting forms for our clients. One example of such forms is form T1135 – foreign income verification statement. What is Form T1135? According to CRA’s official website the first iteration of the T1135 was…
Should I move my investments to Canada? Question Hi Phil I’ve just recently joined the Americans in Canada Facebook page and have been following your posts. All good stuff. We moved to Kelowna last year from California and have a few questions related to our investments in the US. I’m a dual citizen and my…
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…
Moving to Canada with Investments, and I Need Help! Question Hi there I got your name from my mother that said that you help her with her Canadian and US tax returns. I’ll be moving back to Canada in 2020 and wonder if you are taking new clients. I think my situation is quite complex…
Cross Border Tax Topics – The Wealthy Life Appearance A big thanks to Sybil Verch and the crew at the Wealthy Life for having us down for the show. Although the segment was relatively brief we were able to touch on a few key cross border tax and investment topics: General Tax and Compliance Considerations…
Should I convert my IRA to a ROTH IRA before moving to Canada? Question I’ll be moving to Ottawa from Boston late this year and I’ve been working through some financial planning with my broker. While doing some research online I came across your cross border tax articles, specifically the ones outlining IRA conversions. I…
Late Filing T1135 Under the New VDP Program – US Investments Question I read your article on Canadian voluntary disclosure and T1135 late filing forms. I wanted to ask about how I would go about filing these late forms given the changes to the program. I’ve had my taxes done by a professional accountant in…
IRA, 401k and US Investments for Canadians (FAQ) We meet with a lot of clients who are looking for some guidance on how to handle their US investment accounts. Whether they have moved from the US or inherited US assets from family members these individuals often have the same questions, concerns and tax planning issues….
Living in Canada with US Based Investments? Watch for Complex T1135 Reporting. Canadian taxpayers (including US citizens living in Canada) with US investments may need file CRAs T1135 foreign income verification form. The T1135 form is required whenever a Canadian taxpayer’s cost in foreign property is more than $100,000. Some exceptions do apply however as…
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…
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…
Moving to BC with Lots of Money and Assets – Things to Consider Question I’m moving to Victoria BC at the end of the year and will need to setup a consultation to discuss my financial and tax situation. I thought it best to outline my situation before meeting so you could get some context…
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…
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…
Cross Border Tax Q&A – Can I roll my RRSPs to an IRA? Question Phil I’ll be moving to California permanently next January and I wanted to get your opinion on a tax matter. Will I be able to “roll over” my RRSPs to an IRA (before or after I leave) into an IRA tax…