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…
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…
Catch up on US tax returns in Canada via the IRS streamline program – Episode 20 On episode #20 of Crossing the 49th Podcast we discuss how to get caught up on your tax returns as an US expat living in Canada. Topics discussed include how to assess your eligibility under the streamline program…
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…
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…
Democrats Propose Huge COVID-19 “Bazooka” Wow, the Democrats have proposed significant stimulus in their March 18, 2020 memo to the House of Representatives. Some highlights include: $2,000 for each adult and $1,000 for each child per month Suspension of credit payments Credit facility available to help reimburse creditors Suspend all negative credit reporting Prevent debt…
New Postcard Sized 1040 for 2018 The IRS recently announced the new “simplified” 2018 1040 form. The new version of the 1040 replaces the older 1040, 1040-A and 1040-EX forms. Trump announced the “simplified change” to the 1040 last year, however many are not so convinced this new version will simplify tax filings for taxpayers….
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…
Question Related to non-resident property sale by American Dear Mr. Hogan, I seek your guidance. I am currently on XXXXXXXX and once the international ferry starts up again after 4 November, I could come to your Victoria office. Or perhaps you do consults by phone, email and FAX. I need: 1) a determination of my current…
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…
Common Questions Asked By US Citizens in Canada – FATCA and Tax Related We get a lot of tax and FATCA (Foreign Account Tax Compliance Act) related questions and I wanted to take the opportunity to outline some of the most common questions in an effort to help anyone who may have similar questions about…
New Streamlined Procedures for US Citizens Living In Canada If you’re a US citizen or green card holder living in Canada and have not yet caught up on filing your US tax returns now is a great time to take advantage of the IRS’s new streamlined tax filing procedures. Essentially the IRS is allowing non-resident…
How to deal with an IRS audit or review If you’ve received notice that the IRS is going to conduct a review or audit of one or more of your tax returns, you may experience several emotions, ranging from fear to guilt to even anger for apparently being singled out, but with a little more…
Cross Border Tax Q&A – Giving up a Green Card and US/Canada Taxes Question Hello there My husband and I are planning on moving to Vancouver next year between October and December. My husband is a Citizen of the US and I am a Green Card holder. I’ll be receiving Social Security payment while in…