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…
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…
Moving to Canada with Large ROTH IRA Question Hi Phil I stumbled across your site after researching some issues on google. I’ll be moving to Vancouver for work at the end of the year from Texas and I need some help with my US investments. A few years ago I invested in some very speculative…
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…
Thinking of retiring to Canada – Tax and Investment Questions Question Hi Phil I found your contact info through the facebook group for Americans in Canada. Great group by the way, we’ve learned a lot for far. My wife and I (she’s Canadian and I’m American) will be moving to Canada in late 2021 and…
Canada Announces New Immigration Plan Levels On October 30th, Immigration, Refugees, and Citizenship Canada (IRCC) released its Immigration Levels Plan for 2021 to 2023. The announced targets are history-making, with never-before-seen goals for each of the coming three years. Specifically, the country hopes to welcome: 401,000 new immigrants in 2021 411,000 in 2022 421,000 in…
The Best Places to Retire in Canada in 2023 As Mark Twain once famously noted: “Age is an issue of mind over matter. If you don’t mind, it doesn’t matter.” Wonderful words to live by and at no time more relevant than when considering the much-anticipated move into retirement. And with the average retirement age…
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…
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…
US Citizen moving to Canada – Possible expatriation tax Question Hello Mr. Hogan, I’ll be moving from California to Canada in February of next year and I just wanted to get a sense for any tax implications that I need to be considering before I make the move. Let me give you some background of…
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…