What tax filings should you expect your first year in Canada? Key Points Your first year in Canada involves filing both Canadian and possibly U.S. tax returns if you’re a U.S. citizen or resident. Canadian tax filings will include reporting worldwide income, with credits available for taxes paid to other countries. New residents must file…
Business Structures for Americans in Canada – Episode 15 On episode #15 of Crossing the 49th Podcast we discuss some business structures available for Americans living in Canada. We speak a lot to new and established Americans living in Canada that need to assess which business structure is right for them. Some business structures available…
Americans Selling their Principal Residence in Canada – Episode 14 On episode #14 of Crossing the 49th Podcast we discuss the tax implications of Americans living in Canada selling their main home. Given significance of home price increases over the last few years we often help US clients plan for the sale of their main…
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…
Canadians with US Pensions – Episode 11 On episode #11 of Crossing the 49th Podcast we discuss how US pensions are taxed in Canada. Many of my client receive pension income from the US whether it be traditional government or private US pensions or registered pension payments from 401k or IRA accounts. In this podcast…
Expat and Cross-Border Tax Deadlines – Episode 10 On episode #10 of Crossing the 49th Podcast we discuss important cross-border and expat tax filing deadlines. Given the potential for large penalty assessment on late tax filings it’s extremely important to not only understand all the US and Canadian tax filing deadlines, but also to ensure…
Common Expat Tax Return Mistakes – Episode 9 On episode #9 of Crossing the 49th Podcast we discuss the most common mistakes I see others making on their cross-border Canadian and US income tax returns. I’ve reviewed a lot of US tax returns from new clients. Given the inherit complexity of cross-border tax returns…
Cross Border Tax Deadline Dates Outlined below are a list of tax deadlines for American’s living in Canada as well as regular Canadian taxpayers and non-residents of Canada. Note that in years where the deadline falls on a holiday it is often moved to the next business day. Deadlines may also be adjusted by Governments…
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…
T1135 and Moving to Canada from Texas Question Hi My wife and I will be moving from Texas to Calgary early in 2021. We’re trying to do as much research on the move as possible. To be honest, the complexities of the tax systems between both Canada and the US is making our heads spin….
Top 10 Expat Tax Return Mistakes – Are you making any of these? We file over 1,500 expat tax returns per year and we also review a significant amount of expat returns prepared by individuals and other accounting firms. First, I would like the preface the following list with the fact that I understand honest…
5 Years of past due Canadian tax returns. Question Hi, I hope you can help. I’ve neglected to file my Canadian taxes for the last 5 years (please no lecture thanks….I know I’ve been bad)… I’m self employed and I’m finally caught up with all my bookkeeping records. I’ll be taxable in 2007 to 2009…
Worked in Canada for Olympics – US Citizen Question Hello Phil, I am looking for advice and hopefully you can assist me. Brief overview is I worked in Canada from Oct 2009 – March 2010 for the Winter Olympics. I filed the T1 through my tax accountant here in the states and did not receive…
Canada Revenue Agency Voluntary Disclosure Program The Canada Revenue Agency’s Voluntary Disclosure Program offers a unique opportunity for a “do over” for individuals who want to correct past mistakes or omissions on their tax returns. The following article summarizes the Voluntary Disclosure Program, including information on who is eligible and certain program limitations. It is…