Family Income Splitting for Doctors – A Significant Income Tax Saving Strategy Our physician clients are some of the higher paid professionals in BC. Some making well over $500,000 per year. At these income levels average tax rates can be over 40%. For those that plan properly significant tax savings can be obtained by allocating…
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…
Disclosing Offshore Investment Accounts to CRA – Don’t Let CRA Find Them First. I met with a client a few weeks ago that needed some advice on whether or not to disclose his Swiss offshore investment accounts. I was reminded again by how important it is for Canadians to ensure they not only report income…
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…
American Doctor Moving to Victoria BC Question Hi, I’m a radiologist that will be moving up to Victoria in the summer to work on contract at the general hospital. I’m concerned that I haven’t properly planned for the tax consequences of the move. I can outline in general terms my situation and perhaps we can…
Should I Incorporate my Business? Question I’ve spoken to 2 separate accountants lately and each of them gave me different advice. One guy said I should definitely incorporate my business and the other guy said I should wait until my income increases. My net profits each year are around $150,000. Thanks XXXXXX Answer Hi XXXXX…
Cannabis, Income Tax and Justin Trudeau Question Hi I have a close friend that runs a cannabis dispensary in Vancouver and he’s doing quite well. He offered to help me open up my own dispensary with his help. I do have a few questions before I take him up on his offer and actually go…
New US Citizen in Canada video just posted! Hi everyone Just uploaded a new video to youtube explaining some requirements for US expats. Hope you enjoy!
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…
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…
Withdrawal of RRSP as a US Citizen and Resident Question Hello, Just wanting to get some advice on withdrawing my RRSP to pay my house here in the US. I am a dual citizen living in the states. Worked in canada for 10 years, about 10 ago. Thank You for your time. Answer Hi XXX…
Left Canada and moved to US – Deemed Disposition Rules Question Great website! Here is my situation…please let me know if you can help. Thank you… I left Canada (XXXXXX) about 9 years ago (in XX) and moved to California, where I now live. When I left Canada, I filed my Cdn taxes for the…
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 – Tax Consequences of Leaving Canada Question Hello Phil I’ll be leaving Canada after a long stay (11 years) to take a job in Seattle. I’m still a US citizen and plan on staying at the new job in the long-term. I’m aware that I need to file a final Canadian…