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…
Does the Tax-Free First Home Savings Account (FHSA) work for Americans in Canada? Key Points The Tax-Free First Home Savings Account (FHSA) offers Canadian residents tax-free savings for their first home purchase. U.S. citizens in Canada may face U.S. tax reporting and potential taxation on FHSA contributions and earnings. The FHSA is not recognized under…
Need help with estate planning in Victoria Question Hi Phil I got your contact info from my long-term lawyer XXXX XXXXX. He will be helping with my estate matters but I also have a bunch of US based issues, estate planning and investments that I need help with. Not to mention a rather large US…
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…
President Biden’s Financial Plan and Your 401(k) Among the numerous changes to individual taxes that President Biden is proposing to pass into law in the first months of his term are some changes to the 401(k) plan that could significantly change retirement financial planning. According to reports, the most important changes will include: The current…
Banks, Criminals, and Dirty Money With the recent leak of 2,657 documents known as the FinCEN files, a spotlight is again on the relationship between international banks, Russian oligarchs, and the laundering of dirty money. The leaked documents reveal how some of the world’s largest banks took part in cleaning about $2 trillion. Feeling more…
How does CRA know about my foreign income in the US? Question I have a bunch of investments in the US that I had before I retired to Canada. It’s not much income right now, but once my IRAs and other pensions start paying distributions it will be fairly significant. I also have stocks in…
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…
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…
ROTH IRA for Canadians and Newcomers to Canada This post was created to give some information, perspective and strategies to those Canadian residents that currently hold ROTH IRA accounts either within the US or in Canada (through a designated Canadian broker able to manage US assets). If you need help moving your IRA to Canada…
Capital Gains Tax on Bitcoin and Cryptco Currencies – Trading and Investment Issues Question Hi I’m an American living in Canada and I see that you help people with Canadian and cross border tax and investment issues. I need some help in this area. Early on in the evolution of Bitcoin and other cryptocurrencies I…
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…
How to Start a Business in BC If you’re interested in starting a business in BC you’ve come to the right place. Living, investing and building a business in BC can be a challenging but very rewarding experience. The steps to starting a business can vary but I’ll outline some basis steps and considerations when…