US Expats and the October 15th Deadline – ep.#28 Crossing the 49th. On episode #28 of Crossing the 49th Podcast, we discuss the upcoming October 15th deadline. Understanding the October 15 Deadline for U.S. Expats in Canada | Cross-Border Tax and Financial Planning In this episode of Crossing the 49th, I break down the important…
Americans in Canada – How to vote abroad Key Points U.S. citizens living in Canada can vote in U.S. elections by absentee ballot. Registering to vote from abroad requires filling out the Federal Post Card Application (FPCA) annually. The FPCA allows Americans abroad to receive their ballot electronically or by mail. Submitting the FPCA early…
Tax on US Pension/retirement funds in Ontario, Canada Key Points U.S. pension and retirement funds are generally taxable in both the U.S. and Canada. The Canada-U.S. tax treaty helps avoid double taxation by allowing tax credits for taxes paid to the other country. It’s important to properly file and report U.S. pension income on Canadian…
Help please. I have inherited a U.S. traditional IRA (I am Canadian, living in Canada) Key Points Inheriting a U.S. Traditional IRA as a Canadian resident involves complex tax considerations in both countries. The Canada-U.S. tax treaty allows for tax deferral but requires careful planning to avoid double taxation. Distributions from an inherited IRA are…
Do I need to file in the US for a Canadian business? Key Points U.S. citizens or residents with a Canadian business may need to file U.S. tax returns, even if the business is based in Canada. Reporting requirements include filing forms like the FBAR and Form 5471 for foreign corporations owned by U.S. persons….
Canadian tax on US principal residence sale? Key Points Canadians selling a U.S. principal residence may be subject to Canadian tax on the capital gain. The U.S. may also tax the sale, but the Canada-U.S. tax treaty can help avoid double taxation. The principal residence exemption in Canada can reduce or eliminate Canadian tax on…
What should we do with our IRA and RRSP when we move to Canada? Key Points Managing IRAs and RRSPs after moving to Canada requires careful consideration of cross-border tax implications. IRAs can continue to grow tax-deferred, but withdrawals may be taxed in both the U.S. and Canada. RRSPs are recognized by the U.S. for…
Canadian inherited a US trust containing investments Question Hi Phil I’m planning to book a consultation with you shortly for my questions below: I inherited a trust last year that I need help with. I think I received bad advice early last year and need to get proper advice on the trust given how many…
Should I transfer my US inheritance to Canada? Question Hi Phil I found you on your expat Youtube channel after doing some googling around to find some answers to some questions that I had. I’ll be receiving an an inheritance from a relative in Texas some time in the next few months. Most of the…
Am I taxed on my inheritance from the US? Question Hi Phil I found your website online after doing some research. Please let know the charge to answer my questions (do you accept paypal?) I received an inheritance from my mother’s estate last month. It will take until 2021 to have the estate settled and…
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…
Moving to Canada with Investments, and I Need Help! Question Hi there I got your name from my mother that said that you help her with her Canadian and US tax returns. I’ll be moving back to Canada in 2020 and wonder if you are taking new clients. I think my situation is quite complex…
2017 US/Canadian Exchange Daily Exchange Rates Outlined below are the 2017 daily US-Canadian exchange rates for use in doing your taxes or foreign currency calculations. The full list of daily rates is included below as well as the 2017 average exchange and year-end exchange rates (can be used for FBAR purposes) for 2002 to 2017….
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…
Canadian Cities Entering Bid for Amazon’s Second Headquarters Amazon recently began accepting bids for the location of its future second headquarters, and multiple major Canadian cities – including Ottawa, Toronto, Calgary, and Vancouver – are joining the race. While Amazon’s primary headquarters is in Seattle, Washington, there are indeed some advantages for Canadian cities as…
Finance Minister Morneau Optimistic About Tax Reform, NAFTA Talks Despite the rising Canadian dollar and uncertainty surrounding NAFTA negotiations with the U.S., Finance Minister Bill Morneau is cautiously optimistic about the positive state of Canada’s economy. So far in 2017, the Canadian dollar is up 10.7% against the U.S. dollar. Morneau spoke from Ottawa to…
Canada Reclaims Top Spot in U.S. Real Estate Investments Canada consistently ranks high among foreign investors in the United States, and has again surpassed China as the number-one investor in U.S. real estate. According to a new report from commercial real estate firm JLL on the first six months of 2017, Canada’s investments in U.S….
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…
OPTrust Remains Confident in U.S. Investments Despite various political risks in the U.S. in 2017, the “strong foundations” of its economy continue to inspire confidence in Canadian investors, according to Hugh O’Reilly. O’Reilly is the President and CEO of OPTrust, which oversees one of the largest pension funds in Canada. OPTrust manages over $19 billion…
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…
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…
Cross Border Tax Q&A – Deduction of RRSP Contributions on 1040 Return? Question Dear Sir I’m a US citizen (born in the US) living in Ottawa, Ontario Canada. I’ve prepared my own Canadian taxes and US taxes (1040 income tax returns) for the last 10 years including the filing of foreign tax credits on form…