Tax issues for Canadian beneficiaries of US estate Question Hi Phil, I came across one of your articles and your email. I am wondering if you would be willing to consult on what I think might be, to you, a fairly straightforward question regarding withholding rates on distributions from a US estate and Canadian beneficiaries. …
US Social Security Payments to Canadian Key Points U.S. Social Security payments to Canadian residents are subject to a 25.5% withholding tax by the IRS. The Canada-U.S. tax treaty can reduce the withholding tax on Social Security payments to 15% for Canadian residents. Social Security benefits must be reported on Canadian tax returns and may…
How to correct under or over withholdings on US IRA or pension payments Whether you’re a US citizen or a non-resident Alien US custodians are required to withhold US tax on payments of IRA and other related pensions to Canadian residents. Under the Canada-US income tax treaty non-residents of the US are liable for a…
CRA Foreign Tax Credit Review – Please Help! Question Hi Phil I’m dealing with a CRA review of my T1 foreign tax credit claim and it’s driving me nuts. Hopefully you have a good idea on how to fix this mess. Here’s the situation. I lived in the US for a few years and during…
Cross Border Tax Q&A – Can I roll my RRSPs to an IRA? Question Phil I’ll be moving to California permanently next January and I wanted to get your opinion on a tax matter. Will I be able to “roll over” my RRSPs to an IRA (before or after I leave) into an IRA tax…