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…
A Second Stimulus Round: How it Will Happen and When to Expect It Although the number of Americans decreased slightly in the past week, the pressure on individuals and families running out of benefits under the CARES Act only increases as the economy continues to grind toward recovery. And the recovery itself might not be…
When are my cross-border tax returns due? – Ep.24 On episode #23 of Crossing the 49th Podcast we discuss When are my cross-border tax returns due? Extended Summary of the Podcast: In the episode of “Crossing the 49th,” host Newsglobal delves deep into the intricacies of cross-border tax and financial planning, specifically tailored for…
How to invest my inheritance? Question I was very fortunate last year and received over $300,000 from my grandmother as an inheritance when she passed away. I still have the money sitting in a bank account and I don’t know how to invest it. Also, some people say that I need to pay tax on…
US Resident Cashing Out RRSP Question Hello Phil, I found your commentary very helpful as I have been considering cashing out my RRSP and reinvesting in the US: https://www.hutcheson.ca/tax-on-rrsprrif-payments-after-moving-to-the-u-s/ I am Canadian living in the US and have been here along with my wife since XXXX. At the time we left our RRSP’s and let…
Renouncing Citizenship, US investments, Rental CCA and double tax Question Please let me know what your consultation fees are for advising on the questions listed below. I am a 68-year-old, retired, US citizen and Canadian permanent resident since 2018. I am married to a Canadian and live in Quebec. We have assets and income in…
CRA Announces Interest Rates For The First Quarter CRA has announced their interest rates for the first quarter of 2010. The rates include both the penalty rates for overdue balances as well as the prescribed rates for employee and shareholder loans: The interest rate charged on overdue taxes, Canada Pension Plan contributions, and Employment Insurance…
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…
In a remarkable demonstration of technological prowess and innovation, SpaceX has once again captured global attention with its latest rocket launches. As a leader in the aerospace industry, SpaceX continues to push the boundaries of space exploration, cementing its reputation for reliability and groundbreaking achievements. In this article, we dive into the latest updates, the…
FBAR Exchange Rates 2022 As a US citizen or resident of the US, and to the extent that you have beneficial interest or signing authority over foreign financial accounts (foreign to the US) in excess of $10,000 (calculated as the total of the highest balance in all your non-US bank and investment accounts) USD you…
Moving your IRA to Canada – Podcast Transcript Cross Border Tax and Financial Planning Podcast Transcript Hello and welcome to Episode Number 1 of Cross Border Tax and Financial Planning podcast. Thanks for joining us, I’m your host Newsglobal and today we’re going to talk about how to move your IRA to Canada. Now there’s…
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…
The U.S. Treasury Secretary, Janet Yellen, has issued a stark warning to Congress about the urgent need to address the country’s debt ceiling. In a letter dated December 27, 2024, Yellen emphasized that the U.S. is on the brink of exhausting its borrowing capacity by mid-January 2025. This development could trigger a catastrophic default, with…
Planning your schedule for 2025? Knowing public and banking holidays can help you organize vacations, manage work schedules, and participate in cultural festivities. This guide provides a detailed state-wise list of public holidays across India and insights into banking holidays based on state-specific observances. National Holidays in India (2025) National holidays are observed throughout India,…
RRSPs For Americans In this episode of Crossing the 49th, Newsglobal from Beacon Hill Wealth Management discusses the tax implications of holding and withdrawing from an RRSP as a U.S. resident. Learn how the Canada-U.S. tax treaty affects RRSPs, foreign tax credits, and how to plan your withdrawals to minimize tax liabilities. Key Topics: Tax…
Moving to Canada, working a bit, then retiring Question Hi Phil I came across your website after watching some of your videos on moving to Canada with investments. Quite helpful videos considering how little information there is about our situation online. Let me outline out situation and you can tell me if you can help…
Climate change has become one of the defining challenges of our time. In 2024, the evidence of its effects has become undeniable, with unprecedented weather events, rising sea levels, and widespread ecological disruptions. Scientists and policymakers worldwide are urging immediate action, as the window to prevent catastrophic impacts narrows. This article delves into the latest…
A Suspenseful Ride Through the Alaskan Wilderness Prepare for a cinematic thrill ride in 2025 as Mel Gibson directs the high-stakes suspense thriller, “Flight Risk | More is More.” The gripping new trailer promises heart-pounding tension, shocking twists, and a battle for survival aboard a flight that spirals into chaos. Synopsis In “Flight Risk,” Academy…
The devastating wildfires across California in 2025 have left thousands grappling with the loss of homes, businesses, and personal belongings. Navigating insurance claims after such a catastrophe can feel overwhelming, but understanding the process can help you maximize your settlement and expedite recovery. Steps to Take After Wildfire Damage Immediate Relief: What Insurance Covers Right…
Cross-Border Tax QA – FBARs, 1116, IRA Transfers and Other As you can imagine I receive a significant amount of cross-border tax questions each and every week. Given some of these questions are quite frequent I thought it might be helpful to post some answers to some of the most frequently asked cross-border tax questions…
The CRA revokes the registered status of the Canadian Lacrosse Association The CRA has revoked the Canadian Lacrosse Association as a registered Canadian amateur athletic association (RCAAA). RCAAA had the authority to issue donation receipts for income tax purposes but know they have been suspending by CRA. For issuing more than $60.7 million in donation…
The Best Places to Retire in Canada in 2023 As Mark Twain once famously noted: “Age is an issue of mind over matter. If you don’t mind, it doesn’t matter.” Wonderful words to live by and at no time more relevant than when considering the much-anticipated move into retirement. And with the average retirement age…
As the clock ticks closer to the New Year, Delhi gears up for a night of celebrations with extensive security, traffic management, and public safety measures. Authorities have announced robust arrangements to ensure a safe and enjoyable New Year’s Eve for all residents and visitors. Key Highlights of Arrangements The city will see a large-scale…
The Ministry of Youth Affairs & Sports has announced the recipients of the National Sports Awards 2024, celebrating outstanding performances and contributions to Indian sports. The awards will be presented by the President of India at a grand ceremony on January 17, 2025, at Rashtrapati Bhavan. Major Dhyan Chand Khel Ratna Award 2024 Recipients The…
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…
Mistakes I often see on Cross-Border US and Canadian tax returns I’ve reviewed many US tax returns from new clients. Given the inherent complexity of cross-border tax returns, I tend to see lots of incorrect filings and omissions. This post is not meant to point out others’ mistakes but rather to inform those with cross-border…
On January 3, 2025, the Canada Revenue Agency (CRA) will distribute the first Goods and Services Tax (GST) and Harmonized Sales Tax (HST) credit payments of the year. These quarterly, non-taxable benefits aim to help low- and modest-income Canadians offset the GST/HST they pay on goods and services. Eligibility Criteria: Payment Amounts for July 2024…
5 Signs You Need To Find a New Accountant You should hold your accountant to a relatively high standard as it can get quite expensive to engage a competent CPA. In most cases however that would be money well spent as your tax, accounting and financial well-being is extremely important. In cases where you’re not…
Canadian non-resident selling property situated in Canada Question I have owned a residence on Vancouver Island since 2003. I used it as a seasonal residence for myself and wife (our two sons were born in Canada) until 2007 when I took a Doctoral program in my field in Traditional Chinese Medicine in Victoria.for two years…
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…
Canadian Non-Resident Tax Guide As a non-resident of Canada you are liable for tax and reporting for income earned from Canadian sources. This guide will walk you through the rules and regulations related to each type of Canadian source non-resident income. Non-Resident Withholding Taxes Non-residents of Canada are subject to withholding taxes on certain types…
ROTH IRA disclosures in Canada Question I am a Canadian citizen living in Toronto and my wife is a U.S. citizen and living in Toronto with PR status. Below is the situation with Roth IRA disclosure: Status: • Due to lack of awareness (assumed all retirement accounts are the same and therefore not required to…
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…
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…
American Selling Property in Victoria BC – Tax Issues Question I live in XXXXXX, and still a Canadian passport holder, and am a permanent resident of the US. My property on Galiano Island is listed by Sotheby’s, and the home has been for sale since last October. We had an offer in February which in…
In a tragic incident that has sent shockwaves through the international community, a plane crash in Kazakhstan has claimed the lives of 38 individuals. Azerbaijan’s President Ilham Aliyev has made a startling claim that the aircraft was brought down by Russian ground fire. The accusation has sparked tensions between the two nations, with Russian President…
Quotes about income tax “The hardest thing in the world to understand is the income tax.” – Albert Einstein “The income tax has made more liars out of the American people than golf has.” – Will Rogers “The only things certain in life are death and taxes.” – Benjamin Franklin “There are two kinds of…
Moving to Vancouver from the US, need help with investments and future inheritance Key Points Moving to Vancouver from the U.S. requires careful planning to manage investments and future inheritances under Canadian tax laws. U.S.-based investments may face restrictions in Canada, necessitating a review of your investment strategy. Inherited assets from the U.S. could trigger…
Should I sell all my investments before moving to Canada? Key Points Selling all investments before moving to Canada may trigger capital gains taxes in your current country of residence. Canada imposes tax on worldwide income, including gains on investments sold after becoming a resident. Maintaining certain investments might be beneficial, but they must be…
US citizen living in Canada and inheritance? Key Points U.S. citizens living in Canada must navigate complex tax implications when receiving an inheritance from the U.S. Inheritances are generally not taxable in the U.S., but income generated from inherited assets may be subject to U.S. and Canadian taxes. The Canada-U.S. tax treaty can help avoid…
IRA, 401k and US Investments for Canadians (FAQ) We meet with a lot of clients who are looking for some guidance on how to handle their US investment accounts. Whether they have moved from the US or inherited US assets from family members these individuals often have the same questions, concerns and tax planning issues….
The entrepreneurial energy of Shark Tank India Season 4 continues to electrify audiences as aspiring founders pitch their innovative ideas to a panel of sharks. Episode 3, which aired on January 8, 2025, showcased a diverse lineup of businesses, each striving to secure funding and guidance from India’s top investors. This article provides an in-depth…
Frequently asked cross border tax and financial planning questions He get a significant amount of questions on the site. Unfortunately we are not able to answer everyone’s request. Make sure to also post your questions on our cross border tax and financial planning forum. We have many professionals available to help answer current queries. We’ve…
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…
Tax withholdings on RRSP withdrawal to Italy Key Points RRSP withdrawals by Canadian residents moving to Italy are subject to a 25% withholding tax by Canada. The Canada-Italy tax treaty may reduce the withholding tax on RRSP withdrawals under certain conditions. Properly reporting RRSP withdrawals on both Canadian and Italian tax returns is essential to…
In a bid to address Canada’s soaring housing costs, Conservative Leader Pierre Poilievre has proposed a significant policy shift: eliminating the federal Goods and Services Tax (GST) on new homes priced below $1 million. This proposal, unveiled against the backdrop of Canada’s intensifying housing crisis, promises to provide financial relief to aspiring homeowners and invigorate…
Update: Second Stimulus Package and Payments As we all recover from Thanksgiving dinner and look ahead to the holiday season, discussions around the second stimulus package continue. However, a decision (and second stimulus payment) is far from imminent. Here is a brief update of what might be ahead as we move toward 2021. Recap Treasury…
Donald Trump was sworn in as the 47th President of the United States on January 20, 2025. In his inaugural address, he outlined ambitious goals for a “golden age of America,” emphasizing national pride, economic prosperity, and security. Below, we analyze the key points of his speech and immediate executive actions. Key Themes of Trump’s…
Kilometers for Kids – December 2021 Note: Don’t forget to follow our new Facebook page for update on KMforKids.ca here http://facebook.com/kmforkids.ca and our donation and pledge tracking sheet here: http://philhogan.com/updates What is Kilometres for Kids? KM for kids is an idea I’ve been thinking about for some time. Simply put, it’s a charitable initiative that…