Navigating Tax Implications of Moving from Canada to the US: A Homeowner’s Guide (Part 1)
Reading Time: 3 minutesThree options: sell your home, rent it out, or make it a second home
July 11, 2024
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All of the information you need, right here, right now.
Reading Time: 3 minutesThree options: sell your home, rent it out, or make it a second home
Reading Time: 2 minutesan in-depth explanation on whether Canadians living in the United States are eligible to receive the Canadian Pension Plan (CPP) and Old Age Security (OAS) benefits.
Reading Time: 3 minutesThe Roth IRA is equivalent to the Canadian TFSA. However, there are contribution and withdrawal limits that are unlike the Canadian TFSA.
Reading Time: 2 minutesThere are two ways to make contribution to your RRSP as a non-resident of Canada—with room or with new Canada-sourced income. For TFSA, you cannot, and will be charged 1% if you contribute.
Reading Time: 3 minutesThe U.S. equivalent of the Canadian RRSP is the IRA, Solo 401(k), and Group 401(k). Be aware of key differences in contribution limits, withdrawal penalties, and income limits.
Reading Time: 3 minutesIf you don’t have an LLC: You have two options on the U.S. side—a Limited Partnership and a C Corporation.
If you have already set up an LLC – You can convert the LLC to a C Corp, convert the LLC to a Limited Partnership, reorganize in a multi-layer structure, or maintain the LLC if you are close to exit and selling.
Reading Time: 3 minutesIs it a good idea or a bad idea to have an LLC if you are a Canadian doing business in the U.S? Be aware of double taxation, the Branch Profit Tax, and the fact that the IRS and CRA categorize LLC income differently.
Reading Time: 2 minutesThe U.S. has a tax treaty with Canada, so as a Canadian non-resident living in the U.S., you can enjoy the same tax-deferred benefit on both sides of the border (for certain accounts).
Reading Time: 2 minutesToday we are discussing Canadian retirement plans such as RRSP and LIRA, and what happens to them when you’re planning to leave Canada or you
Reading Time: 5 minutesOne question we often get from individuals living abroad and informal expats is whether a Roth IRA is still an option while living abroad. In
Reading Time: 4 minutesHow to make a 1040-E quarterly estimated tax payment
Reading Time: 7 minutesPlease note: these are general options you have for reducing your taxable income, and their appearance on this list does not necessarily mean it’s the
Reading Time: 3 minutesJust last week, the IRS announced that the agency would bring on two “private-sector experts” to assist with efforts in cryptocurrency and digital assets. The
Reading Time: 3 minutesIt’s important to download and gather all of your e-commerce tax documents, including 1099-ks, VAT, sales tax reports, and sales statements to bring to your
Reading Time: 4 minutesIn this article, we outline what a 1099-k is, how selling through online marketplaces and exchanging money through payment platforms impacts your taxes, and common
Reading Time: 2 minutesFebruary 2024 Most of the February chatter revolves around tax filing for 2023 and how to strategize for crypto tax in 2024, with the usual
Reading Time: 6 minutesRoughly 1,000 people turn to the internet each month to search for a crypto tax calculator. And, while there’s no way to know exactly what
Reading Time: 3 minutesIt’s tax time, and we are already working through client tax returns. The IRS is currently issuing resources, new information, and guides to ensure tax
Reading Time: 4 minutesYou’ve probably seen it before—articles announcing “7 Reasons Bookkeeping is Important for Your Business”, “15 Reasons Why Bookkeeping is Important”, and even “Definition, Types and
Reading Time: 2 minutesWith the IRS now accepting tax returns, you’re probably wondering when you can expect your tax refund. We’ve put together a helpful chart to help
Reading Time: 3 minutesThe IRS expects that over 128.7 million tax returns will be filed by this year’s deadline, but before we can do that, we need to
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For assistance in planning and transferring your U.S. assets to Canada, please contact our colleague Phil Hogan, CPA, CA, CPA at (250) 661-9417 or [email protected]