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Reading Time: 4 minutesA note: the FHSA is a relatively new account, and the IRS has yet to review, issue guidance, or challenge in anyway. So Canadians who
Reading Time: 3 minutesEmbarking on a new chapter in the United States brings a plethora of opportunities, but understanding the intricacies of the US tax system can be
Reading Time: 3 minutesT1161 and T1248 are critical forms for filing your final return (Canadian Departure Tax Return) before moving to the US
Reading Time: 3 minutesA look at how the American IRS views Canadian investments, retirement accounts, and properties, and how they are taxed.
Reading Time: 2 minutesHow your Canadian investments, including RRSPs, TFSAs, RESPs, HBP, LLP, rental properties, and principal residences, are taxed by the Canada Revenue Agency (CRA) when you leave Canada.
Reading Time: 2 minutesThe average US-based or Canada-based CPA is not well-versed in the nuances of cross-border taxation
Reading Time: 5 minutesWithout proper guidance, Canadians moving to the US often encounter several tax pitfalls, like double taxation and taxation on TFSAs
Reading Time: 3 minutesCanadian departure tax—what it is, the types of assets it applies to, exemptions and how to calculate it.
Reading Time: 2 minutesForm 1040, Form 114 FBAR, Form 3520, Form 3528, Form 1065, Form 1120, and Form 1120S
Reading Time: < 1 minuteCanadians in the US with a primary home in Canada do not get the same capital gain exemption as in Canada.
Reading Time: 2 minutesThis article delves into the tax implications of owning a Canadian home after moving to the US, focusing on the scenario of converting it into a second home.
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: 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: 3 minutesThe IRS has begun issuing “Get Ready” alerts, to remind all US taxpayers that time is running out to make changes to 2023 income and
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Get 360° accounting services that offer full support and coverage of every aspect of your business.
We offer everything from granular, data-entry support to high level accounting strategy. Don’t see the service you need listed? Just ask!
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]
