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Reading Time: 3 minutesHello, I’m Mohammad Akif with Akif CPA. As a Texas CPA and a Chartered Accountant in Ontario, I frequently assist Canadians navigating U.S. tax requirements. One of the most complex areas for Canadians moving to the U.S. is understanding how to report their Canadian assets on a U.S. tax return. In this post, I’ll share essential insights and a crucial first-year tax filing tip to help you avoid costly mistakes.

Reading Time: 2 minutesMany Canadians who move to the U.S. wonder if they can file a tax return with their spouse. The answer depends on multiple factors, including residency status, tax forms used, and whether the spouse has a U.S. Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN). Let’s break it down.

Reading Time: 2 minuteshen it comes to tax-advantaged retirement savings, the Roth IRA is a popular choice due to its tax-free growth and withdrawals. But what happens if your income is earned outside the United States? Can you still contribute to a Roth IRA? The answer depends on how you report your foreign income to the IRS.

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: 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: 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 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.