Blog

US & Canadian Cross-Border Tax Service - Cross-Border Financial Professional Corporation

Exceptions to Submitting an ITIN Application with a U.S. Tax Return: What You Need to Know

When applying for a U.S. Individual Taxpayer Identification Number (ITIN), many applicants follow the default application process, which involves submitting a Form W-7 along with a U.S. tax return to the Internal Revenue Service (IRS). An ITIN, or individual tax identification number, is essential for…
Read More
TFSA On US Tax Return

Canadian Tax-Free Savings Accounts – Pitfalls on a U.S. Tax Return

Financial planning involves understanding various savings and investment accounts. Each account has unique rules and benefits. The Tax-Free Savings Account (TFSA) is popular among Canadians. Yet, it becomes more complex when dealing with cross-border tax rules. In this blog post, we will explore the intricacies…
Read More
Tax Tips Moving from Canada to the US

Tax Tips for Moving from Canada to the U.S.

Moving from Canada to the U.S. comes with financial and tax-related complexities that can prove daunting. This guide is designed to help you navigate these challenges by providing accessible, concise, and accurate information on several key areas. Topics covered include tax implications of obtaining a…
Read More
OAS and CPP on US Tax Return

The Taxation of OAS and CPP Payments for Canadians on a U.S. Tax Return

Navigating the tax landscape for Canadians filing a U.S. tax return can be a challenging endeavor due to the intricate interplay between the tax laws of both countries. This article aims to shed light on the tax implications for Old Age Security (OAS) and Canada…
Read More
RESP on US Tax Return

The ABCs of Canadian RESPs for U.S. Tax Filers

Registered Education Savings Plans (RESP) Basics – What You Need to Know A Registered Education Savings Plan (RESP) is a special savings account established by the Canadian government to help parents save for their children child’s post secondary education after-secondary education. The unique aspect of…
Read More
Filing US Tax Returns in Canada

How to File a U.S. Tax Return from Canada as an American?

Navigating the taxation landscape as a U.S. citizen living in Canada can be complex and challenging. The tax systems in both countries have their own unique requirements and deadlines, and understanding them is crucial to ensure accurate reporting and prevent penalties. This blog post aims…
Read More
FBAR

11 Things Canadians Should Know About FBARs | Cross-Border Financial

If you are a Canadian with financial interests in the U.S., get up to speed on your FBAR reporting requirements. Find out what they are, who needs to file them and more with this guide. #1 What are the FBAR Rules? The FBAR (Report of…
Read More
Moving from the U.S. to Canada Tax Tips

Tax Savvy Americans: Important Things to Consider Before Moving from the U.S. to Canada

Moving from the U.S. to Canada? Learn 10 important tax factors to consider. John and Jane had been dreaming of a life in Canada for years. They loved the idea of living in Canada – with its laid-back lifestyle, beautiful scenery, and ample opportunities for…
Read More

How to Apply for a U.S. Tax Identification Number (ITIN) from Canada

Learn what you need to know about applying for a US ITIN number from Canada with this comprehensive guide that walks you through the process step by step. What is a U.S. Tax Identification Number (ITIN)? A U.S Individual Tax Identification Number (ITIN) is a…
Read More

What Canadians Need to Know About FIRPTA

Are you planning to buy a property in the US from a foreign individual or entity? If so, then it is important for you to be aware of the Foreign Investment in Real Property Tax Act (FIRPTA). This Act levies taxes on profits made by…
Read More