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Non-Residents of Canada – Understanding the Taxation Rules for Rental Income

As a non-resident of Canada, understanding the taxation rules for rental income is essential. By default, non-residents are subject to a flat tax on their gross rental income and this amount should be withheld from the tenant or agent and submitted to the CRA. However,…

By Karlene Mulraine
July 19, 2023
UHT

The Underused Housing Tax (UHT) Return & Election Form: Some Key Points to Know

Are you a residential property owner in Canada? If so, it’s important to understand the Underused Housing Tax (UHT) and how it applies to your situation. The UHT applies to residential properties that are “underused” based on certain criteria. In this blog post, we will…

How U.S. Persons in Canada Can Reduce IRS Tax Liabilities Using the Foreign Earned Income Exclusion?

The U.S. Foreign Earned Income Exclusion (FEIE) is a highly useful tax provision for U.S. expats. It can help you save big on your taxes if qualify, and now we’re going to explain how! The maximum amount of exclusion available in the 2021 tax year…

How U.S. Foreign Tax Credits May Work to Keep Money in the Pocket of a Canadian Filing a U.S. Tax Return?

How U.S. Foreign Tax Credits May Work to Keep Money in the Pocket of a Canadian Filing a U.S. Tax Return? As a U.S. citizen, or resident alien living in Canada, you may be concerned about filing taxes based on your worldwide income in Canada…

OAS and CPP Taxation for U.S. & Canadian Dual Tax Filers

U.S. & Canadian dual tax filers often wonder if the Canada Pension Plan (CPP) and Old Age Security (OAS) payments, which provide retirement benefits to Canadians in their later years, is taxable in the U.S. and Canada. The answer depends on where you live! (more…)

By Karlene Mulraine
November 24, 2021
Infographic

US and Canadian Pensions – Tax Rate Under Treaty

US LLC: A Viable Option for Canadian Residents?

Many Canadians view the U.S. as “ripe” with opportunities for investment. With U.S. LLCs offering up many benefits to American-only filers, it’s no wonder that this country is becoming more popular among Canadian investors. But before taking such a plunge head first – especially when…

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

Assessing the benefits of maintaining a Tax-Free Savings Account (TFSA) is often off the radar of a U.S. income tax filer. With all the advantages to a Canadian resident, most view TFSAs as something good. However, there are a few reasons why U.S. filers should…

Achieving International Compliance on a U.S. Income Tax Return – IRS Streamlined Tax Filing and Other Procedures

So many individuals leave the U.S. to reside in Canada or elsewhere thinking they are free from filing a U.S. tax return with uncle Sam. They move along with their lives not realizing that even though they are not living in the U.S., they may…

Taxation of US IRAs for Canadian Residents

While resident in the US, individuals often save for retirement in a US Traditional IRA or Roth IRA. Prior to moving to Canada, it is important to consider the Canadian tax impacts as well, including the ability to defer Canadian tax. Traditional IRAs Fortunately, a…