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

Taxation of US IRA Withdrawals in Canada

When making a move from the US to Canada, individuals often think about the tax impacts of their US pensions or retirement savings after leaving the US. The Canadian tax impacts will vary depending on the type of account held, with traditional IRAs and 401(k)s…
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Working in Canada for a US-Based Employer – Possible Canada/US Tax Treaty Exemption for Non-Resident Individuals

Income from employment is generally sourced to where the work is performed. This means that the country where the work was performed usually has the first right to tax payments or withholdings on the income. If you are a tax resident of a country that…
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Determining Canadian Residency

Determining your residency status is fundamental to assessing tax impacts. Why? Your liability for tax will depend on whether you’re a resident, or not. In Canada, resident individuals are generally taxed on their worldwide income – even if earned outside of Canada. A non-resident Canadian…
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Canada US Tax Treaty Residency Tie-Breaker Rules

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Should a US Traditional IRA be Converted to a Roth IRA Prior to Moving to Canada?

When considering a move to Canada from the US, many consider tax moves to make between a US traditional IRA and a Roth IRA. Should a move to a Roth IRA be considered, if possible? Taxation of Roth IRAs For most individuals, tax rates in…
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When Does Canadian Residency Begin?

The proximity of the US to Canada means that individuals move between both countries often. Reasons for a move vary, but include opportunities for work, healthcare and even escaping a political climate for some. If you remain in Canada for an extended time or increase…
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A Quick Tax Guide to Canadian Residency and the US-Canada Tax Treaty Tie-Breaker Rules

With Canadian residency impacting an individual’s tax status, it is important to have a clear understanding of what it means to be a Canadian resident for tax purposes, including the tie-breaker rules under the US-Canada tax treaty. Individuals immigrating to, or emigrating from Canada, those…
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A Quick Tax Guide to Renouncing US Citizenship for Canadians

Many Canadians move to the US for work and decide to secure a US green card. When tastes or fortunes shift, some return to Canada. Then, there are American citizens who move away from the US, and along with green card holders who left the US,…
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Key COVID-19 Benefits for US Citizens and Residents

For many individuals including US expats, the impacts of COVID-19 have been significant. Fortunately, the IRS is providing some key tax-related benefits individual taxpayers should be aware of. (more…)
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IRS Shifts Gears: Provides U.S. Tax Relief Related to Certain Informational Returns of Foreign Trusts

Last week, the IRS released a Revenue Procedure providing certain U.S. citizens and residents with an exemption from information reporting requirements. The Revenue Procedure also permits eligible individuals to request an abatement or refund of penalties assessed for failing to comply with the requirements for…
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