Should the Sale of a Canadian Principal Residence Be Avoided When Subject to U.S. Taxation?
Your principal residence is likely one of, if not your largest asset. As a dual U.S. and Canadian tax filer, planning for the tax implications is key. (more…)
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Your RRSP Tip Sheet for U.S. & Canadian Tax Returns
You’ve worked hard for your retirement income. If you’ve decided to retire in Canada and are approaching the age of 71, you may find that a bit of year end tax planning may save you a lot. (more…)
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Reporting Canadian and Other Foreign Accounts in the U.S. – A Comparison of U.S. FBAR & FATCA Reporting Requirements
U.S. tax rules for reporting foreign bank accounts by individuals can be tricky. They require an understanding of not one, but two sets of requirements – The Financial Account Tax Compliance Act (FATCA) and the requirements of the Financial Crimes Enforcement Network (FinCEN). (more…)
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Heading South? US Tax Implications of your Canadian RESPs
Under Canadian tax rules, a Registered Education Savings Plan (RESP) is an amazing tool for deferring tax while saving for your child’s education. A move south of the border may wipe these benefits out! Why? The income earned on a Canadian RESP is included on…
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Key Tax Considerations Before Divorcing Uncle Sam
Key US Tax Considerations Before Divorcing Uncle Sam The number of Canadians renouncing US citizenship has increased in recent years. Many more are in a months-long queue to part ways with uncle Sam. But before you do, there are key things to consider. Are You…
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Do I need to File a US Tax Return?
Do I need to File a US Tax Return? If you are a US Citizen, Resident Alien (Green Card holder, or deemed US resident), or a non-resident with certain US source income, the answer may be, “Yes.” US Citizen or Resident Alien? Figuring out whether…
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Need to Get Caught up on Filing a US Tax Return?
Need to Get Caught up on Filing a US Tax Return? Many US persons residing overseas are unaware of the need to file a US income tax return. With an increased focus by the IRS on foreign taxpayers and increased collaboration by US and Canadian…
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Due Dates for US Tax Returns
Due Dates for US Tax Returns Preparing to file both your US expat returns and Canadian income tax returns at the same time can be challenging. Good news! Many individuals outside the US qualify for an automatic two-month extension on their US income tax returns.…
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