Category: Education Savings Plans

US & Canadian Cross-Border Tax Service - Cross-Border Financial Professional Corporation - Education Savings Plans
RESP on US Tax Return

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

The ABCs of Canadian RESPs for U.S. Tax Filers: A Guide for U.S. Citizens in Canada Saving for your child’s education is one of the most responsible financial steps a parent can take. In Canada, the Registered Education Savings Plan (RESP) is a powerful tool…
Read More
Canadian Tax-Free Savings Accounts - Pitfalls on a U.S. Tax Return

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…
Read More
Heading South? US Tax Implications of your Canadian RESPs

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…
Read More