Category: US Individual Taxes for Canadians

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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…
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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…
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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…
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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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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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US Tax

Ten Things Tax-Savvy Canadians Consider Before a Move to the U.S.

If you’re planning to move from Canada to the U.S., get ready for a very different system of taxation. Tax strategies that are helpful as a Canadian-only resident, may produce less than efficient tax results after a move. Pre-immigration planning with a cross-border tax specialist…
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U.S. Tax Residency & The Tax Treaty Tie-Breaker

U.S. individual income taxation is based on both residency and citizenship. Figuring out whether you are a U.S. resident for tax purposes can be complicated. A sound understanding of the tax rules is key. (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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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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