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Cross Border Tax Q&A – Can I roll my RRSPs to an IRA?
Posted on 07. Jun, 2010 by Phil Hogan, CA.
Question Phil I’ll be moving to California permanently next January and I wanted to get your opinion on a tax matter. Will I be able to “roll over” my RRSPs to an IRA (before or after I leave) into an IRA tax free? Thanks for your help in this matter. Kind Regards XXXXXX Answer Hi [...]
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Cross Border Tax Q&A – Tax Consequences of Leaving Canada
Posted on 05. Jun, 2010 by Phil Hogan, CA.
Question Hello Phil I’ll be leaving Canada after a long stay (11 years) to take a job in Seattle. I’m still a US citizen and plan on staying at the new job in the long-term. I’m aware that I need to file a final Canadian return but I’m unsure how to handle all the intricacies [...]
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Cross Border Tax Q&A – Deduction of RRSP Contributions on 1040 Return?
Posted on 04. Jun, 2010 by Phil Hogan, CA.
Question Dear Sir I’m a US citizen (born in the US) living in Ottawa, Ontario Canada. I’ve prepared my own Canadian taxes and US taxes (1040 income tax returns) for the last 10 years including the filing of foreign tax credits on form 1116 IRS. My question is this: can I deduct my Canadian RRSP [...]
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Tax Q&A – US Citizen Living in Canada..Do I Need to File?
Posted on 04. Jun, 2010 by Phil Hogan, CA.
Question Hi I just found out the other day that all US citizens need to file US tax returns. I’ve been living in Ottawa (from Seattle) for the last 10 years. I worked for the first 6 years, but have been unemployed for the other 4 years. If the IRS finds out will I be [...]
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CRA Cracking Down on Non-Compliance
Posted on 30. May, 2010 by Phil Hogan, CA.
I wanted to share the recent CRA news release regarding how much extra revenue CRA has obtained by auditing and reviewing individuals and businesses’ income tax affairs. The article also outlines some cases where criminal prosecution was levied. The quick lesson here is……file you returns on time and make sure they’re accurate! You can read [...]
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Tax Q&A – US Citizen Living in Canada..Do I Need to File?
Posted on 30. May, 2010 by Phil Hogan, CA.
Question Hi I just found out the other say that all US citizens need to file US tax returns. I’ve been living in Ottawa (from Seattle) for the last 10 years. I worked for the first 6 years, but have been unemployed for the other 4 years. If the IRS finds out will I be [...]
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The History of the IRS
Posted on 16. May, 2010 by Phil Hogan, CA.
Ever wonder when the IRS was first implemented or when taxpayers were first allowed to electronically file their tax returns? The IRS has posted a historic timeline of the history of the IRS. Take a read here: History of the IRS
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Reduce Your Payroll Withholdings and Keep More Cash From Your Paycheck
Posted on 13. Feb, 2010 by Phil Hogan, CA.
If you are one of the many that receives a sizable income tax refund at tax time your employer is possibly withholding more tax then is necessary. You have the legal right to apply to CRA and ask your employer to reduce your tax installment withholding to a level consistent with your annual income tax [...]
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Tax Tip #2 – Can I Adjust a Previous Year’s Canadian Tax Return?
Posted on 18. Jan, 2010 by Phil Hogan, CA.
If you find that you’ve made a mistake on your Canadian tax return you are able to submit a T1adj form with CRA to make the changes. Once submitted CRA will assess the changes, make the required changes (in some cases they may want to verify documentation backup for the changes) and send you a [...]
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Tax Tip #1 – What Happens If I File My Canadian Tax Return Late?
Posted on 16. Jan, 2010 by Phil Hogan, CA.
Your Canadian tax return is due April 30th unless you or your spouse or common-law partner carry on a business in which case you have until June 15th. Note however that any tax balance owing still needs to be paid by April 30th to avoid interest charges. If you fail to file your Canadian Income [...]
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