Archive for 'Cross Border Tax Q&A'
New husband in the US – Tax implications
Posted on 22. Feb, 2011 by Phil Hogan, CA.
Question Hello, I am a self employed Canadian and US citizen residing in Canada. I file Canadian and US income taxes each year on worldwide income with foreigh tax credits/exclusions. I am going to marry a US citizen who resides in Massachusetts (he is not a Canadian citizen). We plan to continue to “visit” each [...]
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Should I convert my IRA before moving to Canada?
Posted on 04. Feb, 2011 by Phil Hogan, CA.
Question Hello, I have a question…I’m planning on moving to Canada (I’m a US citizen) in the next few months and I’m wondering whether I should convert my existing IRA ($200,000) to a ROTH IRA or enter Canada and roll it into an RRSP. What are your thoughts? What are the tax implications? Thanks XXXXX [...]
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Do I pay US tax on interest earned from the US?
Posted on 03. Feb, 2011 by Phil Hogan, CA.
Question Hello Phil, I have what I hope is a simple question. If a Canadian resident earns interest income on money invested in the US, does the Canadian resident then have to file US income tax? If so, is an ITIN number needed by the Canadian resident? Thanks XXXXXX Answer Hi XXXX Under the US-Canada [...]
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How do I file my late US tax returns as a Canadian resident?
Posted on 31. Jan, 2011 by Phil Hogan, CA.
Question Hello, I’ve lived in Canada for over 22 years and I haven’t filed a US tax return since I moved here (Ontario). Is the IRS going to want 22 years of tax returns filed? I don’t think I could even find any information more than 10 years back. I’ll take any help you can [...]
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RRSP payment to UK resident withholding tax?
Posted on 23. Jan, 2011 by Phil Hogan, CA.
Question Hello, I moved from Canada in 2003 and left my RRSP in Canada. I’m planning on withdrawing $10,000 from the RRSP this year. How much Canadian tax will they withhold? Thanks for your time. XXXXX Answer Hi XXX Canada will withhold 25% of the RRSP payment at source. Unfortunately the withholding rate is not [...]
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Withdrawal of RRSP as a US Citizen and Resident
Posted on 21. Jan, 2011 by Phil Hogan, CA.
Question Hello, Just wanting to get some advice on withdrawing my RRSP to pay my house here in the US. I am a dual citizen living in the states. Worked in canada for 10 years, about 10 ago. Thank You for your time. Answer Hi XXX Canada will withhold 25% of your withdrawal from the [...]
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Left Canada and moved to US – Deemed Disposition Rules
Posted on 11. Jan, 2011 by Phil Hogan, CA.
Question Great website! Here is my situation…please let me know if you can help. Thank you… I left Canada (XXXXXX) about 9 years ago (in XX) and moved to California, where I now live. When I left Canada, I filed my Cdn taxes for the last year I resided in Canada (I’m not sure if [...]
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Gambling Refund Disallowed by the IRS
Posted on 10. Jan, 2011 by Phil Hogan, CA.
Question Phil, I know you don’t know me from a hole in the ground and I know you are out to make money but I thought I’d ask anyhow. I’m a XXXXXX in XXXXX but US Tax law isn’t my forte. I have had an ITN for more than 10 years and have filed a [...]
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Gambling US Tax Refund for Canadian
Posted on 12. Dec, 2010 by Phil Hogan, CA.
Question Hello Phil, I recently came back from a trip to Las Vegas where I won over $20,000 in winning on a slot machine (crazy since I never really gamble). The casino withheld 30% of my winnings and gave me a 1042-s form. I heard you can help me recover some of this gambling tax. [...]
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Foreign Tax Credit for Taxes on Swiss Tax Returns
Posted on 13. Nov, 2010 by Phil Hogan, CA.
Question Hello, I lived in Switzerland for a few years and I failed to file my US returns. I’m a US citizen, currently residing in the US but I have been living in Switzerland for a few years. I’m currently catching up with my delinquent US returns and I just have a small question for [...]