It's very common for Canadians to receive an inheritance from a US relative. In these cases some of the inheritance might come in the form of regular investment accounts or retirement accounts such as IRAs or ROTH IRAs. In order...

Question Dear Phil, I hope this email finds you well. I wanted to follow up on the message I left on chat and provide more context about my situation and inquiries. As you may recall, I am a dual British/Canadian citizen and...

Question Hi Phil, we are members of your Americans in Canada Facebook page and will be moving to Victoria BC in the next few months. I’m having a hard time getting a clear answer on our situation and wondering if you...

Question Hello Phil I have very much enjoyed watching your You Tube episodes…very informative and helpful! Thank you so much! I have a question concerning Episode 11. I am a US/Canadian dual citizen/Canadian resident and started receiving US Social Security payments...

There has been lots of chatter in the Canadian financial press about the new Tax-Free First Home Savings Accounts (FHSA) that are currently being rolled out throughout Canadian financial institutions. Before we dive into why and how these new type...

Question Hi I got your name from XXXXX and you seem to be the perfect person to help me. Please let me know how I can book some time in with you soon as I would like to take care of...

The recently released FY2024 Budget proposal by President Biden calls for $3 trillion in deficit reduction through tax increases on corporations and wealthy individuals. The proposed tax increases include a quadrupling of the Inflation Reduction Act (IRA) stock buyback...

How is it possible that someone would pay Canadian taxes on stock losses? Well, it absolutely is… Under Canadian tax law, when individuals move to Canada (section 128.1(1)) their worldwide assets (excluding some specific type of Canadian assets) are “deemed...

The House of Representatives' Select Committee on the Events of January 6th released its final report today on the investigation into the 2021 insurrection at the US Capitol. The report, which spans over 845 pages, details the events of the...

Update: On Friday the House and ways committee released Trump's 2015 to 2020 Federal 1040 income tax returns (jackets only). You can read through the detailed Trump Tax personal tax returns here and his detailed business tax returns here. On...