Cross-Border Tax and Investment QA – Episode 6


Note: apologies for the audio quality on this one. It will be fixed on the subsequent podcast.

On episode #6 of Crossing the 49th Podcast we walk through some common cross-border tax and investment questions that clients have.

Question 1: How do I report my US IRA distributions for Canadian and US purposes

  • Report on both Canadian and US returns
  • Claim an FTC in Canada
  • No reportable on the T1135
  • Resource any amounts above 15%

Question 2: How do I report sale of US securities on my tax return

  • Both sale of Canadian securities and US securities are only taxable in Canada
  • Need to resource US gains
    • Essentially not taxed on the US return
  • T1135 reporting
    • Easier if in a Canadian brokerage account

Question 3: What are some considerations before moving to Canada

Question 4: How to report my US revocable trust in Canada

  • Often used to shelter estate tax liabilities
  • Need to file a Canadian trust return for Canadian purposes
  • T1135s will required
  • Likely little benefit for Canadian and US purposes
  • Discuss with a cross-border estate planner

Question 5: How to apply for BC medical for new residents

You’re eligible for MSP if:

  • B.C. residents who are Canadian citizens or permanent residents
  • B.C. residents who are government-assisted refugees
  • international students with study permits
  • some people with work permits for 6 months or more

3 month waiting period

Most new residents from the US maintain US medical coverage to bridge the 3 month period, or longer

You can also stay updated on US Expat Tax and financial planning issues by following us at:

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Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.


  1. Phil, related question: for an American citizen living in Canada with a Canadian spouse who are eligible for spousal social security in retirement (assuming they lived together in US for at least 5 years but spouse did not work in US or contribute to US social security), is the spousal social security reduced by the American spouse’s WEP (windfall elimination provision due to his CPP) or her own WEP (due to her WPP from her CPP) or BOTH?


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