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Calculator for Americans living in Canada selling their home

Considering the difference in rules between Canada and the US with respect to how principal residences are taxed it can be challenging for Americans in Canada to truly assess the tax implications of their Canadian home sale.… Read more...

Travelling to the US from Canada, what you need to know

Travelling from the United States to Canada is a popular option for many people, as the two countries share a long and peaceful border.… Read more...

Best cities to retire in Canada

My wife and I are seriously contemplating moving to Canada from our home in Washington state. I’m a dual citizen and will be sponsoring here for her permanent residency.

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Quotes about income tax

“The hardest thing in the world to understand is the income tax.” – Albert Einstein

“The income tax has made more liars out of the American people than golf has.”… Read more...

US citizen living in Canada and inheritance?

Question

I’m a US citizen that will be moving to Canada and will be receiving an inheritance from a Canadian relative.… Read more...

Catch up on US tax returns in Canada via the IRS streamline program – Episode 20

On episode #20 of Crossing the 49th Podcast we discuss how to get caught up on your tax returns as an US expat living in Canada.… Read more...

Live cross-border tax and investment Q&A – Episode 19

On episode #19 of Crossing the 49th Podcast we walk through some live cross-border tax and investment questions.

 

Topics discussed include:

0:00 Intro
5:24 US pensions and foreign tax credits
9:37 Claiming mortgage interest deduction
15:15 Inherited IRA and RRSP
17:19 US person and TFSAs in Canada
20:28 Re-adjust basis on investments after moving back to Canada
23:51 RRSP and IRAs for American in Canada
25:49 Departure tax and revaluation of investment cost basis
29:15 Inherited TOD account from the US (T1135 and T1142)
33:42 How to do my own cross-border tax returns
36:36 Sale of US property 8288 forms and withholdings
39:45 Selling house in Arizona and moving to Canada (foreign exchange conversion)
44:35 How to draw down investments as a US person living in Canada (401k, IRA, ROTH, investments)
47:06 Can I keep all my investments in the US
48:04 How to renew an expired ITIN
50:33 Taking CPP and/or US social security
51:55 List of comprehensive cross-border tax resources
55:03 Sell US investments before moving to Canada?Read more...

Moving to Canada with ROTH IRA, IRA and US investments at Vanguard

Question

Hi Phil,

Thank you for all the great youtube videos on tax as they have been quite useful in our research.… Read more...