Why Canadian mutual funds can cause U.S. tax headaches – Repost

Why Canadian mutual funds can cause U.S. tax headaches Written by: Max Reed Common Canadian investments can inadvertently cause U.S. tax problems for U.S. citizens in Canada. Let’s take a really common example that we see frequently. Jack is a U.S. citizen in his 50s who married Jill (a Canadian citizen) many years ago. They have both lived in Canada…

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How The U.S. May Tax a Canadian Tax Free Savings Account – Repost

How The U.S. May Tax a Canadian Tax Free Savings Account Written by: Terry Ritchie   Qualified individuals in Canada can start a Tax Free Savings Account (TFSA) and earn income in a tax-free manner. The TFSA account provides tax benefits for savings where investment income earnings, including capital gains and dividends, are not taxed when withdrawn. However, unlike the…

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Foreign Transaction Fee’s – Repost

How to get a U.S. dollar credit card By Aaron Broverman If you do a lot of spending in the States, you may be considering getting a U.S. dollar credit card, which will allow you to spend in American currency and avoid foreign transaction fees. “If you’re a Canadian snowbird vacationing in Florida for five or six months [with…

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Non-Resident RRSP Redemption: Withholding Tax Explained

June 08, 2015 by Jeanette Boleantu The Expatriate Group strongly recommends that appropriate tax advice be sought prior to the withdrawal of any RRSP balances. There are two tax consequences that exist for withdrawing registered products before you retire –regardless of your tax residency status. The amount you redeem is taxable income: You have to report the amount you take…

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Non-Resident Return to Canada: Canadian Repatriation

What you need to do when moving back home The Expatriate Group strongly recommends that appropriate tax advice be sought prior to returning to Canada. As a Canadian citizen returning from abroad there is a lot to consider before you re-enter please consult a cross-border tax specialist. We can advise. Step One: Determine Your Residency Date Residency is based on…

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