It's not often the IRS reduces the information taxpayers need to report with their tax return. Luckily for Canadians, however, the IRS did just that yesterday when it announced Canadians no longer need to report their RRSP and RRIF accounts...

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When moving to the US from Canada, there are common challenges that individuals often face. These challenges arise from differences in taxation, reporting requirements, and the regulations that oversee one's investment portfolio. As a result, competent cross border legal, investment...

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As part of its efforts to address tax noncompliance involving foreign property, CRA recently introduced a revised Form T1135, Foreign Income Verification Statement, which is applicable for taxation years ending after June 30, 2013.Beginning with the 2013 taxation year, Form...

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Canadian citizens are not subject to Canadian tax on worldwide income if they are not resident in Canada. Rather, a Canadian citizen who is a non-resident of Canada is only subject to Canadian tax on certain Canadian source income (most...

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Canadians have been making their presence known in the US real estate market for years. This is due to a combination of historically low financing options, the strength of the Canadian Dollar and because of a correction in the US...

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Does this fact pattern sound familiar? Gordie is a Canadian who leaves Canada and takes up residence in the United States. Like many Canadians, Gordie decides to leave his investments behind in Canada and changes the address with his financial...

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An often over looked component of personal financial planning includes the creation of a cash flow and net worth statement. It is highly recommended that these two related documents become an integral part of the financial planning process. An insightful...

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We recently had a client contact us about rolling over her tax deferred US retirement accounts to a Canadian RRSP. With many Canadians deciding to leave the US in favor of returning to live permanently in Canada, the question of...

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If you own assets situated in the United States it is important to consider how much foreign property may impact your broader estate plan. There are many issues that make U.S. situated property an asset for which specific planning is...

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NAFTA is the North American Free Trade Agreement. It creates special economic and trade relationships for the United States, Canada and Mexico. The nonimmigrant NAFTA Professional (TN) visa allows citizens of Canada and Mexico to work in the United States...

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You might recognize this situation. You are a Canadian resident working in the USA on a TN visa. Your employer offers a 401(K) plan that includes a matching contribution. You know contributing to the 401(K) plan lowers your taxable income...

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We recently received a call from a U.S. citizen married to a Canadian citizen. The couple lives in Canada and owns a home in Toronto together. Recently, the couple sold their Canadian home, which has been their primary residence for...

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Pacifica Partners' President and Chief Investment Officer, AJ Sull, was interviewed today on Business News Network. Topics of discussion included our current asset allocation and stocks into which we would possibly deploy our cash reserves. Stocks that were referenced included...

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Canadians who are moving permanently or for an extended period of time while on a work sponsored visa must answer the above question. There are some fundamental decisions that must be made concerning any tax-deferred accounts (registered) that are being...

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Question: I am a US resident and my parents back in Canada left some property for me in Canada when they died in early 2012. I sold the property in 2012. What are the tax consequences of inheriting and selling...

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Are you a US taxpayer married to a non US citizen spouse? If yes, then you'll want to be aware of the US estate tax rules that can result in a sizable tax bill absent the right cross border estate...

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One of the most common questions we receive from cross-border investors relates to how they may reconcile between their CPP and SS benefits.  There's no quick formula to decide how much someone with both CPP and SS credits should receive,...

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At Gedeon Law & CPA, we regularly work with clients from Canada who come to work in the U.S. on a temporary basis. By temporary, we mean a work assignment generally lasting 2 years or less. A case in point,...

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Did you receive a notice from your Canadian or Australian bank asking you to complete an IRS Form such as a W-9 or W-8BEN? If so, then it's likely your bank has performed a review of its records and flagged...

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Canadian and American citizens cross the 49th parallel for many personal and professional reasons. Additionally, temporary and permanent cross-border movements enhance the complexity of investment management and financial planning. The primary cause for this situation is that taxable and retirement...

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