- I am a Canadian-born US Citizen living in the US. Came to school in the US for 6 years, and have been employed since. Since 2008 my parents have had an accountant handle my Canadian affairs while I, personally, handled my US income tax. Now, I am wondering if I should be filing in Canada considering I do not have any assets or income. I always plan to file in the US, but from this point forward, I am unsure if it is necessary to file in Canada. Is there any best practice methods I should be aware of before filing either country? Should I have a professional in the US handle both?[…]
- In December 2014 I converted a LIRA to a LIF. Will the amount of the conversion be subject to tax in the US in 2014?
- My wife and I are dual citizen with the united states and canada. We have complied with the current tax rules however i am considering incorporating my sole proprietorship and am wondering what the rules are and how this might cost me or benefit me.
- I worked in the US for a few years and have a 401k account there (untaxed retirement savings). I moved to Canada in 2012. I am considering taking that money out. My benefits representative tells me there will be a 20% withholding tax in the US. Since I live in Canada now and have been filing taxes in Canada since 2012, should I add this amount to my tax return this year (full amount not deducting the withholding tax)? Can I claim the tax withheld in the US as a tax credit? I am wondering if I will get taxed in both countries. Thanks![…]
- As dual American/Canadian citizen, will I need to pay state income taxes in the U.S. as well as the federal income taxes?
There’s a lot of talk this time of year is about what Canadians need to know heading into tax season. What about the more than one million Americans living in Canada? As the only western country that taxes its citizens, regardless of where they are living or earning income, the US has strict rules in […]
Every Canadian needs to be informed on their tax filing requirements but the more than 500,000 snowbirds who travel to the U.S. sun-belt each year have additional considerations to keep in mind to avoid unwelcome surprises at tax time. The U.S. and Canada have significantly beefed up their cross-border communications so staying informed to avoid […]
Taxes aren’t always an intuitive topic. Every month we will post frequently asked or interesting questions we receive. Here is the January edition of Dear Tax Pro. Q: I worked for two months in the USA and I have a W2, then worked 10 months in Ontario. Do I have to file taxes for both […]