The people who can benefit from our cross-border financial, tax and estate planning and investment management consulting expertise include:
Executives and professionals working and living across the border
Canadians retiring in the United States and Americans retiring in Canada
Small business owners with companies on both sides of the border
Canadians returning to Canada and Americans returning to the United States
Canadian and U.S. expats living abroad
US citizens with divorce or separation asset allocation or alimony payment issues.
US citizens considering citizenship renunciation.
Below is a selection of frequently asked questions from our clients. We welcome you to explore and if you don't find what you're looking to address, contact our office today.
Certain inquiries may require a consultation. particularly when the answer must be tailored to suit your specific tax situation. Our office will advise if a consultation is required. If we cannot help you, we can direct you to the right place.
Frequently Asked Questions
I'm a US citizen living in Canada, why do I have to file taxes? Will I owe any taxes when I file my US return?
US tax law require all US citizens to file tax returns with the IRS, and pay any taxes resulting from the filing. However, the Canada-US tax treaty and other related domestic exemptions are in place to prevent double taxation in both countries. Therefore, US citizen living in Canada may or may not pay any US taxes as a result of filing. Some examples where US citizens living in Canada may need to pay the US tax are: if you earned US source income; you have not paid enough Canadian tax to fully reduce your US tax liabilities via foreign tax credit; your US source income is significantly higher than your Canadian income.
How can I check on the processing status of my refund for my US return?
Social Security Number or ITIN
Filing Status of the return (located on first page of your 1040)
Exact refund amount
Why did I receive a refund check with an amount far less than expected in 2020?
Most tax refund payments will be issued separately from the refund interest payment. The refund interest, if issued by paper check, will include a notation on the check (INT Amount) that identifies it as a refund interest payment.
How do I request my IRS transcript?
How will the US Economic Impact Stimulus payments affect my filing?
What are FBAR forms?
If you have a foreign financial account (bank account, brokerage account, mutual fund, trust, or other type of foreign financial account) where you hold financial interest or signature authority exceeding US$10,000 in aggregate, the Bank Secrecy Act require you to report the account yearly to the Department of Treasury by electronically filing a Financial Crimes Enforcement Network (FinCEN) 114, Report of Foreign Bank and Financial Accounts (FBAR).
I'm a US citizen living in Canada, who's never filed a US return before - What do I do?
As a US citizen living in Canada, do I have to pay gift tax on cash gifts to family?
Should US citizens open TFSA accounts or hold Canadian mutual funds?
If I am legally separated in Canada, what is my filing status in the US?
A decree of divorce or separate maintenance or a written instrument incident to such a decree,
A written separation agreement, or
A decree requiring a spouse to make payments for the support or maintenance of the other spouse.
What are the tax consequences in Canada if my principal residence changed to a rental property?
Prerequisite of the designation are as below:
i. The property cannot be only a partial change in use
ii. The taxpayer has to be resident or deemed resident of Canada during those years
iii. No CCA claimed while rented out
When are you required to register for a GST/HST account?
Please note, there are different GST/HST registration requirements for charities and public institutions, public service bodies, non-residents, and taxi operators and commercial ride-sharing drivers. You can read about these on the CRA website
What documents do I need to prepare or keep for reporting the capital gain from sale of a rental property (US or Canada)?
List of documents include but are not limited to:
Sale and Purchase closing statements
Summary of any purchase and selling cost which are not reflected on the statements
Summary of rennovation expenses (if any) prior to sale
Tax payment proof for any federal and state tax withheld
What is the key difference between ROTH IRA and traditional IRA?
Is the ROTH IRA taxable in Canada?
Are TFSA or RESP accounts taxable in the US?
What documents do I need to support my medical expenses claim on a Canadian T1 return?
According to CRA copies or original documents of medical related expenses should include receipts, prescriptions and certificate in writing (if any) for the full taxable year or any 12-month period ending in the taxable year.
Name if the patient
Date and amount of the payment
Name of the medical practitioner, if applicable;
The service(s) provided by the medical practitioner;
The name of the person who made the payment
Do I need to report foreign personal-use property on Form T1135?
Can I claim the medical expenses paid for my spouse and dependent children on my Canadian T1 return?
• Your spouse / common-law partner
• Your or your spouse’s / common-law partner’s children who were under 18 years of at the end of the tax year.
I'm leaving Canada, which date should be regarded as the departure date on my filing?
CRA has indicated that the date you become a non-resident of Canada is the latest of:
The date you physically leave Canada
The date your spouse and dependants leave Canada
The date you become a resident of the new country you are immigrating to.