Hosted by Phil Hogan, CPA, CA, CPA (Colorado) the Expat Tax and Financial Planning Podcast explores topics such as Canadian and US cross border taxation, cross border financial planning and investment planning between Canada and the US.
As we head into the holiday season, many of us are reflecting on our traditions, especially those of us who live between two countries. At Beacon Hill Wealth Management, we work with many Americans living in Canada, and one topic that always comes up this time of year is Thanksgiving. How does it differ between the two countries, and what should expats expect? In a recent interview on 770 AM Calgary Radio with Sarah Crosbie from Global News, our very own Chris Stooksbury shared his unique experience as an American living in Canada. The conversation dove into everything from the dates and traditions to football and, yes, even the infamous seven-layer Jell-O! Key Highlights from the Interview: Date and Significance: While Canadian Thanksgiving happens in early October, the U.S. celebrates later in November, with a much bigger focus on travel, football, and family gatherings. Cultural Differences: In the U.S., Thanksgiving is often a four-day event, with many returning home, whereas in Canada, it's typically a single-day affair. Food Traditions: Both countries have their staples—turkey, stuffing, and cranberries—but there are unique regional twists, especially for American expats who bring their holiday traditions north of the border. You can watch the full interview below to get all the insights directly from Chris.
In this episode of Crossing the 49th, Phil Hogan from Beacon Hill Wealth Management discusses the top 5 tax return mistakes expats make when filing U.S. and Canadian returns. From form 2555 errors to foreign tax credit issues, Phil covers the key pitfalls and how to avoid them for a smoother tax season. Key Topics: Incorrect use of form 2555 for foreign earned income Reporting worldwide income on both U.S. and Canadian returns Proper handling of Social Security income Errors with foreign tax credit forms (1116) Why it's best to file both returns through the same firm If you have any questions about this topic or need advice on other cross-border tax or investment matters, feel free to contact Phil at phil@beaconhillwm.ca. You can also take advantage of our complimentary tax consultation by visiting: https://chat.beaconhillwm.ca/o/c0b2f5c6 Subscribe to Crossing the 49th Cross-border Tax and Financial Planning Podcast on Apple podcasts and Spotify. You can also stay updated on US Expat Tax and financial planning issues by following us at: Our website American in Canada Private Facebook Group Follow us on Twitter Follow us on Instagram Subscribe to my YouTube Channel Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.
In this episode of Crossing the 49th, Phil Hogan discusses U.S. state tax filing for Canadians. Learn when and why Canadians need to file state returns, especially for rental income, property sales, or if you're moving from the U.S. to Canada. Get insights on exit returns, foreign tax credits, and key strategies for cross-border tax planning. Key Topics: Filing U.S. state returns as a Canadian Tax responsibilities for rental properties and property sales Exit returns when moving to Canada Managing foreign tax credits If you have any questions about this topic or need advice on other cross-border tax or investment matters, feel free to contact Phil at phil@beaconhillwm.ca. You can also take advantage of our complimentary tax consultation by visiting: https://chat.beaconhillwm.ca/o/c0b2f5c6 Subscribe to Crossing the 49th Cross-border Tax and Financial Planning Podcast on Apple podcasts and Spotify. You can also stay updated on US Expat Tax and financial planning issues by following us at: Our website American in Canada Private Facebook Group Follow us on Twitter Follow us on Instagram Subscribe to my YouTube Channel Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.
In this episode of Crossing the 49th, Phil Hogan from Beacon Hill Wealth Management discusses the tax implications of holding and withdrawing from an RRSP as a U.S. resident. Learn how the Canada-U.S. tax treaty affects RRSPs, foreign tax credits, and how to plan your withdrawals to minimize tax liabilities. Key Topics: Tax rules for RRSPs under the Canada-U.S. treaty Reporting RRSPs on U.S. tax returns (FBAR & 8938) Withholding taxes and claiming foreign tax credits Strategic RRSP withdrawal planning for U.S. residents If you have any questions about this topic or need advice on other cross-border tax or investment matters, feel free to contact Phil at phil@beaconhillwm.ca. You can also take advantage of our complimentary tax consultation by visiting: https://chat.beaconhillwm.ca/o/c0b2f5c6 Subscribe to Crossing the 49th Cross-border Tax and Financial Planning Podcast on Apple podcasts and Spotify. You can also stay updated on US Expat Tax and financial planning issues by following us at: Our website American in Canada Private Facebook Group Follow us on Twitter Follow us on Instagram Subscribe to my YouTube Channel Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.
On this episode of Crossing the 49th I discuss the tax treatment of interest, dividends and capital gains for U.S. expats that live in Canada. Key Topics: How these income items are taxed Foreign tax credit application including 1116 form filings Relevant treaty sections. To review the Canada-US tax treaty please visit here: https://beaconhillwm.ca/wp-content/uploads/2024/09/Canada-US-tax-treaty.pdf If you have any questions about this topic or need advice on other cross-border tax or investment matters, feel free to contact Phil at phil@beaconhillwm.ca. You can also take advantage of our complimentary tax consultation by visiting: https://chat.beaconhillwm.ca/o/c0b2f5c6 Subscribe to Crossing the 49th Cross-border Tax and Financial Planning Podcast on Apple podcasts and Spotify. You can also stay updated on US Expat Tax and financial planning issues by following us at: Our website American in Canada Private Facebook Group Follow us on Twitter Follow us on Instagram Subscribe to my YouTube Channel Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.
On episode #29 of Crossing the 49th Podcast, we discuss why transferring your IRA to an RRSP might not be a good idea. Understanding Why You Should Think Twice Before Transferring Your IRA to an RRSP | Cross-Border Tax and Financial Planning In this episode of Crossing the 49th, I explain the potential pitfalls of transferring your IRA to an RRSP, a common consideration for U.S. expats in Canada. I also discuss alternative strategies that may better suit your financial goals. Key Topics: Overview of IRAs and RRSPs Reasons you might consider an IRA to RRSP transfer Challenges and downsides of transferring your IRA to an RRSP Better alternatives to transferring your IRA The role of a cross-border adviser in managing your retirement accounts You can download a copy of the presentation here: https://beaconhillwm.ca/wp-content/uploads/2024/09/IRA-to-RRSP-transfers-Beacon-Hill-Wealth-Management.pdf Subscribe to Crossing the 49th Cross-border Tax and Financial Planning Podcast on Apple podcasts and Spotify. You can also stay updated on US Expat Tax and financial planning issues by following us at: Our website American in Canada Private Facebook Group Follow us on Twitter Follow us on Instagram Subscribe to my YouTube Channel Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.
On episode #28 of Crossing the 49th Podcast, we discuss the upcoming October 15th deadline. Understanding the October 15 Deadline for U.S. Expats in Canada | Cross-Border Tax and Financial Planning In this episode of Crossing the 49th, I break down the important October 15 tax deadline for Americans living in Canada. With the U.S. tax extension deadline coming up, I'll walk you through key points for those who haven't filed their U.S. tax returns yet, including FBAR filings and the penalties for missing deadlines. I also cover how to manage both U.S. and Canadian tax returns and why it's essential to file them together. Key Topics: October 15 deadline for U.S. expats in Canada Managing U.S. and Canadian tax returns The importance of FBAR filings and T1135 forms What to do if you need an extension to December 15 Subscribe to Crossing the 49th Cross-border Tax and Financial Planning Podcast on Apple podcasts and Spotify. You can also stay updated on US Expat Tax and financial planning issues by following us at: Our website American in Canada Private Facebook Group Follow us on Twitter Follow us on Instagram Subscribe to my YouTube Channel Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.
On episode #27 of Crossing the 49th Podcast, we delve into the IRS Streamline Tax Program and Cross-Border Financial Planning with Experts Rob Brown and Doug Lawson.… Read more... The post IRS Streamline program, TFSA, RESP, NIIT and much more with Rob Brown and Doug Lawson EP. #27 appeared first on Phil Hogan, CPA, CA, CPA (CO).
On episode #27 of Crossing the 49th Podcast, we delve into the IRS Streamline Tax Program and Cross-Border Financial Planning with Experts Rob Brown and Doug Lawson. Extended Summary of the Podcast: Join host Phil Hogan and guests Rob Brown and Doug Lawson from Hutcheson and Co. LLP as they explore essential topics for Americans in Canada. This episode provides comprehensive insights into the IRS Streamline Tax Program, 1040x adjustments, and strategic considerations for TFSA and RESP. Key takeaways from the episode include: - IRS Streamline Tax Program: An in-depth exploration of this vital program for tax compliance. - 1040x Adjustments: Understanding the nuances and importance of these adjustments. - TFSA & RESP for Americans in Canada: Strategies and tips for effective financial planning. - Planning for Americans Moving to Canada: Essential advice for a smooth financial transition. For personalized advice or questions, reach out to Phil directly at phil@philhogan.com. Stay tuned for more insightful episodes from "Crossing the 49th"! #IRSStreamline #1040x #TFSA #RESP #USCanadaTaxPlanning #PhilHoganCPA You can also stay updated on US Expat Tax and financial planning issues by following us at: American in Canada Private Facebook Group Americans in Canada Reddit subReddit Follow us on Twitter Follow us on Instagram Sign up for our Expat Tax and financial planning newsletter Subscribe to my YouTube Channel Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.
On episode #25 of Crossing the 49th Podcast, we discuss How to Find and Work with a Cross-Border CPA. Extended Summary of the Podcast: In this insightful episode, host Phil Hogan provides valuable tips on finding and working with a cross-border tax accountant.… Read more... The post How to Find and Work with a Cross-Border CPA |
On episode #25 of Crossing the 49th Podcast, we discuss How to Find and Work with a Cross-Border CPA. Extended Summary of the Podcast: In this insightful episode, host Phil Hogan provides valuable tips on finding and working with a cross-border tax accountant. Phil emphasizes the importance of seeking professional help early, especially if you're planning to move to Canada or need cross-border tax advice. Key takeaways from the episode include: - Start Early: The best time to engage a cross-border accountant is in the fall, as many are wrapping up their busy tax seasons and can take new clients. - Finding an Accountant: Use resources like Google to find local cross-border tax firms. Phil highlights the importance of getting into a firm's system early to avoid the rush during tax season. - Engagement Letters: Once you've identified a potential accountant, securing an engagement letter ensures you're officially in their system for the next tax year. - Following Directions: Phil stresses the importance of thoroughly reading and following the instructions and checklists provided by your accountant, to streamline the process and ensure efficiency. Phil also touches on the challenges and high demand in the cross-border tax industry, advising listeners on how to build a successful relationship with their tax professional. For personalized advice or questions, reach out to Phil directly at phil@philhogan.com. Stay tuned for more episodes and insights from "Crossing the 49"! #CrossBorderCPA #TaxPlanning #CrossingThe49thPodcast #PhilHoganInsights You can also stay updated on US Expat Tax and financial planning issues by following us at: American in Canada Private Facebook Group Americans in Canada Reddit subReddit Follow us on Twitter Follow us on Instagram Sign up for our Expat Tax and financial planning newsletter Subscribe to my YouTube Channel Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.
On episode #23 of Crossing the 49th Podcast we discuss When are my cross-border tax returns due? Extended Summary of the Podcast: In the episode of “Crossing the 49th,” host Phil Hogan delves deep into the intricacies of cross-border tax and financial planning, specifically tailored for Americans residing in Canada. … Read more... The post When are my cross-border tax returns due?
On episode #23 of Crossing the 49th Podcast we discuss October 16th, Crypto, 30% IRA withholdings and CRA FTC. Summary: In the latest episode of “Crossing the 49th: The Crossborder Tax and Financial Planning Podcast,” host Phil Hogan delves into some frequently asked cross-border tax questions. … Read more... The post October 16th, Crypto, 30% IRA withholdings and CRA FTC – Ep.23 appeared first on Phil Hogan, CPA, CA, CPA (CO).
On episode #22 of Crossing the 49th Podcast we discuss why it's important to make sure to plan before moving to Canada.… Read more... The post Make sure to plan before moving to Canada – Ep.22 appeared first on Phil Hogan, CPA, CA, CPA (CO).
On episode #22 of Crossing the 49th Podcast we discuss why it's important to make sure to plan before moving to Canada.
On episode #21 of Crossing the 49th Podcast I am joined by Elizabeth Long from Long Mangalji immigration as she discusses Canadian Immigration Solutions for Americans.… Read more... The post Canadian Immigration Solutions for Americans w/Elizabeth Long – Ep.21 appeared first on Phil Hogan, CPA, CA, CPA (CO).
On episode #21 of Crossing the 49th Podcast I am joined by Elizabeth Long from Long Mangalji immigration as she discusses Canadian Immigration Solutions for Americans. Topics discussed include ways to come to Canada to work or study, avenues for obtaining permanent residence, tips on sponsoring your spouse and what to do if your application is denied. You can reach Elizabeth via email at inquiries@lmlawgroup.com or via phone at 416-548-9101. You can also sign up for her Canadian immigration newsletter here: http://lmlawgroup.com. Topics discussed today: 0:00 Intro 4:11 Immigration status in Canada 7:50 Citizenship 11:01 Spousal sponsorship 14:57 When should you apply for spousal sponsorship? 18:18 In- Canada v. Overseas 21:04 Permanent residence - Economic programs 35:20 Pathway for international workers 36:02 Pathway for international students 39:22 Pathway for entrepreneurs 42:40 Express entry You can also download the Canadian immigration presentation slides for the webcast here. You can also stay updated on US Expat Tax and financial planning issues by following us at: American in Canada Private Facebook Group Americans in Canada Reddit sub Reddit Here on Twitter On Instagram here Sign up for our Expat Tax and financial planning newsletter here You can subscribe to my YouTube Channel here Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.
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... The post Catch up on US tax returns in Canada via the IRS streamline program – Episode 20 appeared first on Phil Hogan, CPA, CA, CPA (CO).
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
On episode #18 of Crossing the 49th Podcast we hosted a live Cross-Border Tax and Investment Q&A. On another instalment of cross-border Q&A we discuss various cross-border tax and investment related issues.… Read more... The post Cross-Border Tax and Investment Q&A – Episode 18 appeared first on Phil Hogan, CPA, CA, CPA (CO).
On episode #18 of Crossing the 49th Podcast we hosted a live Cross-Border Tax and Investment Q&A. On another instalment of cross-border Q&A we discuss various cross-border tax and investment related issues. 0:00 We're live! 2:05 I inherited a bunch of stocks from my father last year and I will be selling them in 2022. Do I need to pay tax on the stocks even though he already has? From Ken 5:02 Reading through your blog I just realized I should have filed those T1135 forms. I see they have a huge penalty. Is there a one-time penalty abatement? Emily 9:10 Every year the CRA audits my foreign tax credits on my Canadian return. Is there a way to avoid this every year by filing manually? Jagat 12:11 I live in Seattle and we just bought a Victoria condo rental. It will be losing money each month, do we need to file anything in Canada? Susan 19:57 Do you know of any software that does both Canadian and US returns at the same time? Greg 22:50 My husband and I (both dual citizens living in Vancouver) are thinking of selling our main home. Will we have to pay US tax? Charlotte 31:50 My accountant is not getting back to me and still hasn't filed my US tax return. What penalties should I expect? Mohammad You can also stay updated on US Expat Tax and financial planning issues by following us at: American in Canada Private Facebook Group Americans in Canada Reddit sub Reddit Here on Twitter On Instagram here Sign up for our Expat Tax and financial planning newsletter here You can subscribe to my YouTube Channel here Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.
On episode #17 of Crossing the 49th Podcast we discuss Principal residence, losses, inherited IRA, FBARs and more. On another instalment of cross-border Q&A we discuss various cross-border tax and investment related issues.… Read more... The post Principal residence, losses, inherited IRA, FBARs and more – Episode 17 appeared first on Phil Hogan, CPA, CA, CPA (CO).
On episode #16 of Crossing the 49th Podcast we discuss how to correct under and over withholdings on US pensions. When you receive pension income from the US as a Canadian tax resident the custodian of the plan is required to withholding US tax pursuant to the Canada-US tax treaty.… Read more... The post How to correct under and over withholdings on US pensions – Episode 16 appeared first on Phil Hogan, CPA, CA, CPA (CO).
On episode #16 of Crossing the 49th Podcast we discuss how to correct under and over withholdings on US pensions. When you receive pension income from the US as a Canadian tax resident the custodian of the plan is required to withholding US tax pursuant to the Canada-US tax treaty. In this podcast we discuss how to correct under or over withholding of US tax. You can also read this in-depth article on the subject of US withholding on pensions to Canadians. You can also stay updated on US Expat Tax and financial planning issues by following us at: American in Canada Private Facebook Group Americans in Canada Reddit sub Reddit Here on Twitter On Instagram here Sign up for our Expat Tax and financial planning newsletter here You can subscribe to my YouTube Channel here Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.
On episode #15 of Crossing the 49th Podcast we discuss some business structures available for Americans living in Canada. We speak a lot to new and established Americans living in Canada that need to assess which business structure is right for them.… Read more... The post Business Structures for Americans in Canada – Episode 15 appeared first on Phil Hogan, CPA, CA, CPA (CO).
On episode #15 of Crossing the 49th Podcast we discuss some business structures available for Americans living in Canada. We speak a lot to new and established Americans living in Canada that need to assess which business structure is right for them. Some business structures available to Americans are as follows: LLCs Sole proprietorships Partnerships Incorporation Joint ventures ULCs Here's a great presentation by Phil Hodgen that goes through some of these business options for Americans living in Canada. You can also stay updated on US Expat Tax and financial planning issues by following us at: American in Canada Private Facebook Group Americans in Canada Reddit sub Reddit Here on Twitter On Instagram here Sign up for our Expat Tax and financial planning newsletter here You can subscribe to my YouTube Channel here Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.
On episode #14 of Crossing the 49th Podcast we discuss the tax implications of Americans living in Canada selling their main home.… Read more... The post Americans Selling their Principal Residence in Canada – Episode 14 appeared first on Phil Hogan, CPA, CA, CPA (CO).
On episode #13 of Crossing the 49th Podcast we walk through more cross-border frequently asked questions. I made a mistake on my cross-border returns, what should I do? … Read more... The post FAQ: foreign tax credits, incorporation and Bitcoin – Episode 13 appeared first on Phil Hogan, CPA, CA, CPA (CO).
On episode #12 of Crossing the 49th Podcast we walk through some frequently asked questions regarding cross-border tax and financial planning.… Read more... The post Cross-Border FAQ: CRA reviews, W8, Inheritances, IRA or RRSP? – Episode 12 appeared first on Phil Hogan, CPA, CA, CPA (CO).
On episode #11 of Crossing the 49th Podcast we discuss how US pensions are taxed in Canada. Many of my client receive pension income from the US whether it be traditional government or private US pensions or registered pension payments from 401k or IRA accounts.… Read more... The post Canadians with US Pensions – Episode 11 appeared first on Phil Hogan, CPA, CA, CPA (CO).
On episode #10 of Crossing the 49th Podcast we discuss important cross-border and expat tax filing deadlines. Given the potential for large penalty assessment on late tax filings it's extremely important to not only understand all the US and Canadian tax filing deadlines, but also to ensure you file your tax returns and related information returns on time.… Read more... The post Expat and Cross-Border Tax Deadlines – Episode 10 appeared first on Phil Hogan, CPA, CA, CPA (CO).
On episode #9 of Crossing the 49th Podcast we discuss the most common mistakes I see others making on their cross-border Canadian and US income tax returns.… Read more... The post Common Expat Tax Return Mistakes – Episode 9 appeared first on Phil Hogan, CPA, CA, CPA (CO).
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