Cross-Border Tax and Investment QA – Episode 6

You can reach Phil at [email protected] or via phone at 778-405-4453. You can visit his website here: http://beaconhillwm.ca To setup a complimentary consultation please visit https://beaconhillwm.ca/get-started-now/ (limitations apply). Note: apologies for the audio quality on this one. It will be fixed on the subsequent podcast. On episode #6 of Crossing the 49th Podcast we walk through some common cross-border tax and investment questions that clients have. Question 1: How do I report my US IRA distributions for Canadian and US purposes Report on both Canadian and US returns Claim an FTC in Canada No reportable on the T1135 Resource any amounts above 15% Question 2: How do I report sale of US securities on my tax return Both sale of Canadian securities and US securities are only taxable in Canada Need to resource US gains Essentially not taxed on the US return T1135 reporting Easier if in a Canadian brokerage account Question 3: What are some considerations before moving to Canada See article posted on CPA site https://www.cpapracticeadvisor.com/ta... File both returns each year FBARs and T1135s will be required Review investments before moving to Canada Pay income before entering Canada US principal residence exclusion Question 4: How to report my US revocable trust in Canada Often used to shelter estate tax liabilities Need to file a Canadian trust return for Canadian purposes T1135s will required Likely little benefit for Canadian and US purposes Discuss with a cross-border estate planner Question 5: How to apply for BC medical for new residents You’re eligible for MSP if: B.C. residents who are Canadian citizens or permanent residents B.C. residents who are government-assisted refugees international students with study permits some people with work permits for 6 months or more 3 month waiting period Most new residents from the US maintain US medical coverage to bridge the 3 month period, or longer You can also stay updated on US Expat Tax and financial planning issues by following us at: For personalized advice, contact Phil Hogan: [email protected] Visit our website for extensive resources: http://beaconhillwm.ca Join the conversation in our Facebook Group:   / canadaus   Follow us on Twitter for the latest updates:   / philhogancpa   Subscribe to our newsletter for regular updates: https://beaconhillwm.ca/blog/ #expats #investments #movingtocanada Disclaimer: The views expressed are those of Beacon Hill Wealth Management Ltd. partners and may change without notice. This content is for informational purposes only and does not constitute investment or tax advice, or a recommendation regarding any security, strategy, or account. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal. For tax matters, consult your own professional advisor.