Taxation of Canadian Registered Savings Plans for U.S. Persons

March 16, 2023 |John Donaldson
In Canada, we have a number of registered savings plans available to Canadian residents that provide tax and other benefits. However, some of these plans, for U.S. persons, may be subject to punitive U.S. tax, additional U.S. tax filing requirements and/pr...
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Passive Foreign Investment Company (PFIC) Rules

March 09, 2023 |Charles W. Cullen III
Can American's living in Canada own Canadian mutual funds, pooled funds, and exchange trade funds? The answer on PFICs is complex and has many factors to consider. For more information, please reach out. Click Here
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U.S. Estate, Gift and Generation-Skipping Transfer Tax (GSTT)

March 02, 2023 |Charles W. Cullen III
The U.S. tax system is composed of an income tax system and a transfer tax system. Planning for the U.S. transfer tax system, while alive and for when you pass away is extremely important. For more information, please reach out. Click Here
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U.S. Estate Tax for Canadians

February 23, 2023 |Charles W. Cullen III
There are many ways that Canadians can be impacted by the U.S. estate tax - there are also ways to lessen the exposure. Call me with any questions. Click Here
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Moving from Canada to the U.S.

February 16, 2023 |Charles W. Cullen III
Last week we looked at "Moving to Canada from the U.S." - this week we are doing the reverse, looking at Moving from Canada to the U.S. For information, please reach out. Click Here
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Moving to Canada from the U.S.

February 09, 2023 |Charles W. Cullen III
Are you a U.S. citizen or green-card holder moving to Canada? You will be subject to both the Canadian and U.S. tax system. For an overview of the complexity and potential mismatch that can arise, please click the link. To learn how we help clients navigate...
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Determining Your Tax Residency Status in Canada

February 02, 2023 |Charles W. Cullen III
Did you know that you may be considered a resident of Canada for income tax purposes even if you are not a Canadian citizen or landed immigrant? This article discusses some of the factors that determine our residency status and the tax implications. For...
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2023 - Special Withdrawals from Locked-in Plans by Province

January 26, 2023 |Charles W. Cullen III
For those who have a locked-in retirement account, the beginning of the year is a good opportunity to see if a special withdrawal makes sense. The following table outlines different options that are available based on provincial and federal legislation...
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Tax-Free Savings Account (TFSA)

January 19, 2023 |Charles W. Cullen III
At the start of each year, we contact our clients to let them know that they now have additional Tax-Free Savings Account (TFSA) room. For 2023, the annual amount increased to $6,500. To learn more about TFSAs or how a TFSA complements existing savings...
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Prescribed Rate Loan Annual Interest Payments due by January 30th

January 12, 2023 |Charles W. Cullen III
Prescribed Rate Loans can be a very effective strategy to transfer portfolio earnings from a higher earning spouse to a lower earning spouse. There are material penalties if the interest payment is missed by the deadline, which is January 30th of the...
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