624 plain-English guides on cross-border, each one ending in what to do next.
Page 2 of 26, newest first.
Form 8621 has no IRS fee. Firms list $69 to $300 per fund, and Taxes for Expats bills the default section 1291 regime by the hour. Ours is $400 per fund per year.
Cross-BorderFiling your US return from Canada costs $115 and up in software, $259 to $1,200 at expat firms, or from $1,745 for both countries' returns with us. Late filing costs more.
Cross-BorderA dual-status return typically costs $1,500 to $2,500, several times a normal 1040. Two returns in one that can't be e-filed.
Cross-BorderRenouncing US citizenship costs $450 at the State Department. The tax side, a final dual-status return and Form 8854, typically runs $3,500 to $7,500.
Cross-BorderFiling the FBAR yourself costs nothing. A preparer adds $85 to $150 a year. Late filings cost more, and skipping one risks a $16,536 penalty.
Cross-BorderCross-border bookkeeping for a Canadian with US income typically runs $300 to $2,000 a month, a rough estimate that varies widely with the entities and currencies involved.
Cross-BorderThe IRS charges nothing for the ITIN itself, but W-7 prep, CAA certification, and the tax return it goes with typically add up to $1,000 to $3,000+, and fees vary widely.
Cross-BorderA Canadian business creates US tax nexus when it earns income that is effectively connected with a US trade or business.
Cross-BorderCanada's corporate integration system is designed so that income earned through a CCPC is taxed at roughly the same rate as income earned personally.
Cross-BorderWhen a Canadian resident emigrates, Canada treats them as having sold most of their property at fair market value on the date of departure.
Cross-BorderMoving from Canada to the US triggers Canada's departure tax, a final Canadian return and new US filings. What to do before you leave, in the move year and after.
Cross-BorderA Canadian who owns a single-member US LLC can face double taxation, because Canada treats the LLC as a corporation while the US taxes its income on the owner's return.
Cross-BorderThe US defers tax on growth inside a Canadian RRSP for most US citizens and residents under Rev. Proc. 2014-55, then taxes withdrawals. No Form 8891 or 3520; FBAR and 8938 apply.
Cross-BorderUS Social Security paid to a Canadian resident is taxed only in Canada: the full benefit is included and 15% deducted (50% for some pre-1996 recipients). How it works.
Cross-BorderAlimony paid across the border is taxed differently in each country. Since 2019, US alimony is neither deductible nor taxable.
Cross-BorderA cross-border business must choose between an LLC, a corporation, and a branch. Each produces different tax consequences in Canada and the US.
Cross-BorderA share sale, asset sale, or earn-out each produce different tax results in Canada and the US. Treaty credits limit but do not eliminate double tax.
Cross-BorderA Canadian can deduct US charity donations only against US-source income. US persons face the same cap on gifts to Canadian charities under Article XXI.
Cross-BorderBoth Canada and the US tax cryptocurrency dispositions as capital events. Cross-border holders face additional reporting on foreign exchanges, FBAR.
Cross-BorderDividing property in a cross-border divorce can trigger tax in both Canada and the US. Treaty rules and each country's rollover provisions matter.
Cross-BorderThe US imposes estate tax on worldwide assets of US persons and on US-situs assets of non-residents. Canada taxes gains at death through deemed.
Cross-BorderCross-border estate planning starts with status: who's a US citizen, who lives where, and what sits in which country. Then line up the treaty credits, beneficiaries and deadlines.
Cross-BorderThe US imposes a gift tax on the donor. Canada and the US handle gifts in fundamentally different ways. Canada has no gift tax.
Cross-BorderMedical expenses paid in the US by a Canadian resident and healthcare costs paid in Canada by a US person are deductible in the taxpayer's country.