601 plain-English guides on cross-border, each one ending in what to do next.
Page 23 of 26, newest first.
The Streamlined Domestic Offshore penalty is 5% of the highest December 31 total of your unreported foreign assets across the covered years, charged only once.
Cross-BorderYes, on Form RC4288. ITA 220(3.1) reaches penalty and interest but not the tax, ten years from year end. The CRA runs interest on a ten-year accrual clock.
Cross-BorderYes. Form T1244 elects under ITA 220(4.5) to defer the tax on your deemed disposition, and the statute deems security accepted up to a floor amount.
Cross-BorderLeaving Canada doesn't cancel the principal residence exemption, and the departure rules don't trigger it either. Covers key rules, filing requirements,.
Cross-BorderUsually not. Canadian Corporations and Companies are treated as corporations for US tax, so Form 8832 is closed to them.
Cross-BorderIf you meet the substantial presence test and want the closer connection exception, Form 8840 is the statement you file.
Cross-BorderYes if you're resident in Canada and a US corporation is your foreign affiliate: 1% yourself, 10% across related persons, 10 months after year end.
Cross-BorderUS self-employment tax is a US-person exposure: it generally reaches US citizens and US residents wherever they live. Covers key rules, filing.
Cross-BorderNo, and the relief reaches back further than most write-ups say. But it left Form 8938 and the FBAR standing, and that carve-out is in the operative text.
Cross-BorderThe foreign trust files it, the trustee signs it, and it's due the 15th day of the 3rd month after the trust's year end (15 March for a calendar-year.
Cross-BorderPublic Law 119-21 renamed GILTI to net CFC tested income in July 2025, but the mechanics stayed the same. Canadian corps still trigger the US inclusion.
Cross-BorderThe US, if the move made you a US tax resident, and the reach is then wider than you'd expect: a resident is liable on income from sources inside.
Cross-BorderThree taxes stack when you move from Toronto to New York: state, city, and nonresident sourcing. Departure tax and RRSP treatment on top.
Cross-BorderFiling US returns quietly going forward skips Streamlined's penalty protection. The trade-off between a quiet disclosure and the formal program.
Cross-BorderForm NR74 produces a non-binding CRA opinion on your residency status when entering Canada. Usually not worth filing, for the same reason NR73 is risky.
Cross-BorderNo, it's not taxable income. But once a gift or inheritance from a Canadian parent tops $100,000 in a year, Form 3520 is required.
Cross-BorderYou need it when you take the position on a US return that the treaty overrules or modifies US tax law, and no waiver covers you.
Cross-BorderShort-term US rentals by Canadian owners trigger different passive activity and withholding rules than long-term leases.
Cross-BorderYes. ITA 116(5) makes you liable for 25% of the full price if the non-resident seller lacks a clearance certificate. Covers treaty provisions, foreign tax.
Cross-BorderBuy a US property as a Canadian and four obligations attach: a US charge on rental income, withholding on the sale keyed to gross price.
Cross-BorderSection 1250(a) recapture is zero on a post-1986 straight-line residential rental held more than a year (sell inside a year and it's real).
Cross-BorderIt depends on the property's value, estate plan, and exposure. It depends on the axis, and this page lays out each rather than picking for you.
Cross-BorderThe decision turns on the US side (basis doesn't move) and one Canadian filing that switches on unless the place is personal-use.
Cross-BorderNo, a condo doesn't change your day count. Your day count does that, and ownership isn't a term in it. No, the purchase doesn't put you on a US.