971 plain-English guides on cross-border moves, US and Canadian returns, and small-business money. Each one ends in what to do next, and says when a written Diagnostic is the smarter first step.
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US citizens in Canada file two returns but rarely pay two full tax bills. The short answer is no, not on most income.
Cross-BorderThe Canada-US tax treaty prevents double taxation by setting which country taxes each type of cross-border income and reducing withholding rates on.
Cross-BorderAn Employer Identification Number (EIN) is a nine-digit US federal tax identification number issued by the IRS to businesses, trusts, estates.
Canadian TaxA family trust in Canada is a type of personal (inter vivos) trust created during the settlor's lifetime.
Cross-BorderFATCA requires foreign banks to report accounts held by US persons to the IRS and requires US persons to report foreign financial assets on Form 8938.
Cross-BorderForm 708 is the IRS return that implements IRC Section 2801, a tax on gifts and bequests received by US persons from covered expatriates.
Cross-BorderYou file it with your income tax return if your foreign financial assets exceed a threshold that depends on where you live and how you file.
Canadian TaxCanada has no gift tax, but gifting property like stocks or real estate triggers a deemed disposition at fair market value.
Cross-BorderThe IRS has three years to audit your return, six years if you omit more than 25% of gross income, and no time limit for fraud or unfiled returns.
Canadian TaxCanada has no inheritance tax, but the deceased's terminal return owes tax on deemed capital gains at death. Provinces charge probate fees.
Cross-BorderYou become a Canadian taxpayer the day you settle, Canada resets your cost base to that day's value, and a US citizen keeps filing a US return for life.
Cross-BorderThe physical presence test requires 330 full days in a foreign country during any 12 consecutive months to qualify for the FEIE.
Cross-BorderCanada has no retirement visa, so you need permanent residence or a family connection. Social Security follows you, and so does the US tax return.
Canadian TaxCanadian trust law and tax law treat revocable and irrevocable trusts very differently, and the distinction matters more here than in the US. In the US.
Cross-BorderWhen you leave Canada, your RRSP stays open. Contributions are deductible from income, investments grow tax-deferred, and withdrawals are taxed as income.
Cross-BorderA side-by-side comparison of the RRSP and 401(k) for cross-border taxpayers, covering contribution rules, tax treatment, and which account to prioritize.
Cross-BorderA Section 962 election lets a US individual pay the 21% corporate rate on CFC income and claim indirect foreign tax credits for Canadian corporate tax.
Cross-BorderSubpart F taxes passive and mobile income of a CFC directly to US shareholders, even without a distribution.
Canadian TaxThe T1135 is required when your foreign property exceeds $100,000 CAD (cost, not market value) at any point as a Canadian resident.
Cross-BorderThe Tax-Free Savings Account (TFSA) and the Roth IRA are the closest equivalents in their respective tax systems.
Cross-BorderHow the Canada-US tax treaty allocates taxing rights, sets withholding rates, and prevents double taxation on dividends, interest, pensions.
Cross-BorderYes, a US citizen can live in Canada. The immigration side is more open than most people expect: you can visit for up to six months without a visa.
Cross-BorderTen steps: sell Canadian-listed funds, settle retirement accounts, document arrival, file the Roth election, skip the TFSA, log the FBAR.
Canadian TaxYou can hold US stocks in a TFSA, but the 15% US withholding tax on dividends is trapped inside the account. There is no foreign tax credit to recover it.