Crossing the 49th

Crossing the 49th
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Cross-Border Tax and Financial Planning – Beacon Hill Wealth Managment Ltd.

Episodes

  1. MAR 9

    Moving to Canada with a large IRA

    Crossing the 49th — Cross-Border Tax & Financial Planning Podcast Moving to Canada with a large IRA? If you have a low-income year before your move, there’s a powerful opportunity to convert traditional IRA funds into a Roth IRA — potentially saving hundreds of thousands in taxes over your lifetime. In this episode, Phil Hogan walks through a real client example: a woman relocating from California with a significant IRA and projected RMDs of $250K–$300K/year. By converting before becoming a Canadian tax resident, those future distributions could be completely tax-free on both sides of the border. What We Cover Why a low-income year before your move is a golden conversion window How to convert traditional IRA funds to a Roth before becoming a Canadian tax resident How Canada-U.S. treaty rules can protect Roth distributions from Canadian tax Real client example: $250K–$300K/year in projected RMDs eliminated Get in Touch Have questions about your IRA, Roth conversion strategy, or upcoming cross-border move? Contact Phil directly at phil@beaconhillwm.ca or call 778-405-4453. You can also book a complimentary consultation here (limitations apply). Listen & Subscribe Subscribe to Crossing the 49th on Apple Podcasts and Spotify. Stay Connected Beacon Hill Wealth Management Americans in Canada — Private Facebook Group Twitter / X Instagram YouTube Channel Disclaimer: This content is for informational purposes only and does not constitute legal, tax, or investment advice. Tax and financial planning rules change frequently and some information may be outdated. The views expressed are those of Beacon Hill Wealth Management Ltd. and may change without notice. Past performance is not indicative of future results. Investing involves risk, including possible loss of principal. Please consult a qualified cross-border tax and financial planning professional for advice specific to your situation.

    3 min

  2. 2024-10-09

    Living in Canada as an American: Thanksgiving Traditions Explained

    As we head into the holiday season, many of us are reflecting on our traditions, especially those of us who live between two countries. At Beacon Hill Wealth Management, we work with many Americans living in Canada, and one topic that always comes up this time of year is Thanksgiving. How does it differ between the two countries, and what should expats expect? In a recent interview on 770 AM Calgary Radio with Sarah Crosbie from Global News, our very own Chris Stooksbury shared his unique experience as an American living in Canada. The conversation dove into everything from the dates and traditions to football and, yes, even the infamous seven-layer Jell-O! Key Highlights from the Interview: Date and Significance: While Canadian Thanksgiving happens in early October, the U.S. celebrates later in November, with a much bigger focus on travel, football, and family gatherings. Cultural Differences: In the U.S., Thanksgiving is often a four-day event, with many returning home, whereas in Canada, it’s typically a single-day affair. Food Traditions: Both countries have their staples—turkey, stuffing, and cranberries—but there are unique regional twists, especially for American expats who bring their holiday traditions north of the border. You can watch the full interview below to get all the insights directly from Chris. 🎙️ Special thanks to Global News and Sarah for providing the audio of this interview. https://globalnews.ca/pages/audio-vault-chqr/ If you have any questions about this topic or need advice on other cross-border tax or investment matters, feel free to contact Phil at phil@beaconhillwm.ca. You can also take advantage of our complimentary tax consultation by visiting: https://beaconhillwm.ca/get-started-now/ Subscribe to Crossing the 49th Cross-border Tax and Financial Planning Podcast on Apple podcasts and Spotify. You can also stay updated on US Expat Tax and financial planning issues by following us at: Our website American in Canada Private Facebook Group Follow us on Twitter Follow us on Instagram Subscribe to my YouTube Channel Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.

    5 min

  3. 2024-10-07

    5 Common Expat Cross-Border Tax Return Errors

    In this episode of Crossing the 49th, Phil Hogan from Beacon Hill Wealth Management discusses the top 5 tax return mistakes expats make when filing U.S. and Canadian returns. From form 2555 errors to foreign tax credit issues, Phil covers the key pitfalls and how to avoid them for a smoother tax season. Key Topics: Incorrect use of form 2555 for foreign earned income Reporting worldwide income on both U.S. and Canadian returns Proper handling of Social Security income Errors with foreign tax credit forms (1116) Why it’s best to file both returns through the same firm If you have any questions about this topic or need advice on other cross-border tax or investment matters, feel free to contact Phil at phil@beaconhillwm.ca. You can also take advantage of our complimentary tax consultation by visiting: https://beaconhillwm.ca/get-started-now/ Subscribe to Crossing the 49th Cross-border Tax and Financial Planning Podcast on Apple podcasts and Spotify. You can also stay updated on US Expat Tax and financial planning issues by following us at: Our website American in Canada Private Facebook Group Follow us on Twitter Follow us on Instagram Subscribe to my YouTube Channel Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.

    11 min

  4. 2024-09-30

    U.S. State Tax Returns for Canadians

    In this episode of Crossing the 49th, Phil Hogan discusses U.S. state tax filing for Canadians.     Learn when and why Canadians need to file state returns, especially for rental income, property sales, or if you’re moving from the U.S. to Canada. Get insights on exit returns, foreign tax credits, and key strategies for cross-border tax planning. Key Topics: Filing U.S. state returns as a Canadian Tax responsibilities for rental properties and property sales Exit returns when moving to Canada Managing foreign tax credits If you have any questions about this topic or need advice on other cross-border tax or investment matters, feel free to contact Phil at phil@beaconhillwm.ca. You can also take advantage of our complimentary tax consultation by visiting: https://beaconhillwm.ca/get-started-now/ Subscribe to Crossing the 49th Cross-border Tax and Financial Planning Podcast on Apple podcasts and Spotify. You can also stay updated on US Expat Tax and financial planning issues by following us at: Our website American in Canada Private Facebook Group Follow us on Twitter Follow us on Instagram Subscribe to my YouTube Channel Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.

    14 min

  5. 2024-09-26

    RRSPs For Americans

    In this episode of Crossing the 49th, Phil Hogan from Beacon Hill Wealth Management discusses the tax implications of holding and withdrawing from an RRSP as a U.S. resident. Learn how the Canada-U.S. tax treaty affects RRSPs, foreign tax credits, and how to plan your withdrawals to minimize tax liabilities. Key Topics: Tax rules for RRSPs under the Canada-U.S. treaty Reporting RRSPs on U.S. tax returns (FBAR & 8938) Withholding taxes and claiming foreign tax credits Strategic RRSP withdrawal planning for U.S. residents If you have any questions about this topic or need advice on other cross-border tax or investment matters, feel free to contact Phil at phil@beaconhillwm.ca. You can also take advantage of our complimentary tax consultation by visiting: https://beaconhillwm.ca/get-started-now/ Subscribe to Crossing the 49th Cross-border Tax and Financial Planning Podcast on Apple podcasts and Spotify. You can also stay updated on US Expat Tax and financial planning issues by following us at: Our website American in Canada Private Facebook Group Follow us on Twitter Follow us on Instagram Subscribe to my YouTube Channel Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.

    15 min

  6. 2024-09-24

    How Interest, Dividends and Capital Gains are treated for U.S. Expats in Canada

    On this episode of Crossing the 49th I discuss the tax treatment of interest, dividends and capital gains for U.S. expats that live in Canada. Key Topics: How these income items are taxed Foreign tax credit application including 1116 form filings Relevant treaty sections. To review the Canada-US tax treaty please visit here: https://beaconhillwm.ca/wp-content/uploads/2024/09/Canada-US-tax-treaty.pdf If you have any questions about this topic or need advice on other cross-border tax or investment matters, feel free to contact Phil at phil@beaconhillwm.ca. You can also take advantage of our complimentary tax consultation by visiting: https://beaconhillwm.ca/get-started-now/ Subscribe to Crossing the 49th Cross-border Tax and Financial Planning Podcast on Apple podcasts and Spotify. You can also stay updated on US Expat Tax and financial planning issues by following us at: Our website American in Canada Private Facebook Group Follow us on Twitter Follow us on Instagram Subscribe to my YouTube Channel Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.

    19 min

  7. 2024-09-23

    Why it’s a bad idea to transfer your US IRA to your Canadian RRSP ep#29

    On episode #29 of Crossing the 49th Podcast, we discuss why transferring your IRA to an RRSP might not be a good idea. Understanding Why You Should Think Twice Before Transferring Your IRA to an RRSP | Cross-Border Tax and Financial Planning In this episode of Crossing the 49th, I explain the potential pitfalls of transferring your IRA to an RRSP, a common consideration for U.S. expats in Canada. I also discuss alternative strategies that may better suit your financial goals. Key Topics: Overview of IRAs and RRSPs Reasons you might consider an IRA to RRSP transfer Challenges and downsides of transferring your IRA to an RRSP Better alternatives to transferring your IRA The role of a cross-border adviser in managing your retirement accounts You can download a copy of the presentation here: https://beaconhillwm.ca/wp-content/uploads/2024/09/IRA-to-RRSP-transfers-Beacon-Hill-Wealth-Management.pdf Subscribe to Crossing the 49th Cross-border Tax and Financial Planning Podcast on Apple podcasts and Spotify. You can also stay updated on US Expat Tax and financial planning issues by following us at: Our website American in Canada Private Facebook Group Follow us on Twitter Follow us on Instagram Subscribe to my YouTube Channel Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.

    21 min

  8. 2024-09-17

    US Expats and the October 15th Deadline – ep.#28 Crossing the 49th.

    On episode #28 of Crossing the 49th Podcast, we discuss the upcoming October 15th deadline. Understanding the October 15 Deadline for U.S. Expats in Canada | Cross-Border Tax and Financial Planning In this episode of Crossing the 49th, I break down the important October 15 tax deadline for Americans living in Canada. With the U.S. tax extension deadline coming up, I’ll walk you through key points for those who haven’t filed their U.S. tax returns yet, including FBAR filings and the penalties for missing deadlines. I also cover how to manage both U.S. and Canadian tax returns and why it’s essential to file them together. Key Topics: October 15 deadline for U.S. expats in Canada Managing U.S. and Canadian tax returns The importance of FBAR filings and T1135 forms What to do if you need an extension to December 15 Subscribe to Crossing the 49th Cross-border Tax and Financial Planning Podcast on Apple podcasts and Spotify.   You can also stay updated on US Expat Tax and financial planning issues by following us at: Our website American in Canada Private Facebook Group Follow us on Twitter Follow us on Instagram Subscribe to my YouTube Channel Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.

  9. 2023-12-11

    IRS Streamline program, TFSA, RESP, NIIT and much more with Rob Brown and Doug Lawson EP. #27

    On episode #27 of Crossing the 49th Podcast, we delve into the IRS Streamline Tax Program and Cross-Border Financial Planning with Experts Rob Brown and Doug Lawson.   Extended Summary of the Podcast: Join host Phil Hogan and guests Rob Brown and Doug Lawson from Hutcheson and Co. LLP as they explore essential topics for Americans in Canada. This episode provides comprehensive insights into the IRS Streamline Tax Program, 1040x adjustments, and strategic considerations for TFSA and RESP. Key takeaways from the episode include: – IRS Streamline Tax Program: An in-depth exploration of this vital program for tax compliance. – 1040x Adjustments: Understanding the nuances and importance of these adjustments. – TFSA & RESP for Americans in Canada: Strategies and tips for effective financial planning. – Planning for Americans Moving to Canada: Essential advice for a smooth financial transition. For personalized advice or questions, reach out to Phil directly at phil@philhogan.com. Stay tuned for more insightful episodes from “Crossing the 49th”! #IRSStreamline #1040x #TFSA #RESP #USCanadaTaxPlanning #PhilHoganCPA You can also stay updated on US Expat Tax and financial planning issues by following us at: American in Canada Private Facebook Group Americans in Canada Reddit subReddit Follow us on Twitter Follow us on Instagram Sign up for our Expat Tax and financial planning newsletter Subscribe to my YouTube Channel Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.

    38 min

  10. 2023-11-18

    How to Find and Work with a Cross-Border CPA – Ep.25

    On episode #25 of Crossing the 49th Podcast, we discuss How to Find and Work with a Cross-Border CPA.   Extended Summary of the Podcast: In this insightful episode, host Phil Hogan provides valuable tips on finding and working with a cross-border tax accountant. Phil emphasizes the importance of seeking professional help early, especially if you’re planning to move to Canada or need cross-border tax advice. Key takeaways from the episode include: – Start Early: The best time to engage a cross-border accountant is in the fall, as many are wrapping up their busy tax seasons and can take new clients. – Finding an Accountant: Use resources like Google to find local cross-border tax firms. Phil highlights the importance of getting into a firm’s system early to avoid the rush during tax season. – Engagement Letters: Once you’ve identified a potential accountant, securing an engagement letter ensures you’re officially in their system for the next tax year. – Following Directions: Phil stresses the importance of thoroughly reading and following the instructions and checklists provided by your accountant, to streamline the process and ensure efficiency. Phil also touches on the challenges and high demand in the cross-border tax industry, advising listeners on how to build a successful relationship with their tax professional. For personalized advice or questions, reach out to Phil directly at phil@philhogan.com. Stay tuned for more episodes and insights from “Crossing the 49”! #CrossBorderCPA #TaxPlanning #CrossingThe49thPodcast #PhilHoganInsights You can also stay updated on US Expat Tax and financial planning issues by following us at: American in Canada Private Facebook Group Americans in Canada Reddit subReddit Follow us on Twitter Follow us on Instagram Sign up for our Expat Tax and financial planning newsletter Subscribe to my YouTube Channel Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.

    16 min
  • 10 Episodes

5
out of 5
8 Ratings

About

Cross-Border Tax and Financial Planning – Beacon Hill Wealth Managment Ltd.

Information

  • Creator
    Crossing the 49th
  • Years Active
    2020 - 2026
  • Episodes
    10
  • Rating
    Clean
  • Show Website
    Crossing the 49th

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