5 episodes

Hosted by Phil Hogan, CPA, CA, CPA (Colorado) the Expat Tax and Financial Planning Podcast explores topics such as Canadian and US cross border taxation, cross border financial planning and investment planning between Canada and the US.

Expat Tax & Financial Planning Podcast Phil Hogan, CPA, CA, CPA (CO)

    • Education

Hosted by Phil Hogan, CPA, CA, CPA (Colorado) the Expat Tax and Financial Planning Podcast explores topics such as Canadian and US cross border taxation, cross border financial planning and investment planning between Canada and the US.

    5 Options for Canadians with US IRAs

    5 Options for Canadians with US IRAs

    Expat Tax UpdatesKeep updated on Expat Tax and Financial Planning NewsEach year I help over 500 clients file their Canadian and US tax returns as well as plan for both their Canadian and US investment accounts. I also regularly help new US clients plan for their move to Canada.Feel free to reach out via email at phil@philhogan.com or by phone or text here 250-661-9417.EmailEnter your email addressGet UpdatesOn episode #5 of the Expat Tax and Financial Planning Podcast we discuss some options for Canadians holding US IRA accounts.



    Whether you moved up to Canada with a pre-existing IRA or have inherited an IRA from a relative living in the US the following discussion should help you make a decision on what to do with your US IRA accounts.

    Collapse the IRA and bring the money to Canada



    * A good option for small accounts

    * May work if your income is already low

    * Keeps things simple

    * 15% minimum tax for non-US citizens



    Roll the IRA into a ROTH IRA



    * An option for Americans moving to Canada only

    * Works if your current tax rate is less than your future tax rate

    * Need Canadian ROTH election



    Leave the IRA in the US



    * Simple option

    * Some US brokers can’t manage US IRAs for Canadians

    * Likely the US broker will not be able to take direction from Canadian clients

    * Foreign currency risk not properly managed

    * Most US brokers simply do not understand Canadian tax and financial planning



    Transfer the IRA to an RRSP



    * Can help consolidate accounts

    * Works well for smaller accounts

    * Often suggested by Canadian investment advisors that cannot manage IRA accounts

    * Can only transfer approximately the amount of your Canadian source income for the year

    * May be able to eventually split RRIF payments

    * You’ll lose the ability to transfer IRA to beneficiaries tax-free



    Transfer the IRA to a Canadian border with both a US and Canadian securities license.



    * Likely the best option for large accounts

    * Consolidate your investments in Canada for those moving to Canada permanently

    * Foreign currency risk can be managed

    * Co-ordinate planning with Canadian retirement accounts like RRSP and RRIF accounts

    * Non-spouse beneficiaries can inherit the IRA tax-free



    Other issues to note about your IRA



    * Not reportable on form T1135

    * Cannot be split with spouse via pension split rules

    * Can only stretch IRA payments to beneficiaries up to 10 years

    * May be subject to US estate tax



    You can listen or download the latest podcast here and make sure to subscribe on Apple Podcast to ensure you don’t miss any future episodes.



    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 sub Reddit

    Here on Twitter

    On Instagram here

    Sign up for our Expat Tax and financial planning newsletter here

    You can subscribe to my YouTube Channel here

    Disclaimer: The information contained in this Podcast and YouTube video is for information purpo...

    • 10 min
    Top 10 Expat Tax Questions - Expat Tax Podcast

    Top 10 Expat Tax Questions - Expat Tax Podcast

    Expat Tax UpdatesKeep updated on Expat Tax and Financial Planning NewsEach year I help over 500 clients file their Canadian and US tax returns as well as plan for both their Canadian and US investment accounts. I also regularly help new US clients plan for their move to Canada.Feel free to reach out via email at phil@philhogan.com or by phone or text here 250-661-9417.EmailEnter your email addressGet UpdatesOn episode #4 of the Expat Tax and Financial Planning Podcast we discuss some of the most asked questions I get from clients regarding cross-border tax and financial planning issues.



    The top questions discussed on this podcast include:



    As a US citizen in Canada do I have to file US taxes?

    What is an FBAR?

    How do I report my US assets?

    What is the Canadian tax filing deadline?

    What is the US filing deadline?

    Can I own Canadian mutual funds as a US citizen in Canada?

    Can I transfer my US retirement accounts to Canada?

    What if I’m a US citizen living in Canada and have not filed US tax returns?

    Is my US stimulus payment taxable in Canada?

    Can I file jointly in Canada with my spouse?



    You can listen or download the latest podcast here and make sure to subscribe on Apple Podcast to ensure you don’t miss any future episodes.



     

    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 sub Reddit

    Here on Twitter

    On Instagram here

    Sign up for our Expat Tax and financial planning newsletter here

    You can subscribe to my YouTube Channel here

    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.

    • 12 min
    Tax implications of moving investments to Canada - Expat Tax Podcast

    Tax implications of moving investments to Canada - Expat Tax Podcast

    Expat Tax UpdatesKeep updated on Expat Tax and Financial Planning NewsEach year I help over 500 clients file their Canadian and US tax returns as well as plan for both their Canadian and US investment accounts. I also regularly help new US clients plan for their move to Canada.Feel free to reach out via email at phil@philhogan.com or by phone or text here 250-661-9417.EmailEnter your email addressGet UpdatesNote: apologies for the quality of the audio. Half of the podcast was recorded in my car. Subsequent recordings will be much more clear.

    On episode #3 of the Expat Tax and Financial Planning Podcast we discuss some of the tax issues related to moving investments from the US to Canada.

    Moving investments from the US to Canada does require some planning and a deep understanding of cross-border tax rules including the integration of the US-Canada income tax treaty.

    In this podcast we discuss briefly how the cost basis of your investments are adjusted for Canadian purposes when you move to Canada.

    We use specific examples to illustrate how these cost basis adjustments can affect your tax filings and some potential planning ideas to review before moving investments.

    You can listen or download the latest podcast here and make sure to subscribe on Apple Podcast to ensure you don’t miss any future episodes.

    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 sub Reddit

    Here on Twitter

    On Instagram here

    Sign up for our Expat Tax and financial planning newsletter here

    You can subscribe to my YouTube Channel here

    • 7 min
    Understanding Form T1135 – Expat Tax Podcast

    Understanding Form T1135 – Expat Tax Podcast

    Expat Tax UpdatesKeep updated on Expat Tax and Financial Planning NewsEach year I help over 500 clients file their Canadian and US tax returns as well as plan for both their Canadian and US investment accounts. I also regularly help new US clients plan for their move to Canada.Feel free to reach out via email at phil@philhogan.com or by phone or text here 250-661-9417.EmailEnter your email addressGet UpdatesOn episode #2 of the Expat Tax and Financial Planning Podcast we discuss form T1135 – Foreign income verification filings. For a comprehensive article on form T1135 and the issues related to foreign asset reporting click here.

    Form T1135 is required to be filed by tax residents of Canada that hold investments with a cost basis of more than $100,000. Topics covered include:



    * What is form T1135?

    * Who needs to file form T1135?

    * How do you prepare from T1135?

    * What’s the difference between simplified and detailed T1135 reporting?

    * What are the penalties for late filing of form T1135?

    * How to file T1135 late?

    * What are some exemptions from T1135 filings?



    You can listen or download the latest podcast here and make sure to subscribe on Apple Podcast to ensure you don’t miss any future episodes.

    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 sub Reddit

    Here on Twitter

    On Instagram here

    Sign up for our Expat Tax and financial planning newsletter here

    You can subscribe to my YouTube Channel here

    • 30 min
    Podcast Episode #1 – Moving your IRA to Canada

    Podcast Episode #1 – Moving your IRA to Canada

    Expat Tax UpdatesKeep updated on Expat Tax and Financial Planning NewsEach year I help over 500 clients file their Canadian and US tax returns as well as plan for both their Canadian and US investment accounts. I also regularly help new US clients plan for their move to Canada.Feel free to reach out via email at phil@philhogan.com or by phone or text here 250-661-9417.EmailEnter your email addressGet UpdatesEpisode #1 – Moving your IRA to Canada – Cross Border Tax and Financial Planning Podcast

    In this episode we discuss your options related to transferring your IRA or 401k to Canada. Options discussed include:



    * Withdrawing the IRA as a lump sum

    * Leaving the IRA in the US

    * Transferring the IRA to an RRSP

    * Converting the IRA to a Roth IRA (before moving to Canada)



    You can subscribe to our Expat Tax podcast on Apple Podcasts here.

    For more information on Phil Hogan or to reach Phil directly please visit http://Hutheson.ca/phil

    Email: phil@hutcheson.ca

    Phone: 250-661-9417

    • 16 min

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