Snowbirds US Expats Radio Podcast

Gerry Scott
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Snowbirds US Expats Radio Podcast

Whether you're a Canadian snowbird spending winters in the USA, or an American looking to move to Canada, the Snowbirds Expats Radio Podcast is loaded with useful information to guide you. Gerry Scott is the host of this podcast, Monday to Friday, Gerry works with Canadian and US clients as a cross border advisor with one of Canada’s largest and most respected wealth management firms.. The Snowbirds Expats Radio Podcast is brought to you by the Snowbirds US Day Tracker and the Canada Physical Presence Tracker apps. The Snowbirds US Day Tracker app helps you track the number of days you’re spending in the USA, which is essential to avoid being classified by the IRS as a US resident for tax purposes. The Canada Physical Presence Tracker is the easiest and most reliable way to track your physical permanent days for the purpose of renewing your permanent residence card (maple card). Simply enter the days into the calculator and track the progress as you get closer and closer to becoming a full time resident of Canada. Both apps offer a wide variety of services that include, USD exchange, tax and legal services, Real Estate, Medical Tourism, and more. Download them today on your iPhone or Android.

  1. The Intricacies of Controlled Foreign Corporations

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    The Intricacies of Controlled Foreign Corporations

    Can Canadian Shareholders in U.S. Corporations Avoid Costly Tax Pitfalls?In this episode, Gerry Scott is joined by Alessandro Setola of Baker Tilly GWD LLP to explore the complexities of cross-border taxation. The discussion centers on the unique challenges faced by Canadian shareholders with stakes in U.S. corporations, particularly the implications of Controlled Foreign Corporations (CFCs) and the severe penalties for non-compliance. Alessandro highlights how Baker Tilly GWD LLP helps clients successfully navigate these intricate tax regulations and avoid financial missteps. The conversation also covers the impact of phantom income, the importance of understanding the Canada-U.S. tax treaty, and the critical role of professional guidance in managing cross-border tax obligations. Key Takeaways: Navigating Cross-Border Taxation: Canadian shareholders must contend with U.S. tax regulations, particularly in relation to CFCs, which can be complex and carry significant implications. Mandatory U.S. Tax Filing: Shareholders of U.S. corporations are required to comply with IRS filing requirements to avoid substantial penalties. Tax Treaties in Action: The Canada-U.S. tax treaty is crucial for minimizing double taxation, but applying it correctly requires expertise. Costly Non-Compliance: Penalties for failing to adhere to U.S. tax laws start at $10,000, emphasizing the importance of compliance. Phantom Income Challenges: Shareholders can face tax liabilities even without receiving distributions, making proactive planning essential. Expert Support: Baker Tilly GWD LLP offers tailored guidance to help clients understand and manage their cross-border tax obligations. Planning for U.S. Relocation: Canadians planning to move to the U.S. must navigate dual tax systems and their associated complexities. Simplification Hopes: While the current regulatory environment is complex, there is optimism for streamlined U.S. tax rules in the future. Professional Guidance Matters: Leveraging the expertise of professionals like those at Baker Tilly GWD LLP is key to avoiding costly errors and ensuring compliance. This episode offers valuable insights and practical advice for Canadian shareholders looking to manage the complexities of U.S. taxation effectively.

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  2. Navigating Cross-Border Shipping and Customs Regulations

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    Navigating Cross-Border Shipping and Customs Regulations

    In this episode of the Snowbirds Expat Radio Podcast, hosts Gerry Scott chats with Terra Estep, and Ed Schmidt from PCB Freight to unpack the complexities of shipping pets and vehicles between Canada and the United States. Whether you're a seasoned snowbird or preparing for your first cross-border adventure, this episode is packed with practical advice to simplify the process. From understanding quarantine regulations for pets (including service animals) to navigating customs and import duties for vehicles and household goods, this conversation covers everything you need to know. The hosts also discuss the critical role of customs brokers in ensuring compliance and how political changes can affect tariffs and customs processes. Listen and Learn: The specific quarantine requirements for shipping pets to Hawaii. Why service animals may have different quarantine protocols. How customs brokers assist with paperwork and compliance for pet transportation. The six-month rule for Canadians bringing vehicles into the U.S. without import duties. Guidelines for importing household goods with the proper immigration status. How a tax ID can streamline the import of personal goods into the U.S. The importance of understanding regulations to avoid costly mistakes. How political changes can influence tariffs and customs procedures. Why customs brokers are essential for smooth cross-border transactions. Tune in to gain the knowledge you need to navigate the intricacies of cross-border shipping with ease. Whether you're relocating, snowbirding, or planning a long-term stay, this episode has you covered!

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  3. The Complexities of Moving Abroad: Tax Considerations

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    The Complexities of Moving Abroad: Tax Considerations

    Moving abroad can be an exciting adventure, but it also comes with complex financial and tax implications. In this episode, we sit down with Francheska Pimentel, an international tax expert and Partner at KLR, to explore the critical considerations for individuals relocating overseas. From understanding double taxation to navigating exit taxes, Francheska provides a comprehensive look at the intricacies of international tax planning.Whether you’re contemplating expatriation or managing real estate income as an expat, this conversation offers practical advice and valuable insights for staying compliant and minimizing tax exposure. Francheska also highlights the growing trend of U.S. citizens renouncing their citizenship and how political changes can influence tax strategies. Key Topics Discussed: Pre-Planning for International Moves: Why early preparation is essential for reducing tax exposure and avoiding surprises. Renouncing Citizenship: Insights into the increasing trend of U.S. expatriates and its tax implications. Double Taxation and Mitigation Strategies: How proper planning can help expats avoid paying taxes in two countries. Real Estate Income Taxation: The rules around U.S. taxable income for expats with property back home. Exit Taxes Explained: Understanding the costs associated with leaving certain countries and how to prepare. Political Influence on Tax Planning: How changes in political environments can impact expatriation and international tax policies. Cross-Border Filing Obligations: Staying compliant with filing requirements in both the U.S. and the destination country. Takeaways: KLR offers tax assurance and advisory services internationally. Understanding your duration of stay in a new country is crucial for tax planning. Pre-planning can significantly reduce tax exposure and future complications. Double taxation can often be avoided with the right advice and strategies. Exit taxes and other financial considerations make consulting knowledgeable professionals a necessity.

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  4. Common Tax Mistakes Made by Expats

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    Common Tax Mistakes Made by Expats

    Can living abroad come with unexpected tax consequences? Snowbirds Expat Radio host Gerry Scott sits down with Mike Wallace from Greenback Tax to tackle the complexities of U.S. expat taxes. Mike dives deep into tax treaties, highlighting the benefits and pitfalls that U.S. expats face when filing with the IRS.  They discuss the rise of remote work and digital nomadism, which are transforming the expat lifestyle, along with the challenging decisions that lead some to consider renouncing U.S. citizenship. Through real-world examples, Mike shares how Greenback Tax helps clients worldwide navigate the IRS’s intricate requirements, empowering them to avoid costly mistakes and find peace of mind. Key Takeaways: Greenback Tax Expertise: Greenback Tax specializes in assisting U.S. citizens abroad with IRS compliance, offering crucial insights into navigating expat tax requirements. Mandatory U.S. Tax Filing: U.S. citizens are required to file taxes with the IRS, even while living overseas, which can come as a surprise to many new expats. Benefits of Tax Treaties: Tax treaties can help U.S. citizens reduce double taxation abroad, although understanding and applying them correctly is essential. Renouncing Citizenship: Increasingly, expats consider renouncing U.S. citizenship due to the burden of tax compliance, often driven by complex obligations and penalties. Common Filing Mistakes: Lack of awareness about required IRS forms and deadlines leads many expats to face unexpected tax challenges. Digital Nomad and Expat Taxes: The rise of remote work and digital nomadism is changing the way people handle taxes abroad, presenting both opportunities and new risks. IRS Tracking: The IRS is intensifying efforts to track U.S. expats to ensure compliance, making it even more essential to stay informed and file correctly. Canadian Expats in the U.S.: Canadians living in the U.S. must be aware of their unique tax responsibilities, both with the IRS and Canadian authorities. Greenback Tax’s Role: Greenback Tax guides clients through complex situations, from tax planning to compliance, helping them avoid costly pitfalls. Remote Work Freedom: Remote work is allowing more people to live abroad, but it also means keeping up with the tax requirements of multiple jurisdictions. Resources:  Micheal Wallace on LinkedIn Greenback Tax Services Website

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  5. 12-Month and 183-Day Rules

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    12-Month and 183-Day Rules

    In this episode of the Snowbirds Ex Pats Radio Podcast, Gerry Scott speaks with Kirill Chistyakov, Director, Private Client Individual Tax Services at Trowbridge Professional Corporation, and Logan Cerelli-Lough, Senior Manager, Private Client Individual Tax Services at Trowbridge Professional Corporation, about 12-month and 183-day rules.

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  6. Trump’s Double Taxation Dilemma

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    Trump’s Double Taxation Dilemma

    In this episode, Gerry Scott is joined by tax expert Steven Flynn to break down Donald Trump’s recent campaign pledge to eliminate double taxation on U.S. citizens living abroad. Together, they explore how campaign promises, especially on tax reform, are often ambitious but face significant legislative hurdles. They provide an in-depth look at the impact of these promises on expatriates and the broader investment landscape. Steven and Gerry also shed light on the intricacies of U.S. tax policies, especially in the context of global income, and why the U.S. approach to taxation often leaves American expats frustrated. Steven explains why these promises, while appealing, often don’t have the political or economic support needed to succeed. From the procedural steps of passing tax reform in the U.S. Senate to the impact of policy changes on citizens abroad, Steven outlines what’s at stake. The discussion also touches on the historical roots of U.S. tax policies, comparing them with Canada’s approach, and highlights the reasons behind certain complex provisions. Whether you’re an expat, investor, or just interested in understanding U.S. tax policy, this episode dives into the realities behind campaign rhetoric and the likely outcomes for taxpayers. Key Topics 1. Campaign Promises and Tax Policy Trump's pledge on double taxation and legislative challenges. 2. Double Taxation on U.S. Expats Impact of global income tax on U.S. citizens abroad. 3. U.S. vs. Canadian Tax Systems Key differences in policy and legislative processes. 4. Flat Tax Feasibility Pros and cons of a flat tax in the U.S. Resources: Connect with Steven Flynn on LinkedIn

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  7. Understanding the Unique Needs of American Expats

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    Understanding the Unique Needs of American Expats

    In this episode of the Snowbirds Ex Pats Radio Podcast, Gerry Scott speaks with Greenback’s CEO Mike Wallace about the psychological aspects of financial decision-making for expats, common tax-related challenges, such as understanding the complexities of FATCA, FBAR, as it applies to overseas Americans, and how to manage complex tax situations.

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  8. What You Need to When a Canadian Sells Their American Property

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    What You Need to When a Canadian Sells Their American Property

    In this episode of the Snowbirds Ex Pats Radio Podcast, Gerry Scott speaks with Robert Clegg from CanadAmerican Tax Services about what Canadians need to know when they sell their property in the United States.

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Whether you're a Canadian snowbird spending winters in the USA, or an American looking to move to Canada, the Snowbirds Expats Radio Podcast is loaded with useful information to guide you. Gerry Scott is the host of this podcast, Monday to Friday, Gerry works with Canadian and US clients as a cross border advisor with one of Canada’s largest and most respected wealth management firms.. The Snowbirds Expats Radio Podcast is brought to you by the Snowbirds US Day Tracker and the Canada Physical Presence Tracker apps. The Snowbirds US Day Tracker app helps you track the number of days you’re spending in the USA, which is essential to avoid being classified by the IRS as a US resident for tax purposes. The Canada Physical Presence Tracker is the easiest and most reliable way to track your physical permanent days for the purpose of renewing your permanent residence card (maple card). Simply enter the days into the calculator and track the progress as you get closer and closer to becoming a full time resident of Canada. Both apps offer a wide variety of services that include, USD exchange, tax and legal services, Real Estate, Medical Tourism, and more. Download them today on your iPhone or Android.

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    Gerry Scott
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    Snowbirds US Expats Radio Podcast

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