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Cross-Border Tax and Investment QA – Episode 6

You can reach Phil at [email protected] or via text or phone at 250-661-9417. You can visit his website here: http://beaconhillwm.ca Note: apologies for the audio quality on this one. It will be fixed on the subsequent podcast. On episode #6 of Crossing the 49th Podcast we walk through some common cross-border tax and investment questions that clients have. Question 1: How do I report my US IRA distributions for Canadian and US purposes Report on both Canadian and US returns Claim an FTC in Canada No reportable on the T1135 Resource any amounts above 15% Question 2: How do I report sale of US securities on my tax return Both sale of Canadian securities and US securities are only taxable in Canada Need to resource US gains Essentially not taxed on the US return T1135 reporting Easier if in a Canadian brokerage account Question 3: What are some considerations before moving to Canada See article posted on CPA site https://www.cpapracticeadvisor.com/ta... File both returns each year FBARs and T1135s will be required Review investments before moving to Canada Pay income before entering Canada US principal residence exclusion Question 4: How to report my US revocable trust in Canada Often used to shelter estate tax liabilities Need to file a Canadian trust return for Canadian purposes T1135s will required Likely little benefit for Canadian and US purposes Discuss with a cross-border estate planner Question 5: How to apply for BC medical for new residents You’re eligible for MSP if: B.C. residents who are Canadian citizens or permanent residents B.C. residents who are government-assisted refugees international students with study permits some people with work permits for 6 months or more 3 month waiting period Most new residents from the US maintain US medical coverage to bridge the 3 month period, or longer You can also stay updated on US Expat Tax and financial planning issues by following us at: For personalized advice, contact Phil Hogan: [email protected] Visit our website for extensive resources: http://beaconhillwm.ca Join the conversation in our Facebook Group:   / canadaus   Follow us on Twitter for the latest updates:   / philhogancpa   Subscribe to our newsletter for regular updates: https://beaconhillwm.ca/blog/ #expats #investments #movingtocanada Disclaimer: This commentary reflects the personal opinions, viewpoints and analyses of the Beacon Hill Wealth Management Ltd. partner providing such comments, and should not be regarded as a description of advisory services provided by Beacon Hill Wealth Management Ltd. or performance returns of any Beacon Hill Wealth Management Ltd. client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Beacon Hill Wealth Management Ltd. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results. Any discussion about taxation is for educational purposes only and should not be viewed as professional advice. Consult your tax professional for tax advice on your particular situation.