Expatriate Tax Issues and Strategies: The IRS Eases Reporting Requirements for RRSPs

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Canadians move to the U.S. for a variety of reasons. Some Canadians are drawn to states like California, Florida and Arizona, which offer the promise of year-round warmth and sunshine; others may want to be close to family members who live in the U.S.; and others might be permanently relocated south of the border by their employers, a move which can have significant tax consequences for employees, such as being subject to departure tax or U.S. estate tax.

While moving to the U.S. is appealing to many Canadians, Canadian expats must consider their cross-border tax obligations once they are on the other side of the border. Navigating the rough terrain of expatriation tax and other cross-border taxes can be a challenge, but there is some new relief for expats who maintain RRSPs in Canada. Read the rest of this entry »

April 2015 – Dollars and Sense Radio Show on CJAD

 
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Montreal, Quebec – April 1st 2015

 
On the April 1st episode of Dollars and Sense on CJAD 800 AM, David A. Altro, Florida Attorney, Canadian Legal Advisor and Quebec Notary, Managing Partner at Altro Levy LLP and Executive Vice-President at MCA Cross Border Advisors Inc. discussed several cross border topics.
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Considering a Condo? A Checklist for Canadians Investing in US Real Estate

Blog by Shlomi Steve Levy
 
Last fall, I wrote about the benefits of buying property in the US sunbelt, particularly in Florida, which is currently experiencing a post-recession renaissance. Now, as the state’s economy continues to recover, more and more visitors are heading to the Sunshine State: 2014 saw a record number of 97.3 million visitors, up 3.9 percent from 2013. Canadians comprised 3.8 million of these visitors, also a record high, up 2.4 percent from the number of Canadians who visited Florida in 2013.
 
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Upcoming Radio Show: April 1st, 2015

 
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On Wednesday April 1st tune-in to CJAD 800AM at 7PM to hear David A. Altro discuss cross border issues. During the show we will be answering caller questions, but you can submit your questions now and we will answer them on-air.
 
There are multiple ways to submit a question for our next show:
 

 
If you submit a question remember to tune-in to CJAD 800AM at 7PM on Wednesday March 18.
 
For a full list of upcoming radio shows, please click here.
 
Read the rest of this entry »

Financial Post – Want to buy property in the U.S.? Read this first

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Shlomi Steve Levy was recently interviewed by Bev Cline for an article which appeared in the Financial Post section of the National Post. In the article, Bev asks Shlomi about how Canadians should purchase US real estate and the special considerations that apply to such cross border purchases. Read the rest of this entry »

February 2015 – Dollars and Sense Radio Show on CJAD

 
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Montreal, Quebec – February 17th, 2015

 
On the February 17th episode of Dollars and Sense on CJAD 800 AM, Matt C. Altro, Cross Border Financial Planner, Partner & COO at Altro Levy LLP and President & CEO at MCA Cross Border Advisors Inc. discussed several cross border topics.
 
Having recently returned from a business trip to Florida where Matt was an invited guest speaker at a Canadian club of Snowbirds in The Villages, FL he took the opportunity to review common questions which he was asked by Snowbirds during his trip. In doing so, he discussed visa & green card options, income tax traps for Americans living in Canada, FATCA, expatriation, tax treatment of RRSPs once resident in the US, life insurance considerations for Canadians moving to the US, and Canadian departure tax. Read the rest of this entry »

Upcoming Radio Show: March 18, 2015 (postponed – new date to be announced)

 
March 18 2015 submit your questions Altro Levy

 
On Wednesday March 18 (postponed – new date to be announced) tune-in to CJAD 800AM at 7PM to hear David A. Altro and Matt C. Altro discuss cross border issues. During the show we will be answering caller questions, but you can submit your questions now and we will answer them on-air. There are multiple ways to submit a question for our next show:
 

 

If you submit a question remember to tune-in to CJAD 800AM at 7PM on Wednesday March 18.
 
For a full list of upcoming radio shows, please click here.
 
Read the rest of this entry »

2015 Florida Real Estate Market Report

 
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The Florida real estate market was deeply shaken when the U.S. housing bubble burst eight years ago. Today, recovery is evident across the state. This is welcome news for Canadian snowbirds looking to invest in Florida property either for personal use or investment purposes. Below, a historical overview of the Florida real estate market, predictions for the U.S. economy in 2015 and forecasts for five Florida real estate markets popular with snowbirds are presented. First, a look at the report’s highlights.

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The Expatriation Trap

Blog by Jonah Z. Spiegelman
 
There is no doubt that US citizens living abroad are feeling the brunt of recent efforts to enforce tax rules around foreign assets and income. Unlike any other developed nation, the US continues to impose income tax filing requirements on its citizens, regardless of where in the world they make their homes.
 
For most Americans in Canada, tax compliance stateside has long been little more than an exercise in paperwork. High Canadian tax rates, combined with relatively generous rules around excluding foreign income and a Treaty-supported foreign tax credit regime, has meant that actually having to pay tax to the US was a rarity. This likely contributed to the situation that many find themselves in – US citizens resident in Canada for decades and have never filed returns in the US. Read the rest of this entry »

The Cost of Expatriation: U.S. Citizens Living in Canada

Blog by Shlomi Steve Levy

It is widely known that the U.S. taxes its citizens on their worldwide income – even if they live abroad. As a result, taxes for U.S. citizens living in Canada can be very complicated.

U.S. citizens must file U.S. income tax returns every year, as well as other information returns. Although they may not owe any tax to the Internal Revenue Service (“IRS”) due to foreign tax credits available under the Canada-U.S. Tax Treaty for tax paid to the Canada Revenue Agency, they still have to file. Read the rest of this entry »