01: Common Cross-border Tax Issues / Mobility

In this episode, we introduce many common cross-border issues that may arise when someone has money, family on both sides of the border or changes their tax home.

These are:

• Tax Residency – how this is defined differently in Canada and the U.S.
• Tax Reporting – how this may arise unexpectedly when a U.S. person holds certain investments such as PFIC’s and CFC’s
• How Canadian savings vehicles such as RESP’s, RRSP’s, and TFSA’s may be an issue for U.S. persons
• The difference between a U.S. Person expatriating from the U.S. vs a Canadian becoming a Non-Resident of Canada
• The importance of integrating financial, legal, and accounting cross-border services in proper investment and tax planning

This podcast is brought to you by Hanson Crossborder Tax Inc. If you need expert advice on cross-border tax matters, contact us toll free at 1-855-640-1730 or visit us at hcbtax.com. If you are a US or a Canadian person living, studying, working, doing business, vacationing, or retiring across the border, have you considered all your possible tax obligations? And are you sure you’ve done proper planning to maximize your tax savings and minimize risks? We can help! Call us at 1-855-640-1730 or visit hcbtax.com.

This podcast is also brought to you by Darren Coleman at Portage Cross Border Wealth Management of Raymond James, specializing in assisting successful people with the complicated financial matters of having money and family on both sides of the border. Darren and his team are uniquely licensed as Advisors in both Canada and the USA and can often solve problems domestic financial institutions cannot. For more information, call us at 416-597-7906 or visit portagewealth.com