Reading Time: 2 minutes Form 1040, Form 114 FBAR, Form 3520, Form 3528, Form 1065, Form 1120, and Form 1120S ..read more

Reading Time: < 1 minute Canadians in the US with a primary home in Canada do not get the same capital gain exemption as in Canada ..read more

Reading Time: < 1 minute To all the small business owners out there facing challenges and uncertainties, know that you are not alone. The journey of entrepreneurship can be fraught with difficulties, especially during uncertain times. As a fellow business owner, I understand the emotional rollercoaster you might be on, waiting for that one breakthrough that can change everything. I’ve been there, and I know the feeling of hoping for that one call or email that can bring in the revenue to make your dreams a reality. My advice? Hang in there. Don’t give up. Keep grinding, keep hustling, and k ..read more

Reading Time: 2 minutes Relocating from Canada to the US involves various considerations, and if you own property in Canada, understanding the tax implications becomes crucial. This article delves into the tax implications of owning a Canadian home after moving to the US, focusing on the scenario of converting it into a second home. Deemed Disposition and Capital Gains Exemption When you move to the US, Canada treats it as a deemed disposition of your primary residence, meaning a sale for tax purposes. However, you can claim a capital gains exemption for the portion of the property’s value th ..read more

Reading Time: 3 minutes Moving from Canada to the US presents numerous opportunities, but it also comes with complex tax considerations, especially for homeowners. Whether you plan to sell, rent, or keep your Canadian home, understanding the tax implications on both sides of the border is crucial. Selling Your Canadian Home If you sell your home before moving to the US, you won’t face any capital gains tax in Canada. This simplifies the process, allowing you to keep the full proceeds after paying off any debts. However, selling after relocating triggers a 25% withholding tax in Canada, althoug ..read more

Reading Time: 2 minutes In a recent video, Mohammad Akif, a CPA, provides an in-depth explanation on whether Canadians living in the United States are eligible to receive the Canadian Pension Plan (CPP) and Old Age Security (OAS) benefits. This article summarizes the key points discussed in the video. Introduction to CPP and OAS Canadian Pension Plan (CPP): A pension program similar to the US Social Security system. If you have worked in Canada and made contributions to the CPP, you are eligible to receive pension benefits regardless of how long you lived in Canada. Old Age Security (OAS): A ..read more

Reading Time: 3 minutes The Roth IRA is equivalent to the Canadian TFSA. Any contributions that you do make in those accounts are all post-tax. That means you have earned your paid tax on this income and you are contributing to these after taxes, therefore any earning in those accounts are all after tax meaning your distributions will not be taxable.  Just like with a TFSA, you contribute post-tax earnings and when they are distributed they are not taxed, just like the Roth IRA. So, both accounts have the same tax status. https://youtu.be/ZKUx44SK1xs Contribution Limits In Canada, the TFS ..read more

Reading Time: 2 minutes Today we are here to discuss—Can you make contributions to your RRSP or TFSA as a non-resident of Canada?  That means you have moved to the U.S. or any other country. You have become a non-resident of Canada for tax purposes, but, you still want to contribute to your Canadian retirement accounts or your TFSA. So, can you make contribution not so as a non-resident?  https://youtu.be/BVb9TgUwjHI Contributing to RRSP as a Non-Resident of Canada There are two ways to make contribution to your RRSP as a non-resident of Canada. Either you already have room from prev ..read more

Reading Time: 3 minutes Hello, everyone! This is Mohammad Akif of Akif CPA. I am a Texas CPA. I’m also a chartered accountant in Ontario and today we’ll be discussing what is the equivalent on the American side of a Canadian RRSP account and also comparing those accounts with the RRSP in terms of deductions, contribution limits, carry forward options, withdrawal options, and how retirement works with each of these. So, let’s first talk about the equivalency, meaning that we know what an RRSP is an how it works, so what is similar on the U.S. side? RRSP, of course, is a retirement account desi ..read more

Reading Time: 3 minutes Now that we’ve discussed the two big problems for U.S. LLCs that are owned 100% by Canadians—double taxation and branch profit tax—let’s look at solutions. We’ll discuss what to do if you’ve already registered an LLC, as well as what your options are if you’ve not registered an LLC. If You Don’t Have an LLC Let’s look at a scenario where you don’t have an LLC. You’re still looking for an entity for you to work through in the U.S. in order to make investments—for example, buying a new business, opening a new business, purchasing real estate, or running an online/e-comme ..read more