August 5, 2012

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In Canada, the Tax Free Savings Account (TFSA) allows qualified individuals to be able to earn income on a tax-free basis. In particular, the initial amount contributed as well as income earned in the plan is tax free, even when it is withdrawn. While this may be appealing to

Do You Need To Keep Expense Receipts?

Aug 05 2012

Marc J. Gedeon

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Tax Deductions, Tax Tips

A business client of mine recently went through an IRS audit and was worried he hadn’t kept all the receipts for his business expenses. Does my client need a receipt for all his business expenses? Not necessarily, according to the IRS regulations. In fact, the IRS makes an

Do I Pay U.S. Taxes on My RRSP Withdrawal?

Aug 05 2012

Marc J. Gedeon

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Cross Border Taxes, RRSP, Tax Tips

Does this situation sound familiar? You moved from Canada to the U.S and became a U.S tax resident. When you left Canada, you also left your RRSP account open. If you are like many Canadian ex-pats who have left their RRSP’s behind to grow tax free in Canada, then you may

Do I Pay US Tax on My CPP/OAS Income?

Aug 05 2012

Marc J. Gedeon

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Cross Border Taxes, Tax Tips

Whether your Canada Pension Plan (CPP)/Old Age Security (OAS) benefit from Canada is taxable in the USA depends on which country you reside in. If you are a resident of the USA, then your benefits are only taxable in the USA. The IRS treats CPP/OAS as the equivalent of US social

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How a TFSA is Taxed In the US

Do You Need To Keep Expense Receipts?

Do I Pay U.S. Taxes on My RRSP Withdrawal?

Do I Pay US Tax on My CPP/OAS Income?

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