Toll Free U.S. & Canada


August 5, 2012

How a TFSA is Taxed In the US

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 In particular, the initial amount contributed as well as income earned in the plan is tax free, even when it is withdrawn.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
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Do You Need To Keep Expense Receipts?

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

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

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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