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Cross Border Taxes

Does TurboTax support filing the 1040NR form?

Feb 25 2013
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Tax form 1040NR is a federal tax form for non-U.S. residents who received any income (trade or business) from a U.S. source. This form is not included in any version of the tax preparation software TurboTax. In fact, none of the popular commercial software programs support either
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Why US Taxpayers Should Avoid Holding Canadian Mutual Funds

Feb 20 2013
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A client of mine recently made the move from Canada to sunny Los Angeles. When I asked him if he left anything behind in Canada, he answered “just the snow”. Well, as it turns out, my client didn’t just leave the snow behind. He also left his Canadian brokerage
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US Tax on Your Canadian Investments

Feb 18 2013
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Canadian residents who emigrate from Canada are generally deemed to have disposed of their capital property equal to the fair market value on the date of emigration, with any resulting gain or loss subject to Canadian tax (“Departure Tax”). For Canadians emigrating to
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Need an ITIN?

Feb 11 2013
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With the new Individual Taxpayer Identification Number (ITIN) processing rules issued by the IRS in 2012, getting an ITIN will now require you to submit a copy of your Canadian passport certified by the Canadian government. If you cant make it to a Passport Canada office, then
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Sale of Canadian Home by an American

Feb 05 2013
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We recently received a call from a U.S. citizen married to a Canadian citizen. The couple lives in Canada and owns a home in Toronto together. Recently, the couple sold their Canadian home, which has been their primary residence for the last 11 years. The couple had purchased the
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Selling America by the Loonie

Jan 18 2013
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With the strong Loonie, there’s a lot of Canadians investing in US real estate. But US real estate is not the only investment Canadians are making south of the border. A lot of Canadians are investing in US brokerage accounts to buy and hold US securities. Believe it or
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Are My RRSP Contributions Deductible in the USA?

Jan 04 2013
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A while back, we published a newsletter on deducting 401(K) contributions for purposes of Canadian taxation. Now we turn our attention to whether or not contributions to an RRSP are deductible for purposes of US taxation. Praneil is a dual US-Canadian citizen who has been living
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US Tax on Inherited Canadian Property

Dec 20 2012
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Question: I am a US resident and my parents back in Canada left some property for me in Canada when they died in early 2012. I sold the property in 2012. What are the tax consequences of inheriting and selling this Canadian property? Answer: You will potentially need to report
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Cross Border Tax & Financial Planning

Nov 19 2012
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Temporary and permanent cross-border movements increase not only your tax complexity but also the complexity of your investment management and financial planning. Poorly managed cross-border relocation can result in a disjointed financial plan, which can result in increased
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Are Your 401(K) Contributions Deductible in Canada?

Aug 16 2012
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You might recognize this situation. You are a Canadian resident working in the USA on a TN visa. Your employer offers a 401(K) plan that includes a matching contribution. You know contributing to the 401(K) plan lowers your taxable income in the USA. Does the same hold true for
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