US Cross-Border Tax Blog

Published by W.L. Dueck LLP

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Candace Doig

US Education Savings Plans for Residents of Canada

Canada and the US have similar tax laws for education savings plans. Unfortunately, neither recognizes the each other’s plans the same as their own. For example, a US education savings plan, such as a “529 Plan,” has Canadian tax reporting requirements which are not applicable to a Canadian Registered Education Savings Plan. The  income earned inside a 529 Plan will be subject to Canadian tax if you are resident in Canada. In addition, you must file Canadian tax forms (Form… Read More

Candace Doig

Alert for Parents: Education Savings Plans and US Tax Issues

Children. From the moment they’re born you start planning for their future. And like a lot of good parents, you start to save money for their future education early. Both Canada and the US have great education savings programs whereby generally any plan earnings are tax-deferred until Junior goes off to post-secondary education. But tax problems can arise with these education savings plans when you have to file tax returns in both Canada and the US, or you move from… Read More