US Cross-Border Tax Blog

Published by W.L. Dueck LLP

Posts filed under ‘Cross-Border Tax’


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

Paula Owen

Moving from Canada to the US? Save Money with Canada Pension Plan

Moving to another country presents significant tax planning opportunities, especially if you are moving from Canada to the US. A commonly overlooked tax strategy for incorporated professionals and other intercompany transferees is to avoid US Social Security and Medicare by continuing their coverage under Canada Pension Plan. The tax savings can reach more than US$10,000 annually and more for up to 5 years for qualifying persons. Many taxpayers confuse Canada Pension Plan and US Social Security as investment strategies. Both… Read More

Steven Flynn

Changes to Certain Cross-Border Tax Amounts for 2015

As the calendar changes to 2015, both the Internal Revenue Service and Canada Revenue Agency have changed or left unchanged certain amounts and figures. Below are some of the revised amounts, numbers and limits for the year 2015 relevant to US citizens resident in Canada.