US Cross-Border Tax Blog

Published by W.L. Dueck LLP

Posts filed under ‘US Education Savings Plans’

AndersenTax

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