Cross-Border Tax and Investment Q&A – Episode 18

30 July 22
Crossing the 49th Podcast

On episode #18 of Crossing the 49th Podcast we hosted a live Cross-Border Tax and Investment Q&A.

On another instalment of cross-border Q&A we discuss various cross-border tax and investment related issues.

  • 0:00 We’re live!
  • 2:05 I inherited a bunch of stocks from my father last year and I will be selling them in 2022. Do I need to pay tax on the stocks even though he already has? From Ken
  • 5:02 Reading through your blog I just realized I should have filed those T1135 forms. I see they have a huge penalty. Is there a one-time penalty abatement? Emily
  • 9:10 Every year the CRA audits my foreign tax credits on my Canadian return. Is there a way to avoid this every year by filing manually? Jagat
  • 12:11 I live in Seattle and we just bought a Victoria condo rental. It will be losing money each month, do we need to file anything in Canada? Susan
  • 19:57 Do you know of any software that does both Canadian and US returns at the same time? Greg
  • 22:50 My husband and I (both dual citizens living in Vancouver) are thinking of selling our main home. Will we have to pay US tax? Charlotte
  • 31:50 My accountant is not getting back to me and still hasn’t filed my US tax return. What penalties should I expect? Mohammad

You can also stay updated on US Expat Tax and financial planning issues by following us at:

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Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.

Phil Hogan, CPA, CA, CPA (Colorado)

Phil Hogan is a Canadian and US CPA working with clients throughout Canada and the US. Phil advises on cross border tax and financial planning matters. Phil can be reached at phil@beaconhillwm.ca or via telephone at 250-661-9417. You can also read more about Phil at www.Beaconhillwm.ca/team/about-phil/

This commentary reflects the personal opinions, viewpoints and analyses of the Beacon Hill Wealth Management Ltd. partner providing such comments, and should not be regarded as a description of advisory services provided by Beacon Hill Wealth Management Ltd. or performance returns of any Beacon Hill Wealth Management Ltd. client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Beacon Hill Wealth Management Ltd. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results. Any discussion about taxation is for educational purposes only and should not be viewed as professional advice. Consult your tax professional for tax advice on your particular situation.

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