No. For US tax purposes, these accounts are not recognized as tax free accounts. That means that any income earned within these accounts will be taxed when you file your US tax return. Furthermore, some TFSA and all RESP accounts are considered foreign trusts for US tax purposes. This causes additional tax reporting burden on … Continue reading As a US citizen, is there any benefits of holding a TFSA/RESP?
By default, the U.S. personal tax return is due by April 15 of the following year. However, if on April 15 you live and work outside the U.S., your deadline is extended to June 15. Whether your deadline is April 15 or June 15, if you require additional time to file, you can submit Form … Continue reading What is the tax deadline for U.S. Personal Tax Return?
US personal tax returns are due on April 15 of the following taxation year. However, if you live and work outside the US on a normal basis, the deadline is automatically extended to June 15. Furthermore, any taxpayer may request additional time to file by filing this form to the IRS by their due date. … Continue reading When are U.S. Personal Tax Returns due?
For U.S. Citizens or U.S. residents who hold a Canadian RRSP, it should be noted that the IRS treats the RRSP just like any other investment account and therefore, imposes tax annually on the growth of the investments inside the RRSP. However, an election can be made by completing the Form 8891 annually with your … Continue reading How are RRSPs taxed in the U.S.?
This is a significant concern for U.S. citizens or green card holders who are also residents of Canada and therefore, must file tax returns in both countries. IRA An IRA has very similar characteristics to that of a Canadian RRSP – contributions are tax deductible, growth is tax free, and the withdrawals are taxed. However, … Continue reading How are IRAs and Roth IRAs taxed in Canada?