Tax Filing Requirements

Canadians who move to the U.S. are no longer subject to tax on their worldwide income to Canada. A final Canadian tax return should be filed by April 30 in the year following departure. A Canadian may still need to file a Canadian return if he/she still has Canadian source income (employment, rential income, etc.).

On the U.S. side, once a Canadian has moved to the U.S., he/she is subject to tax on their worldwide income. A U.S. tax return (Form 1040) must be filed to the IRS by April 15 each year. It is important to note that the IRS has specific reporting requirements for those who maintain foreign assets in Canada. – How to bring 401(k)s and IRAs to Canada

Matt C. Altro was recently interviewed by Melissa Shin from Advisor’s Edge to analyze the consequences and opportunities when it comes to crossing the Canada/US border with retirement accounts. The analysis was published in the September edition of the Advisor’s Edge magazine and also appeared online on In the article, Matt reviews the various options individuals face with regards to their 401(k)s, key questions one should be asking when holding 401(k)s if they have a cross border lifestyle, and he also shares various tips and tricks for retirement accounts. Click here to view the article online or scroll down […]

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