How receiving CPP affects U.S. Social Security benefits
Q: I’ve just started to collect Social Insurance benefits from the United States. I’m a Canadian citizen who worked in the U.S. (with a green card) for over 26 years. I’ve learned that my benefit was...
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How much tax do I owe on the sale of collectable wines at auction?
Q. In the 1980s, I bought a number of bottles of wine that I kept in my cellar. I’ve now put this wine up for auction, and it will fetch over $10,000. However, I have no records of the original...
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TFSA and RRSP investing tips for Green Card holders
Q: I am a Green Card holder as well as a Canadian resident, and have two questions: No.1. Which are the best securities to invest inside my TFSA to be “friendly” from an Internal Revenue Service and...
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Do I get taxed on my TFSA if I give up U.S. citizenship?
iStock Q. I am a Canadian as well as an American citizen. I have to file income tax returns in both countries. I understand the TFSA needs to be reported. If I decide to renounce my American...
View ArticleGetting your money back after splitting CPP
Q: My mother and father were married for 24 years and divorced 16 years ago. At the time of applying to her pension, my mother applied for a pension split with my dad. She received pension splitting...
View ArticleCan a U.S. citizen roll IRA money into a Canadian charity tax-free?
Q: I have a question concerning the rollover of IRAs upon reaching age 70 1/2 in the U.S. Can a U.S. citizen roll a portion of the IRA into a Canadian charity without incurring the income tax? As it is...
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How to minimize tax on the sale of a condo
Q: My brother and I own a condo in Toronto which is his principal residence but not mine. He is going to buy me out and continue to keep it as his principal residence. How can I minimize my capital...
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