Question: Are the Canada Pension Plan and Canadian Old Age Security benefits taxable? If they are, please tell me where they should be entered on Form 1040.

Answer: The taxation of payments received from Canadian retirement programs that are similar to the U.S. Social Security system receive special tax treatment due to an income tax treaty between the United States and Canadian governments. The way this income is taxed depends on the recipient’s residence. The special tax treatment applies to payments receive…

Question: I am a U.S. citizen. If I move to Canada to live and work there as a Canadian permanent resident, do I pay both U.S. and Canadian taxes?

Answer: As a U. S. citizen living in Canada you: Are required to file annual U.S. income tax returns and may be required to file certain information returns if applicable (e.g. Form 8891 (PDF), U.S. Information Return for Beneficiaries of Certain Canadian Registered Retirement Plans; Form 3520 (PDF),Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign…

ICAS and CMA SK issue Report to Government and provide an update on unification developments

January 29, 2013 The Institute of Chartered Accountants of Saskatchewan (ICAS) and CMA Saskatchewan (CMA SK) submitted a report to the Government of Saskatchewan detailing the results of their merger consultations, recommendations and next steps. Other significant developments based on the work of the Transitional Steering Committee (TSC) include: drafting a unification agreement between ICAS and CMA…

Canada: Goodbye Canada, Hello…Tax Implications?

21 January 2013 Article by Henry Korenblum What Are The Tax Implications Of Leaving The Country? Residency: A fundamental element of the Canadian income tax system Some friends of mine are preparing to leave Canada for various professional and personal reasons. As a tax specialist, they ask me about the possible tax implications of leaving…

Tax Information Exchange Agreement Signed Between Canada and Liechtenstein

A tax information exchange agreement between Canada and Liechtenstein was signed on January 31, 2013. The Agreement shall enter into force 30 days after the date of the later of the written notifications by which the parties have notified each other that their respective requirements for the entry into force of the Agreement have been…

A history of Canadian Tax Software by Cam Peters

Cam Peters: This week in February marks the 28th anniversary of the CanTax T1, the first piece of tax software I developed. I don’t often celebrate the occasion, but it does cause me to pause and reflect on how tax software has changed over the years. This year, I decided to go a step further.…