Author: Brad Kirschner

The Hidden Surprise in Your Canadian Vacation Home

I remember years ago when I almost purchased a vacation condo in Whistler. With the benefit of hindsight and the impact of the 2010 Winter Olympics it would have been a fabulous investment.  The sale of this property would have produced a routine capital gain in Canada (sales price less adjusted cost base and selling … Continued

A Surprise for a Cross-Border Investor

I have been practicing US taxes for over forty years. While I believe I am quite knowledgeable in US taxes, I realize there will always be those who know more than I know.  I have been practicing Canadian taxes for a much shorter period of time, so most of my colleagues north of the 49th … Continued

Is There a Time-Bomb Hiding Under Your Green Card?

The United States is one of two countries in the world that subject their citizens to tax on their worldwide income, no matter where they reside. Most other countries tax individuals based on residence – they are no longer subject to tax when they no longer reside in that country. This is a very simplistic … Continued

The Hidden Medicare Tax

Most of us are familiar with the taxes that fund Medicare—1.45% of our salary is withheld, and a matching amount is contributed by our employer. Those who are self-employed pay the full 2.9%.  Those with salaries or self-employment income over the threshold amount ($200,000 for single persons, $250,000 for married persons filing a joint tax … Continued

Joint Ownership of Property

The most common form of ownership for bank and investment accounts is “joint tenants with right of survivorship.” The concept is that upon the death of the first owner the property immediately transfers to the second owner. While this form of ownership may be appropriate for some, especially married couples, there are at good reasons … Continued

Taxable Income in a Retirement Account

It is generally assumed that income earned within a retirement account, including 401(k) and IRA accounts, is not taxable until the funds are distributed. This is not always the case. A retirement account is a tax-exempt entity similar to charity or business league. To prevent tax-exempt entities from using their tax-exempt status to unfairly compete … Continued

Affordable Care Act

2014 saw the implementation of the Affordable Care Act (ACA), the ACA has been the topic of heated political discourse over the past couple of years; the fact is that it is the law and one with which we must comply. While the ACA deals with health care, Congress has chosen to delegate a significant … Continued

Moving to the U.S. from Canada

Moving can be traumatic, even when your employer is paying for the move.  I’ll get into taxes in a moment, but there are some non-tax issues, the primary one being your vehicles.  You may travel across the border many times as a tourist, but to import your vehicle, it must have been qualified by the … Continued

Dealing with Tax Authorities

What to do if you receive a letter from the Internal Revenue Services or Canada Revenue Agency. Nothing strikes more fear in the heart of a client than a letter from the Internal Revenue Service or the Canada Revenue Agency. Clients immediately question what it will cost them, are they in trouble, or did the CPA … Continued