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Frequently asked cross border tax and financial planning questions

He get a significant amount of questions on the site. Unfortunately we are not able to answer everyone's request. Make sure to also post...

Starting a Business in Vancouver, Need Some Advice on an Appropriate...

Question Hi Phil I’m starting an application and gaming company with 2 close friends of mine in Vancouver. We’ve been told on multiple occasions that going...

Is your corporation at risk of being deemed a personal services...

If your corporation is deemed to be a personal services business (PSB) your corporation is no longer eligible for the small business deduction (SBD)...

Family Income Splitting for Doctors – A Significant Income Tax Saving...

Our physician clients are some of the higher paid professionals in BC. Some making well over $500,000 per year. At these income levels average...

Moving to BC with Lots of Money and Assets – Things...

Question I'm moving to Victoria BC at the end of the year and will need to setup a consultation to discuss my financial and tax...

Disclosing Offshore Investment Accounts to CRA – Don’t Let CRA Find...

I met with a client a few weeks ago that needed some advice on whether or not to disclose his Swiss offshore investment accounts....

CRA Foreign Tax Credit Review – Please Help!

Question Hi Phil I'm dealing with a CRA review of my T1 foreign tax credit claim and it's driving me nuts. Hopefully you have a good...

QA – Rolling over RRSP to IRA or 401k?

I am a Canadian living in the U.S. I have two RRSPs, one is a personal plan and the other is a locked-in account...

Leaving Canada with Lots of Disney Stock – Tax Issues?

Question Hi Phil I recently stumbled across your blog and I think you may be the right guy to answer my questions. I'll be leaving Canada...

5 Signs You Need To Find a New Accountant

You should hold your accountant to a relatively high standard as it can get quite expensive to engage a competent CPA. In most cases...

How to File Late Corporate Tax Returns?

Question Hi I started a contracting company in 2012 and incorporated in 2013. The company has become relatively successful however I’ve neglected to file tax returns...

How to Transfer my IRA to Canada (or into an RRSP)?

Question Hi Phil I moved to Canada in 2008 from Texas. I still have a sizable IRA in the US and in order to simplify my...

American Doctor Moving to Victoria BC

Question Hi, I'm a radiologist that will be moving up to Victoria in the summer to work on contract at the general hospital. I'm concerned...

Should I Incorporate my Business?

Question I've spoken to 2 separate accountants lately and each of them gave me different advice. One guy said I should definitely incorporate my business...

How to Start a Business in BC

If you’re interested in starting a business in BC you’ve come to the right place. Living, investing and building a business in BC can...