Personal Finance

THE END OF THE VOLUNTARY DISCLOSURE PROGRAM?

Wayne Bewick, CPA, CA, CPA (Illinois) Partner, Expatriate Tax
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Current VDP guidelines allow Canadians who know they have made mistakes on their previous tax returns, from at least one year prior, to come forward and notify the Canada Revenue Agency (CRA) of their misfiled documents. They can then make the appropriate changes to the information without fear of prosecution. The proposed changes would drastically change these policies, including:

Read more: THE END OF THE VOLUNTARY DISCLOSURE PROGRAM?

Living in the US and receiving Canadian retirement income? Retirement small

Tips on reporting this income to the IRS and related issues

Many former Canadian residents prefer spending their retirement years in the US, especially in the Southern states with better climate and more affordable property values. But this triggers many complexities, especially in reporting Canadian retirement income to the IRS. This article will give some quick tips on reporting of such income to the IRS.

First of all, it is important to determine what type of retirement income you are receiving. Should a person be a resident of Canada, the income would be reported on various T-slips which include but are not limited to:

  • T4RSP slips – to report distributions from RRSP accounts which could be treated as annuity payments or regular account withdrawals;
  • T4A slips – various pension, retirement, annuity or other similar income;
  • T4A(P) slips – Canada Pension Plan benefits;
  • T4A(OAS) slips – Canadian old age security payments.
Read more: Canadian Retirement Income… In The US:

New Housing Rebate

The combination of the Goods and Services Tax (GST) and the Provincial Sales Tax (PST) into the Harmonized Sales Tax (HST) that has taken place in the provinces of New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, and Prince Edward Island, has resulted in increased sales tax charged to purchasers of a number of consumer goods and services.

Read more: HST Housing Rebate

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