Living As An Expat In Canada
With similar cultures and favorable exchange rates, Canada is a top destination for many Americans looking to live abroad. The fact that our neighbors to the north also rank higher on the United Nations Human Development Index only adds to the allure. Better still, the paperwork is far less complicated than when trying to relocate to places such as France or Italy.
What To Know About Expatriate Retirement
If you’ve ever dreamed about spending your golden years abroad, you’re not alone. According to a 2018 analysis, roughly 12% of Americans dream of doing the same thing. More than 400,000 U.S. citizens currently collect Social Security benefits while living overseas.
Living As An Expat In Mexico
There are an estimated 1 million American expats in Mexico. They may be drawn to the country for its vibrant culture, relaxing beaches or low-key way of life. Whatever the reason expats find themselves in Mexico, Americans who have moved south probably agree on one thing: They wish they had understood their tax liabilities before they left. This guide to income tax in Mexico for expats will help you prepare for a relocation south.
Living As An Expat In Australia
Australia is a popular destination for American expats, since the two countries share a language. If you have a permanent resident visa, use Australia as your primary place of business, or spend more than 183 days a year in Australia, you will have to pay Australian taxes as an expat.
Living As An Expat In Japan
Japan is a dream destination for many expats. The country has attractive urban and rural locations with strong public transit and communications infrastructure, excellent health care, and a unique culture. Economically, there are many opportunities for expats who want to start a business or work for someone else. Then, there's the world-class food.
Understanding The Differences Between FBAR And Form 8938
Expats must file and pay taxes to the U.S. government even on income earned worldwide — including income kept in foreign accounts. FBAR and Form 8938 are two of the most common forms used to report this income, but these can't be used interchangeably.
Form 3520 For TFSAs
Countries have different rules and regulations regarding income and taxes. While U.S. citizens living internationally are allowed to take advantage of foreign trusts and tax-free savings accounts, there's a caveat: Those tax-advantaged accounts might be taxable in the U.S. Find out when tax-free savings accounts are taxable and what forms you'll need to complete as an American living in Canada.
Tax Implications For Canadians Owning Property In The U.S.
Buying real estate in another country is common among people who want to have a ready-made vacation home or a property they can rent out for extra income. Because Canada and the United States are geographically close, many Canadians purchase U.S. properties with this intention. However, there are important tax implications for a Canadian buying U.S. property. Here's what you need to know to stay in compliance with applicable tax laws.
Estate Planning For U.S. Citizens Living Abroad
Estate planning is complicated, particularly when individuals are living overseas and must deal with two sets of taxes and regulations. Many people delay it, assuming they'll find time eventually. It's important to do it correctly — and sooner, rather than later.
Foreign Tax Credit Vs. Foreign Earned Income Exclusion
The terms foreign tax credit and foreign earned income exclusion may appear interchangeable, but there are key differences. Below, we’ll cover what the foreign tax credit and foreign earned income exclusion mean, how you claim them, and tax resources for expats.
Tax Filing For Dual Citizenship
Regardless of where they live in the world, U.S. citizens need to pay U.S. taxes. That's true of expats, permanent residents, green card holders and dual citizens who have citizenship in the U.S. and another country.
Can Expats Collect Social Security?
Taxes are complex for expats, who may find it difficult to keep up to date with changes to tax law. For example, they may want to know, “Can expats collect Social Security?” Determining how your Social Security taxes and benefits are impacted takes research and expertise that many expats prefer to leave to a CPA. Below, we’ll explore the relationship between taxes and Social Security benefits for expats, then discuss how a CPA can help.