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Canadian and U.S. Taxes: What Ex-Pats Need to Know

Canadian and U.S. Taxes: What Ex-Pats Need to Know 

Hosted by the Toronto Expat American Meetup Group

Speaker: Yi Yang, EA, CGA, ACCA
Hosts: Lindsay Brown and guest host Georgina Murphy, Canadian immigration lawyer

As a U.S. citizen living in Canada, are you required to pay Canadian taxes? What about U.S. taxes? Knowing what the taxman requires can be tricky – especially when there are two taxmen! This seminar will help you understand what you’re required to pay or declare and the differences between the two tax systems. It will also help you set up your finances to avoid paying painfully high amounts to one or both governments. Topics include:

1.  How residency is determined for tax purposes (i.e., where you need to pay or declare taxes)

2.  Important differences between Canadian and U.S. income taxes

3.  What assets you need to report

4.  How income from Social Security, pension and tax deferral accounts is taxed (tips and strategies for structuring your finances to reduce taxes)

5.  What information about you is exchanged between the U.S. and Canada

There will be a Q&A period at the end.  The event will be hosted by Georgina Murphy, an American ex-pat and Canadian immigration lawyer.

About the speaker:

Yi Yang is a Certified General Accountant (CGA), an Enrolled Agent (EA) with the IRS, and a member of the UK’s Association of Chartered Certified Accountants (ACCA). He specializes in complex cross-border tax issues between the U.S. and Canada. Prior to starting his own practice, Yi garnered extensive experience from the renowned public accounting firms PricewaterhouseCoopers and BDO.

About the host:

Georgina Murphy (B.A. (Hons.), McGill 2005; LLB, Dalhousie 2010) is a Canadian immigration and refugee lawyer working in private practice in Toronto. Originally from New York, she brings to her practice the first-hand experience of applying for student visas, work permits, permanent residence and citizenship. Georgina’s practice today includes preparing applications for Labour Market Opinions, work visas, spousal sponsorships, citizenship, and numerous other immigration matters. She regularly represents clients before the Immigration and Refugee Board and the Federal Court of Canada.

And After this Preso - PUB NIGHT!!! See you there :)

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  • Lindsay

    Update on info from tax talk: We are working on a condensed version of the information presented for release to the group. The full PPT is Yi's work product, I don't think it's fair to ask him to post all that to the interwebs. Should have the condensed version ready for you guys by mid-week. :-)

    1 · February 22, 2014

    • susan b.

      Looking forward to it. Great idea

      February 22, 2014

  • Gary

    The group seems great, it was nice to finally come to one of these, sorry I thought the presenter was a bit weak.

    February 19, 2014

    • Ki

      Agree that he did a good job considering the complexity of the topic and the short time constraints. I did wish he paced himself a bit better to spend more time on the FTC (Foreign Tax Credit). Besides the FEIE, it is probably the most important topic and he had to race through it at the end. But I certainly appreciated Yi and everyone who helped to put this together!

      February 20, 2014

    • Alexia

      I thought he was incredibly knowledgeable and did a great job trying to balance getting to as much information as possible while answering people's individual questions. Thank you for organizing!

      3 · February 22, 2014

  • Lisa

    Thank you Lindsay for organizing. I found this helpful. Did not know of any March 15 deadline until this talk. He was extremely gracious to answer the constant questions people asked during his talk. I got his card in case anyone wants his info. Yi Yang, [masked], WWW.yiyangtax.com,[masked]-9696. Does anyone know what he charges for tax returns? I'very been paying two firms about $500 each. Does anyone know of a professional who does tax prep and investment advice for us and ca?

    February 20, 2014

    • Lisa

      Thanks. My taxes are pretty simple but that's good to know

      February 20, 2014

    • Ki

      $500 is a fair price. H&R Block start at $350 and they are the lowest I've seen. Any large accounting firm will charge at least 1K for a basic return.

      February 20, 2014

  • Ron S.

    Yi did a good job touching on much information in a short period. Meeting with him to see what he can do with my tax return.

    1 · February 20, 2014

  • Ki

    Good summary of general requirements for filing US taxes

    February 20, 2014

  • Sherry H.

    Yi did a great job presenting a lot of material in a very short time. He is obviously very well versed in this matter and I appreciated enough information to know what my questions will be in a one on one discussion.

    February 20, 2014

  • Lindsay

    Incredible - so much info! Thank you to Yi and Georgina! Amazing!

    2 · February 20, 2014

  • Rob M.

    Thanx, Lindsay, for organizing another top notch event.

    1 · February 19, 2014

  • Gary

    February 19, 2014

  • Lindsay

    We are here! The auditorium is DOWNSTAIRS, it's labeled Program room B. :-D

    February 19, 2014

  • Lindsay

    See you all in a bit! Please try to be on time or sneak in quietly if you are running late... we'll be starting right on time at 6:15!! :)

    February 19, 2014

  • A former member
    A former member

    Sorry to bail on such short notice- I have the flu and won't be leaving my house any time soon. I would love any info that anyone can provide afterward

    February 19, 2014

  • Lindsay

    hey there Americans, double check your schedules, and see you tomorrow night! If you need to change your RSVP, please do so now so that others can get on the guestlist. Thanks! And if you are for sure coming to Tax Talk, why not join us for pub night as well??! :)

    February 18, 2014

  • Lindsay

    Whew, full house for tomorrow night!! Keep RSVPing for waitlist even if the guestlist is full... I'll see what the library's policy is on standing room only :)

    February 18, 2014

  • Kevin

    This sounds really informative. Thanks a lot for putting this together.

    February 9, 2014

  • Ron S.

    This is fantastic, Lindsay! Hope to get some clarification on how to report TFSA's (form 3520?) and what's happening with mutual fund treatment. Look forward to seeing everyone.

    February 7, 2014

  • Mike S.

    Quick question, when are US returns due? I'm being told April 15th by some, and June 15th by others. Which is correct?

    February 7, 2014

    • A former member
      A former member

      If you are living outside the US you get an automatic extension to June 15th. However, I believe that if you owe tax you will have to pay interest after April 15. Here's a notice from a prior year: http://www.irs.gov/ua...­

      February 7, 2014

  • Ki

    This meeting is perfect timing, given all the recent developments with FATCA regarding US expats in Canada. Awesome!

    February 6, 2014

  • A former member
    A former member

    Thanks for organizing this! I'm listening to a KPMG webinar on FACTA this Friday--we'll see.

    February 6, 2014

  • Chris

    Tiny shill - I found and used Yi last year for my first time doing Canadian taxes. He and Georgina both know their stuff!

    February 5, 2014

  • Lindsay

    Great comments already - I'll be passing all questions/comments along to Yi and Georgina! We'll see if we can get a quick reference guide to the basics to post in our forum section maybe?

    1 · February 5, 2014

  • Maggie S

    Will there be any way to ask questions or get the information from the talk later? I will be out of town and won't be able to make it, but as it's my first year in Canada I'd really love to hear how this works.

    February 5, 2014

  • Jeanan

    Def want to make it… I may be a bit late though as I have work and coming from Thornhill.

    February 5, 2014

  • Lindsay

    Hey kids, this is going to be awesome! I know that this is early for some of you - Sorry we can't make it any later!!! This is the latest that we can book the library meeting room, nothing else would allow us to have this event FREE for our members. Leave work early for this one, it'll be worth it!!!

    1 · February 5, 2014

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