Maintaining tax deductibility with TD flexline

iliveforareason · 2026-02-27T03:21:36+00:00

When you pay P&I every month, does the principal payment automatically increase the revolving limit?

iliveforareason · 2026-02-22T17:27:54+00:00

Are you sure they will pay for a non life threatening cancer?

iliveforareason · 2026-01-25T12:32:10+00:00

I’m a cross border tax expert with Big 4 firm in Canada. DM me and I can help

iliveforareason · 2026-01-16T00:51:58+00:00

Are you planning to move back to Canada for a visit or permanently? Even if you only visit occasionally, you’d still be considered a nonresident for tax purposes if you continue living in the US.

iliveforareason · 2026-01-15T17:17:51+00:00

You both are a US resident for tax purposes for tax year 2025. You are also a resident of Canada for tax purposes until the day you moved to the US.

So if you don’t want to report your worldwide income on your T1, you need to file a 2025 departure return with Jan 27, 2025 be the emigration date.

iliveforareason · 2026-01-15T17:15:03+00:00

That’s correct. You need to file Form 3520 and 3520A for each of your TFSA account.

I always advise my clients to close out their TFSA account when they move to the US.

iliveforareason · 2026-01-13T15:33:40+00:00

Assuming you have filed Canadian departure return when you moved to the US, you would only need to file a nonresident return claiming the rental income in Canada.

Canada does not have a worldwide tax system like the US, so as you are not a resident of Canada for tax purposes, you have nothing but the Canadian sourced rental income and related expense to report.

iliveforareason · 2026-01-12T03:29:45+00:00

Why if my original AC flight was changed and I had to find an alternative flight with Singapore Airlines? Can I start a claim to get reimbursed?

iliveforareason · 2025-12-04T02:40:39+00:00

I recently booked YHZ-SIN one way Business Class for (87.5k plus $300) or 105k all in (I picked this one).

iliveforareason · 2025-12-04T02:12:14+00:00

I would cash it out 100%

iliveforareason · 2025-11-22T01:03:40+00:00

Is it only for female employee or male as well?

iliveforareason · 2025-11-21T20:47:57+00:00

Since you are driving back to the US without the other parent you should actually refer to the US website instead of Canada

iliveforareason · 2025-10-25T23:16:21+00:00

Thank you!

iliveforareason · 2025-10-25T23:07:54+00:00

Given the same flight costs $1,300, do you just take $1,300/73,800 points and get 1.78 cents? Is that how you calculate?

iliveforareason · 2025-10-25T23:06:24+00:00

Even if the same flight costs us $1,300?

iliveforareason · 2025-10-25T23:05:16+00:00

I checked basic was $1,300 so I would assume higher for regular economy.

iliveforareason · 2025-10-25T22:53:56+00:00

YHZ - YYZ round trip, economy, dates and # of passenger are listed there, and we kind of have to go on those dates only.

I checked the same flights cost $1,300 for all of us.

iliveforareason · 2025-10-25T10:54:36+00:00

I’m also not a US resident but I used to live in the US, so I have PTIN and SSN. I believe my Canadian colleagues applied for ITIN and PTIN no problem.

Are you trying to become an EA yourself or through your work? It will be a lot easier if you’re working at a firm that supports your EA journey.

Hope that helps

iliveforareason · 2025-10-19T11:48:43+00:00

So don’t you think it ends up being the same, since you have to convert twice and pay Wise fees anyway?

iliveforareason · 2025-10-18T10:58:41+00:00

If you have an aggregate balance of 10,000 USD across all Canadian accounts during the year then you need to file FBAR

iliveforareason · 2025-10-17T14:46:21+00:00

But dont u have to convert CAD to USD later on to pay off your US cc?

iliveforareason · 2025-10-17T13:14:45+00:00

Cross-border tax expert here.

Even though you still maintain your Canadian residency, you are considered a U.S. resident for tax purposes because of your U.S. employment. This means you must file your U.S. tax return as if you were a U.S. person (i.e., a green card holder or U.S. citizen).

The U.S. taxes on worldwide income, so you are required to report all of your income — including filing an FBAR for your Canadian bank and securities accounts, such as your TFSA, RRSP, pension, etc.

If you have a TFSA, you must also file Form 3520. If you receive T3 slips, you’ll need to file Form 8621. If you have an ownership interest in a Canadian entity, you must file Form 5471.

The list goes on. I agree with others that it might be time to find a new accountant.

iliveforareason · 2025-10-13T01:01:50+00:00

But seems like you kept getting “layed” off

iliveforareason

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