Search found 4 matches

by tember
Thu Aug 28, 2025 12:21 pm
Forum: Canada / United States Tax & Accounting
Topic: RESP withdrawal concerns
Replies: 0
Views: 19

RESP withdrawal concerns

We moved to Seattle from BC in 2019 and still live in WA state. Our daughter is going back to BC for University. We have substantial RESP money saved in Canada - we have not contributed since moving to the USA. I have declared the accounts on our FBAR - but that is it. We would like to withdrawal ...
by tember
Tue Apr 22, 2025 7:14 pm
Forum: Canada / United States Tax & Accounting
Topic: USA Resident buying property in Can.
Replies: 4
Views: 5165

Re: USA Resident buying property in Can.

Thanks again for your response. We were able to get some professional advice - but they couldn't answer one question.

I received a substantial inheritance in Canada ($300K) - we will use this money to purchase the apartment. My daughter is going to be the apartment owner and it will be her primary ...
by tember
Mon Apr 21, 2025 7:19 pm
Forum: Canada / United States Tax & Accounting
Topic: USA Resident buying property in Can.
Replies: 4
Views: 5165

Re: USA Resident buying property in Can.

Hi Nelsona - thanks for replying. We were given lots of warning words from our initial accountant that having too many residential ties to Canada could flag us to pay income tax in Canada. We already own a vacation property in BC and have a Canadian mortgage against it. So we haven't fully severed ...
by tember
Mon Apr 21, 2025 12:56 am
Forum: Canada / United States Tax & Accounting
Topic: USA Resident buying property in Can.
Replies: 4
Views: 5165

USA Resident buying property in Can.

We are Canadians living in Seattle since 2019. My adult daughter still lives in Canada. My teenage daughter has decided to return Canada to go top university. We plan on purchasing an apartment for both girls to live in. We are using recent inheritance in Canada to pay cash for the property.

We ...