2018 tax planning, end of US moving potentially back to Canada

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

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nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: 2018 tax planning, end of US moving potentially back to Canada

Post by nelsona » Mon Jan 28, 2019 3:14 pm

Sorry, I do not look at state specific issues.
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coco1106
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Joined: Sun Jan 20, 2019 3:40 pm

Re: 2018 tax planning, end of US moving potentially back to Canada

Post by coco1106 » Tue Feb 12, 2019 9:42 pm

4. No. As long as you use the funds for eligible expenses, it will not be taxable in US, or penalized, and will thus not be taxable in Canada. You can use the HSA funds against Cdn medical expenses too.

We have about 39K in our HSA.....being able to use it for Canadian medical expenses especially dental ,vision and Rxs would be fantastic.
does anyone know how you would collect funds form HSA ??? while living in Canada , I presume all receipts, bills would have to be sent maintained ??

( we have never used the HSA since we started the account, husband only has generic meds about $60 for 90 days... and thankfully nothing for me he had a few xrays when he cracked his ribs !!! we just paid out of pocket )

thanks for any input.

nelsona
Posts: 15506
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: 2018 tax planning, end of US moving potentially back to Canada

Post by nelsona » Fri Feb 22, 2019 12:38 pm

HSAs do not require you to submit paperwork to get the money. You merely ask them to deposit funds into your banks account (US bank account).
It is the IRS that would want to see paperwork proving that the withdrawals were for eligible purposes, if audited.
So, for each medical expense in Canada, simply maintain a spreadsheet with date/expense/exchange/USD value. along with receipts. Claim whne the amount is sufficiently high to make it worth your while.
Note that if you plan to reimburse your self for certain expenses, you cannot claim these expenses as medical expenses on your Cdn return at that point.
Nelsona Non grata. Non pro. Search previous posts.

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