This comprehensive course is designed to assist tax accountants who need to understand the preparation of U.S. and Canadian tax returns for cross-border individuals. 

Throughout the course, we will explore practical tax preparation using U.S. and Canadian tax forms, focusing on the following scenarios:

• U.S. citizens in Canada, including those conducting business and holding financial assets in Canada
• Canadian snowbirds exploring and investing in the U.S

This course specifically discusses Resident, Part Year Departure, Part Year Arrival and Non-Resident returns on the Canadian side and Resident, Dual Status and Non-Resident tax returns on the US side. This course is designed to provide a more practical view of tax compliance and goes into technical details for some of the advanced topics such as PFICs, 3520s etc.

• CPAs and tax professionals working in public accounting firms
• Professionals seeking to enhance their knowledge and skills in advanced taxation and accounting for US taxes
• Cross-border travellers and investors

• Gain a comprehensive understanding of tax residency status in Canada and the U.S. and its impact on your global tax liability
• Acquire knowledge of the required tax forms for U.S. residents (Form 1040) and nonresidents (Form 1040-NR).
• Familiarize yourself with the necessary Canadian tax return and forms
• Understand the taxation of rental income from U.S. properties
• Learn how various types of income, such as dividends, interest, and capital gains, are taxed
• Implement strategies to prevent double taxation between Canada and the U.S.
• Explore different investment structures and their tax implications

Part I

• Overview of the US and Canadian tax systems – a look at tax forms, income inclusions, deductions/credits, filing statuses, differences, etc.
  • Understanding Canadian and US tax residency rules, including US first year elections
  • Understanding the typical taxpayer such as US citizens, business travelers, commuters, assignees, transfers etc.
  • Understanding income taxability and sourcing, including foreign tax credits as a mechanism to address double taxation
• Comprehensive overview of the tax preparation of Canadian and U.S. tax returns e.g.,
  Residents, Part Year Residents, Non-Residents, and Treaty-based returns
  • Understand common US and Canadian tax return items
  • Understand reporting of various income slips
  • Understand the non-resident rental tax returns on both sides of the border and the related rules
  • Grasping the requirements for filing Fincen 114 (FBAR), Form 5471, Form 8938, and similar forms in the U.S. – Focus would be on treatment of various investments in the US e.g., TFSAs, RESPs, FHSAs, PFICs etc.

Part II

• Evaluating tax implications for Canadian residents spending time in the U.S.
  • Meeting filing requirements for Forms 1040, 1040-NR, and related schedules for Canadian snowbirds
  • Analyzing the treatment of employment income, dividends, interest, and capital gains earned in the U.S. by Canadian snowbirds
  • Understanding U.S. taxation of Canadian retirement accounts and pensions
  • Implementing strategies to prevent double taxation between Canada and the U.S.
  • Maximizing foreign tax credits and treaty benefits to optimize tax outcomes
  • Applying the learned concepts through real-life examples for practical understanding

Live webinars have varying levels of expected interaction, with some requiring microphone and camera capabilities to support a proper learning experience – please email pdreg@bccpa.ca if you have concerns. 

In general, we encourage participants to have their cameras turned on to enhance their virtual learning experience. This practice promotes a stronger connection with the instructor and fellow participants, and fosters improved communication and collaboration.

Live Webinar FAQs can be found here.  

Registration terms and conditions, including the cancellation policy can be found here. If you require further assistance, please contact the PD Department.