The Canadian Money Roadmap Cross-border money mistakes (and how to avoid them!)
Jun 18, 2025
Andrea Thompson, a certified financial planner and founder of Modern Sense, dives into the complexities of cross-border finances for Canadians linked to the U.S. She highlights the critical tax obligations and the importance of consulting a cross-border CPA to avoid penalties. Thompson also unpacks the intricacies of retirement planning, investment challenges for dual citizens, and the nuances of Tax-Free Savings Accounts for U.S. citizens in Canada. Her insights will help listeners navigate these financial waters smoothly!
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Who Are Cross-Border Canadians?
- Cross-border Canadians include diverse groups like snowbirds, dual citizens, and daily cross-border workers.
- A "U.S. person" can be a U.S. citizen, green card holder, or a non-resident alien filing taxes due to substantial presence in the U.S.
File IRS Taxes Properly
- All U.S. persons, including citizens living abroad, must file IRS tax returns and disclose foreign assets.
- Hiring a cross-border CPA is essential to navigate complex filing requirements and avoid heavy penalties.
Get a CPA Review Cross-Border Taxes
- Even seemingly simple cross-border tax filings should be checked by a CPA to avoid costly errors.
- Consider hiring a CPA for a year to learn proper filing practices and uncover missed filings.