Things US Citizens In Canada Should Avoid


Question

I’m trying to figure out what accounts a US citizen in Canada should avoid. Google helps, but there are so many results I don’t know where to start. Can you help?

Answer

Yes, we can help. Here’s a cheat-sheet for you to start with.

Things US Citizens In Canada Should Avoid:

  • TFSA’s;
  • Roth IRA contributions;
  • RESP’s;
  • Canadian-based mutual funds/ETF’s held in unregistered accounts(PFIC issues);

This is not a comprehensive list, but it at least should give you a start in your research.

Usual Disclaimer: This information is for general information purposes only, and deals with complicated and time-sensitive info that may not apply to your situation. Tax rules are always changing, and this information may not be current. Tax is complicated, this information is not tax advice, and don’t rely on this info to make tax decisions – Hire someone to help you.