To schedule a 15-minute call, please visit our website: www.swanwealth...
In this video, I will go over PFICs and how to avoid the major pitfalls of owning PFICs if you’re an American living in Canada. PFICs can be costly and cause your income tax return to become very complicated. So it’s typically something you’ll want to avoid as a US person living in Canada.
Stay to the end of this video to find out the two rules you need to know to determine if you’re about to invest in a PFIC and who needs to do a PIFC statement.
First, what is a PFIC?
PFIC stands for Passive Foreign Investment Company.
Some common examples of PFICs are Canadian ETFs, Canadian mutual fund companies and Canadian money market funds.
It’s common for US persons to accidentally invest in PFICs while living in Canada because many regular investment tools are considered PFICs.
At the end of the video, I’ll go over the main rules that the IRS uses to determine what a PFIC is. But first, let’s talk about the pitfalls.
Why is owning PFICs bad if you’re an American living in Canada?
_________________________________
_________________________________
For more detailed information on this topic please review our PFIC rules and reporting guide: www.swanwealth...
Share this video with a friend: • 401k Canada - Moving ...
_________________________________
_________________________________
Want to get clear on how to manage your 401k in Canada?
Read our guide: www.swanwealth...
Retiring from the US to Canada?
Read our guide: www.swanwealth...
Learn everything you need to know about RRSPs here:
www.swanwealth...
Planning a cross-border move from the US to Canada (or vice versa)?
Get free tips you won't find anywhere else: www.swanwealth...
_________________________________
_________________________________
KEY TOPICS IN THIS VIDEO:
pfci irs, pfic reporting, pfic 8621, fbar, expat, expat investing, expat pfic, expat tax, pfics, pfic tax, pfic, form 8621, international tax, passive foreign investment company, foreign mutual fund, cross-border tax, financial reporting, wealth management, cross-border financial planning, financial advisor, cfp, retirement planning, moving from usa to canada, cross-border investing, us citizen moving to canada, american moving to canada, cross-border financial planner, financial planning, moving to canada, cross-border financial advisor, retiring to canada, retirement, cross-border wealth management, wealth management canada, cross border financial advisor, cross border
This video has been prepared by and expressed the opinions of John Woodfield and Tiffany Woodfield, and are not necessarily the opinions of Raymond James Ltd. (RJL). Statistics, data and other information presented are from sources RJL believes to be reliable, but their accuracy cannot be guaranteed. This video is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Investors considering any investment should consult with their Investment Advisor to ensure that it is suitable for the investor’s circumstances and risk tolerance before making any investment decision. Past performance is no guarantee of future results. Information provided in this video is general in nature and should not be construed as providing legal, accounting and/or tax advice. Should viewers have any specific questions and/or issues in these areas, please consult your legal, tax and/or accounting advisor. RJL is a Member of the Canadian Investor Protection Fund. Raymond James (USA) Ltd. (RJLU), is a member of FINRA/SIPC. RJL and RJLU Financial Advisors may only transact business in provinces and/or states where they are registered.]
24 апр 2023
