I recently moved from the US to Canada and am wondering about tax implications. Are there experts that can cover cross-border taxes?

Forum|Forum|5 years ago
March 18, 2021
3 replies
47 views

I'm specifically wondering if I file my taxes with turbotax premier to get unlimited tax advice all year, will there be tax experts I can talk to that will help answer my cross-border questions. One such question is if I can transfer my 401k to a Canadian RRSP without withdrawing/paying the penalty? Or can I pay the penalty but have this deducted from my Canadian income taxes so this results in a tax neutral situation?

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ErnieS0

Level 15

TurboTax U.S. tax experts are knowledgable about international tax from a U.S. perspective. You will need a TurboTax Live product (Basic, Premier or Self-Employed) to get year-round support from a credentialed tax expert such as an Enrolled Agent, CPA or Tax Attorney. They may or may not be able to advice you on cross-border situations.

TurboTax Canada offers similar services. You may wish to contract them about your rollover questions.

Depending on your situation you may have to file U.S. and Canadian income tax returns. U.S. citizens and resident aliens are taxed on worldwide income. However the IRS offers a foreign earned income exclusion and a foreign tax credit or deduction.

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jayboychuk89Author

Level 2

Thanks Ernie!

If I subscribe to US turbotax premier, will I have access to both US and Canadian tax experts? Or will I need to pay for both US and Canadian turbo tax to get advice from both sides?

ToddL99

Level 13

If you need help with US and Canadian tax returns, you will need to deal with two different entities - TurboTax (US) and TurboTax Canada.

US-based TurboTax advisors/experts are only able to assist with US TurboTax products and US tax returns (including states) - this is both a legal and a professional limitation..

If you have any questions about or need help with Canada tax returns, you will have to contact TurboTax Canada.