Episode 82: Cross-Border Tax Traps for Canadians & Americans

What happens to your U.S. investment accounts when you move to Canada or vice versa? In this episode, Gerry Scott sits down with returning guest Trent Robinson, a cross-border tax specialist at Buckberger & Partners in Saskatoon, to unpack the most common and costly mistakes people make when holding non-registered investment accounts across borders. From wrong tax slips to CRA audits arriving five years late, Trent breaks it all down in plain language.

What You’ll Learn

• Why holding a U.S. non-registered account as a Canadian resident can trigger serious tax complications

• The key difference between a U.S. “qualified dividend” and a Canadian “eligible dividend” — and why mixing them up is costly

• What happens when your U.S. financial institution doesn’t know you’ve moved to Canada

• The difference between a 1099 and a 1042-S tax slip — and why getting the wrong one creates a mess

• How CRA and the IRS share information — and why the delay can make things worse

• The $2,500/year penalty for failing to disclose foreign investments over $100,000

• Why some people don’t realize they’re U.S. citizens — and what that means for their tax obligations

• How much planning you should do before leaving the U.S. to return to Canada

About the Guest

Trent Robinson is a partner at Buckberger & Partners, a full-service accounting firm based in Saskatoon, Saskatchewan. Trent specializes in cross-border tax for individuals and businesses moving between Canada and the United States, including U.S. tax return filing for U.S. citizens living in Canada, property sales, and dual-country compliance. He has been working in this space since 2008.

Website: www.bbllp.ca