Introducing Canada’s “First Home Saving Plan”
.@IRS_Medic, @Expatriationlaw and @Keith__Redmond discuss: "How To Use Canada's First Home Savings Account – #FHSA – Even When You Are A US citizen living in Canada https://t.co/m9n19VmAwA via @YouTube
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) March 29, 2023
The purpose of this post is NOT to provide an extensive analysis of the FHSA. Rather the purpose is to acknowledge the U.S. tax issues for U.S. citizens resident in Canada. My conclusion is that U.S. citizens resident in Canada SHOULD consider the FHSA.
A Tweet by Tweet Explanation Of The FHSA
The following twitter thread introduces the FHSA and includes thoughts on the advisability on the plan for Canadian residents who are U.S. citizens.
Canada’s new #FHSA has different kinds. US citizens resident in Canada should avoid those administered by trustee (possibly creating foreign trust for US tax purposes). Stick with the basic “bank account” FHSA with no trustee and no (#PFIC) mutual funds. https://t.co/Ul1VuuusMq https://t.co/b8mx2QOTBQ
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) March 29, 2023
https://threadreaderapp.com/thread/1640892103592124416.html
Into The Weeds …