If you’re selling a U.S. vacation home or rental as a Canadian, don’t let FIRPTA withholding, state taxes, and cross-border filings trap your cash for years.

In this Tax Talk episode, Jared talks with cross-border tax pro Steven Flynn about how Canadians can sell U.S. real estate the right way. That means minimizing withholding, avoiding double taxation, speeding up refunds, and sidestepping CRA headaches. From ITINs and state returns to foreign tax credits and forex gains, this is your practical roadmap to a clean exit.

What you’ll learn:

• FIRPTA explained: why buyers withhold up to 15% at closing and how/when it can be reduced
• How to calculate actual tax on the gain (not gross proceeds) on state and federal taxes
• Filing strategies that cut refund timelines from years to weeks
• ITIN essentials: why you need one, when to apply, and document pitfalls that cause delays
• How foreign tax credits work—and what proof CRA wants
• Filing order and calendars that help you avoid audit jams
• What to do if you haven’t reported prior U.S./Canadian rental income

Find us at:

https://www.legacyllp.ca/

reception@legacyllp.ca

Need to get in touch with Steven?

Steven Flynn

Andersen LLP

steven.flynn@ca.andersen.com

Timestamps

00:00 Kicking it off

01:32 Overview of the Foreign Investment and Real Property Tax Act (FIRPTA)

05:42 Other tax obligations as a Canadian owning an American property

11:56 Tax credit application processes & timelines

18:32 Common mistakes

21:41 What to look out for when buying a property in the US

23:48 Bonus tips

27:31 Wrapping it all up

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Disclaimer: By using this website, blog or podcast, users agree as follows: The information, services and/or products are for general information only and any reliance on the information provided therein is done at your own risk. If you make tax, accounting, investing or legal decisions after accessing this website, blog or podcast, it is recommended that you consult a qualified professional first. The views and opinions expressed are those of the author, seller, guests or publisher and do not necessarily reflect the views of the organizations or businesses that these individuals are associated with. Although we make strong efforts to make sure my information is accurate, we cannot always guarantee that the information on this website, blog or podcast is always correct, complete or up-to-date.

The Canadian dollar keeps sliding, and it’s hitting your long-term purchasing power. So how do you protect your savings when cash is quietly losing value? How to combat inflation

In this episode of Tax Talk, Jared sits down with investor and educator, Luke Spicer, to unpack why the CAD is weakening, how inflation really works, and whether gold and silver can serve as a practical hedge. We get into the silver-to-gold ratio, industrial demand for silver (EVs, solar, national defence), practical buying tips, storage options, and even how some Canadians hold physical metals inside registered accounts (RRSP, TFSA, RRIFs) through a trust company and compliant vaults.

What you’ll learn:

• Why the Canadian dollar is struggling and how “invisible taxes” like inflation erode savings
• Currency vs. money: why gold and silver have held purchasing power across history
• How premiums, spot vs. market price, and buybacks actually work when purchasing metals
• Storage choices, including at-home vs. insured vaults in Canada/offshore
• Liquidity, volatility, implementation, and separating signal from hype
• Why idle cash in bank accounts can be a drag and how to think in “purchasing power” terms

Find us at:

https://www.legacyllp.ca/

reception@legacyllp.ca

Need to get in touch with Luke?

Find Luke Spicer on LinkedIn.

#InvestmentStrategies #HowToCombatInflation #InvestInGold

00:00 Kicking it off

00:47 Overview of the episode

01:23 The Canadian Dollar keeps diving

06:13 Investing in silver and gold is still out of the norm

09:53 Silver and gold investment performance

16:25 A physical investment for security

23:16 Versus investing in RRSPs, RRIFs, LIFs, Etc.

29:56 Inflation education

42:22 Wrapping it up

40:49 Wrapping it all up

________________________________________

Disclaimer: By using this website, blog or podcast, users agree as follows: The information, services and/or products are for general information only and any reliance on the information provided therein is done at your own risk. If you make tax, accounting, investing or legal decisions after accessing this website, blog or podcast, it is recommended that you consult a qualified professional first. The views and opinions expressed are those of the author, seller, guests or publisher and do not necessarily reflect the views of the organizations or businesses that these individuals are associated with. Although we make strong efforts to make sure my information is accurate, we cannot always guarantee that the information on this website, blog or podcast is always correct, complete or up-to-date.

Canadian homeowners: what if your mortgage could help you build wealth, reduce taxes, and help you pay off your mortgage sooner—without increasing your monthly payments?

In this episode of the Tax Talk Podcast, I sit down with Nick Cox at The Smith Manoeuvre to break down how Canadians can convert non-deductible mortgage interest into tax-deductible investment interest using a re-advanceable HELOC. You’ll learn the “Plain Jane” foundation, the five accelerators, who this strategy fits best, real risks to watch for, and how to implement it properly with professional guidance.

What you’ll learn:

• What the Smith Manoeuvre is
• The “Plain Jane-core” process with a re-advanceable HELOC
• The five accelerators (Debt Swap, Cash Flow Diversion, Cash Flow Dam, DRIP, Prime the Pump)
• Why non-registered, income-producing investments are essential
• How tax-deductible interest, refunds, and compounding can accelerate wealth
• The mortgage freedom date and the psychology of good vs. bad debt
• Key risks: implementation, market, and liquidity, and how to mitigate them
• A powerful tip for rental property owners: the Cash Flow Dam

Do you have questions about what was discussed in this episode, or maybe you have another question about accounting or tax planning? Leave them in the comments—I’ll send you a response, or we can tackle them in future episodes. Subscribe for more Canadian tax and wealth strategies:

Find us at:

https://www.legacyllp.ca/

reception@legacyllp.ca

Need to get in touch with Nick?

Nick Cox

The Smith Manoeuvre

nick@smithman.ca

#buildingwealth #mortgagepayments #taxplanning

Timestamps

00:00 Kicking it off

00:45 Overview of the episode

01:18 What is the Smith Manoeuvre?

02:40 First step in the Smith Manoeuvre: the Plain Jane

10:24 You don't need that additional cash output

15:42 Concerns around holding HELOC debt

21:16 A long term strategy

22:46 The 5 Accelerators

27:36 Who would be the best fit to take on the Smith Manoeuvre?

36:28 Know the risks of this mortgage payment process

39:24 Top benefits of the Smith Manoeuvre

40:49 Wrapping it all up

________________________________________

Disclaimer: By using this website, blog or podcast, users agree as follows: The information, services and/or products are for general information only and any reliance on the information provided therein is done at your own risk. If you make tax, accounting, investing or legal decisions after accessing this website, blog or podcast, it is recommended that you consult a qualified professional first. The views and opinions expressed are those of the author, seller, guests or publisher and do not necessarily reflect the views of the organizations or businesses that these individuals are associated with. Although we make strong efforts to make sure my information is accurate, we cannot always guarantee that the information on this website, blog or podcast is always correct, complete or up-to-date.