Preparing for US/Canada cross-border tax filings
I’m moving from the Us to Canada (Ontario) this fall for a 2yr masters program where I will both tuition (most covered by scholarships/grants/international fee waiver) and get a small amount of income from a TAship. I also get a good amount of income from IRA RMDs, investment income (equities, fixed income funds, etc), and high-yield interest that I’ll rely on to help pay my bills when I‘m in school (all generated in the US). No taxes are automatically withheld for investments/interest so I expect to get hit with a big US tax bill every year. For my first year at graduate school, I’ll have 8 months of W-2 income from my current US job.
I’m super worried about organizing my funds ahead of time to minimize tax costs, filing taxes in two countries while avoiding double taxation, not having enough cash on hand at end of year to pay an unknown tax bill, and wondering how much help for this would cost. Who do I go to for help (cross licensed CPA?), how much do those services cost and how do I find someone trustworthy with low-end fees? Please help 😭