Sandra DaCosta

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Sandra DaCosta Canada and US exit and entrance tax consultations and consulting. Tax return preparation including non-resident and part year resident returns and forms.

Dacosta CPA Professional Corporation, Tax Consulting, Expat Tax, Residency, Non-resident, Rental, Small Business, Canada/US Cross-Border Tax Preparation, CPA, EA (U.S.)🇨🇦🇺🇸 Tax education and training services.

The TFSA Annual Contribution Limit is projected at $7,500 for 2027 (up from $7,000 in 2024, 2025, and 2026) based on inf...
10/22/2026

The TFSA Annual Contribution Limit is projected at $7,500 for 2027 (up from $7,000 in 2024, 2025, and 2026) based on inflation indexation formulas.

The Canada Revenue Agency typically formally confirms the official dollar limit in late November or early December.

The TFSA is a great savings and investment tool in Canada to build wealth for Canadians.

Caution if you are a U.S. person who can open a TFSA. Seek guidance from a cross-border expert before deciding to open a TFSA…it generally isn’t a good account for you from a tax perspective.

The most misunderstood topic and most frequent questions I get are about tax instalments in Canada and estimated tax req...
10/19/2026

The most misunderstood topic and most frequent questions I get are about tax instalments in Canada and estimated tax requirements in the United States. The requirement to pay estimates (U.S.) and instalments (Canada) are very similar on both sides of the border.

Canada’s income tax system is generally pay-as-you-go. Tax is paid throughout the year either through source deductions from employment (payroll), or through tax instalments to the Canada Revenue Agency. Instalment payments may be required when income is not subject to sufficient withholding—for example, income from self-employment, interest, dividends, capital gains, rental property, royalties, pensions, or other sources. The quarterly instalment due dates in Canada are generally March 15, June 15, September 15, and December 15.

Individuals, including sole proprietors and partners, may generally have to pay instalments to CRA if they expect to owe more than $3,000 in net tax for the current year and also owed more than that amount in either of the two preceding years.

In the United States, similarly, Federal income tax is a pay-as-you-go system, meaning taxpayers generally must pay tax as income is earned or received through withholdings (payroll) or estimated tax payments made to the IRS. Individuals—including sole proprietors, partners, and S corporation shareholders—generally must make estimated tax payments if they expect to owe at least $1,000 when filing their tax return. These payments can cover federal income tax as well as other liabilities, including self-employment tax and alternative minimum tax. The quarterly estimate due dates in the United States are generally April 15, June 15, September 15, and January 15.

Year end or 4th quarter is the best time to figure out your position for the year and to tax plan on ways to minimize tax payable for the upcoming tax filing season. Why? Because your final yearly income is well known at this point of the year or can be reasonably estimated up until December 31.

Getting some work done ahead of the long weekend closure. Wishing you and yours a Happy Thanksgiving. Take time to appre...
10/10/2026

Getting some work done ahead of the long weekend closure. Wishing you and yours a Happy Thanksgiving. Take time to appreciate the blessings around you this Canadian Thanksgiving long weekend. Sending blessings from my family to yours.

And since it’s October, Mike Wazowski from Monsters Inc. has come out to help me with my coffee ☕️ intake and celebrate the spooky season 👻…one of my fav Disney movies.

🦃 🙏 ❤️

It’s been busy, with the upcoming tax extension deadline and my required professional training before year-end. A lot is...
10/09/2026

It’s been busy, with the upcoming tax extension deadline and my required professional training before year-end. A lot is going on and I finally had time this week to stop and reflect.

On Sept 28, Armagh had its Annual General Meeting. It was a time to reflect on the past year and to look ahead into the year to come. I have served on the Board of Directors for a few years now and it has been an honour to volunteer my time and have been a part of Armagh’s expansion over the past 4 years.

For those who don’t know, is Peel regions only transitional housing facility for women and their children. Armaghs mission is to empower women and children to rebuild safe and independent lives free from violence, while advancing community-focused solutions for lasting change.

Sadly, in most areas including the region of Peel, police receive endless calls related to domestic and gender based violence and abuse. Calls from women young and old asking for help. And it’s not getting better. Armagh’s services continue to be desperately needed. This is an organization that gives back so much. The staff work tirelessly to provide the best services to those who need it the most, the women and their children.

Last week after the AGM, I accepted the co-President position on the Board. As I step into the new role, I am excited to serve with a new role hat on and excited to see what’s ahead for the rest of 2026 and 2027. I look forward to continue to serve and help this most deserving organization.

As I continue to reflect, I want to share something that resonated deeply with me. We were provided this beautiful card at the AGM. I was moved by the note inside the card and especially the message on the front. I want to share this message with all of you;

“A bird sitting on a tree is never afraid of the branch breaking, because her trust is not in the branch but in her own wings.”

Never forget that you have wings and are capable. Wings are meant to fly.

Sandra 💜

Women, this is what financial freedom is. The kind that gives you choices. A life where money doesn’t get the final say ...
10/01/2026

Women, this is what financial freedom is. The kind that gives you choices. A life where money doesn’t get the final say over what you stay in and what you put up with.

💰 Take your financial life seriously. Make your own money. Learn how to keep it. Learn how to grow it.

“A woman’s best protection is a little money of her own.”
—Clare Boothe Luce

There are several available moving expense deductions & tax credits available in Canada. - Did you move closer to your w...
09/29/2026

There are several available moving expense deductions & tax credits available in Canada.

- Did you move closer to your workplace due to getting a new job?
- Were you an employed tradesperson making an eligible relocation?
- Did you have medical-related travel expenses?
- Are you a disabled person who moved to a more accessible dwelling?

You may be eligible for a deduction or tax credit.

Cross-border impact; you cannot claim moving expenses for moves outside Canada; except in the case of a full-time student. Moving expenses related to work must be within Canada. Or if you are still remaining a resident (deemed or factual resident) of Canada and working overseas. Here’s a good summary on TaxTips.ca of eligible moving expenses:

https://www.taxtips.ca/filing/moving-expenses-deduction.htm -is-an-eligible-relocation-for-moving-expenses

This past week we dropped off our kids at their post-secondary schools. Officially empty nesters 😭When our kids were bor...
09/13/2026

This past week we dropped off our kids at their post-secondary schools. Officially empty nesters 😭

When our kids were born we opened a Family RESP account in Canada and funded it as best we could along the way. And now we are able to help our kids cover some of the costs of their post-secondary school. This post is a reminder to parents (and grandparents) that the RESP is available in Canada and is one of the best savings mechanism for post-secondary students.

A Registered Education Savings Plan (RESP) is a Canadian savings account designed to help families save for a child’s post-secondary education. The best part? The government provides grants to help grow your education savings when you contribute.

Starting early and contributing consistently—even with smaller amounts—can make a meaningful difference over time. An RESP can help reduce the financial pressure of tuition and other education costs when your child is ready.

Time gives your money more opportunity to grow on itself; your contributions grow, the Government incentives grow, and the investment grows/compounds — when the money earns returns, those returns can themselves earn returns over time.

🎓 Planning for your child’s future starts when they are born.

If you’re curious about the tax implications around the RESP in Canada, reach out for a consultation.

09/04/2026

The U.S. Federal Court of Appeals released its decision this week on two separate cases, one involving the US/Canada tax treaty and the other involving the US/France tax treaty. The Federal Court has reversed the Court of Federal Claims in the two appeals, holding that the US/Canada and US/France treaties do not permit a foreign tax credit against the Net Investment Income Tax (NIIT). What this means is that the Court held that a foreign tax credit is not available to reduce the net investment income tax.

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