Search found 22 matches
- Sun Aug 30, 2015 5:24 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US Citizen, PR in Canada, Oil Royalties income from ND,USA -
- Replies: 13
- Views: 9015
Hi Nelsona, so a long long time and nothing heard until now. Needless to say, not what I expected. I submitted an appeal in March and here's what CRA says when I point this out; 1) CRA quotes from IT Folio S5-F2-C1 ' if a particular tax imposed by a foreign country is specifically identified in an e...
- Mon Mar 09, 2015 9:56 am
- Forum: Canada / United States Tax & Accounting
- Topic: US Citizen, PR in Canada, Oil Royalties income from ND,USA -
- Replies: 13
- Views: 9015
I have not done that as yet. I've been reading about these taxes - severance, production - and ran across this. I've had two conversations w CRA regarding severance tax, both were friendly but both were quickly reduced to terms of process (both quick to acknowledge they weren't familiar w this type ...
- Mon Mar 09, 2015 2:51 am
- Forum: Canada / United States Tax & Accounting
- Topic: US Citizen, PR in Canada, Oil Royalties income from ND,USA -
- Replies: 13
- Views: 9015
Hi Nelsona, I hope I've chosen the most appropriate thread. I'm in correspondence w CRA (international). Section 126 (5) of the Act specifies Production Tax. Here's a cut n' paste from the Explanatory Notes, Foreign Tax Credit – Foreign Oil and Gas Levies ITA 126(5) Ordinarily, the only foreign ta...
- Tue Dec 30, 2014 4:43 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Art XXIV Rule 4 US/CA convention
- Replies: 5
- Views: 2867
I apologize for reposting under a different subject. Is there a way I can delete this and post to the original subject? On my 1040 I report on line 17 w att sch E supported by 1099 and claiming depletion at 15% on line 18. Depletion deduction results in less tax to IRS. I have not claimed depletion ...
- Tue Dec 30, 2014 1:38 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Art XXIV Rule 4 US/CA convention
- Replies: 5
- Views: 2867
Art XXIV Rule 4 US/CA convention
Hi Nelsona, as you may recall, I'm in correspondance w CRA over the issue of ND severance tax as applied to FTC. I've rec'd a 'yes letter' and a 'no letter' therefore have requested a senior agent w foreign tax experience to review this situation ... remaining hopeful for satisfactory resolution My ...
- Fri Oct 03, 2014 1:00 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US Citizen, PR in Canada, Oil Royalties income from ND,USA -
- Replies: 13
- Views: 9015
yes, I agree ... a silver lining in every cloud. Last night I looked back at the 2011 correspondance w CRA; the issue was article XII vs Article VI but the tax in question was servenace tax only. On my T1-adj I was very clear in stating both mineral rights and oil production tax and included the 109...
- Thu Oct 02, 2014 12:32 am
- Forum: Canada / United States Tax & Accounting
- Topic: US Citizen, PR in Canada, Oil Royalties income from ND,USA -
- Replies: 13
- Views: 9015
Yes, not only the last three yrs but also every year forward. There's a lot to consider, not to mention w my annual income range of $75K-$86K I'm now in a 44% tax bracket - 32.5% + 11.5%. Beyond mentioning the convention their letter did not provide any basis for their judgment. I think I should at ...
- Tue Sep 30, 2014 10:42 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US Citizen, PR in Canada, Oil Royalties income from ND,USA -
- Replies: 13
- Views: 9015
US Citizen, PR in Canada, Oil Royalties income from ND,USA -
Hi Nelsona, this is a followup from spring 2011 posts. W respect to CRA and reporting oil royalties to CRA, several non-eventful years have passed. I file federal and ND state tax and ND withholds a non-refundable oil production tax (severance tax). In Canada I claim the sum of these three taxes as ...
- Wed Nov 28, 2012 8:06 am
- Forum: Canada / United States Tax & Accounting
- Topic: Advice: Capital Gain/Loss
- Replies: 0
- Views: 1603
Advice: Capital Gain/Loss
Thank you for establishing and moderating is forum. Over the past couple of yrs we've learned a great deal. I have scrolled through the last yr of posts and have found very little on Capital Gain/Loss so I thought I'd ask the following. Situation: Parents (we) US & CA citizenship w CA residency,...
- Wed Apr 04, 2012 1:18 am
- Forum: Canada / United States Tax & Accounting
- Topic: repost - oil royalty income from US
- Replies: 0
- Views: 1461
repost - oil royalty income from US
I've been reading the content on this forum off and on for most of a yr and I will say I hugely appreciate both this content and it's accuracy. This is a re-post plus a little so I'll start w an explanation, apology and a request for dialogue. I posted this question last Sunday and I'm not sure what...
- Sun Mar 25, 2012 6:29 am
- Forum: Canada / United States Tax & Accounting
- Topic: US citizen, PR in Canada, oil royalty income from US
- Replies: 17
- Views: 11391
depletion allowance
Hi Nelsona ... a further question regarding oil royalties from ND Regarding IRS, I can take a depletion allowance of 15% of our share of gross royalties and a transportation allowance as shown on 1099 statement. How can I claim depletion w CRA on T1? May I reduce gross revenue at line 104 accordingl...
- Mon Oct 24, 2011 5:40 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US resident giving to Cdn charity
- Replies: 2
- Views: 2712
US resident giving to Cdn charity
Our daughter has moved to USA (dual citizen). She continues to give to our church - a charitable organization. She returns home periodically but will not have any Cdn Income this year (2011). She will have earned about $50K in US and has given in cash donations about $3000 CDN to our CDN church. Can...
- Mon Aug 22, 2011 11:49 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US citizen, PR in Canada, oil royalty income from US
- Replies: 17
- Views: 11391
I did file ND state tax, as you previously suggested; it's a requirement as a US citizen. ND has confirmed the tax as non-refundable production tax. On my CDN return I clearly stated the nature of this 'other income' as royalty from mineral rights. I also attached ND state docs (1099) to verify. I w...
- Thu Aug 11, 2011 12:31 am
- Forum: Canada / United States Tax & Accounting
- Topic: US citizen, PR in Canada, oil royalty income from US
- Replies: 17
- Views: 11391
I have received an unexpected response from CRA. I completed my Cdn return in April as advised. I claimed my US state and federal tax paid at line 431. It is ~12%. ND state tax is 11% and the remainder was Federal tax. Citing Article XII of the tax convention between Canada and US (the maximum amoun...
- Tue Apr 19, 2011 4:24 am
- Forum: Canada / United States Tax & Accounting
- Topic: US citizen, PR in Canada, oil royalty income from US
- Replies: 17
- Views: 11391