Search found 11 matches
- Sat Nov 21, 2015 1:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Non-Resident of Canada 25% Withholding on Rental
- Replies: 14
- Views: 7158
- Tue Sep 29, 2015 9:12 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Living in 3 countries after retirement including US & Ca
- Replies: 5
- Views: 3154
- Wed Feb 04, 2015 3:04 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Just found out - am I bankrupt now?
- Replies: 53
- Views: 31342
Here is the link to the CRA website that states they will not collect IRS penalties: http://www.cra-arc.gc.ca/tx/nnrsdnts/nhncdrprtng/fq-eng.html#q2-22 I would be surprised if you where arrested or detained in the US as a result of non compliance at this time. The fallout would be significant. This ...
- Fri Jan 23, 2015 8:12 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Taking stab at 3520, -A for TFSA
- Replies: 157
- Views: 221824
reporting a withdrawal on the 3520
I closed my TFSA account in 2014. On the 3520-A I am going to report the withdrawal amount (Trust Corpus) as a distribution on 3520-A, Part II, Line 17 a + b. For Part III of the 3520-A I am going to have the balance sheet go to zero. Is my treatment consistent with what others have done when closin...
- Thu Apr 17, 2014 12:28 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 8621 PFIC TFSA Dividend Mutual Fund
- Replies: 7
- Views: 4941
I had reinvest dividends on several mutual funds. This is in a TFSA so there is no FIFo tracking or any kind of real statement other then manually tracking the shares in a spreadsheet myself. I was not going to separate them. I sold all shares at the same time and was going to enter the sale FMV (li...
- Wed Apr 16, 2014 3:57 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 8621 PFIC TFSA Dividend Mutual Fund
- Replies: 7
- Views: 4941
8621 PFIC TFSA Dividend Mutual Fund
I am putting together form 8621 for a mutual fund held in my TFSA. 1. Can I make a Mark to Market election if the fund paid out dividends? 2. Where do I declare the Dividends if I make the Mark to Market Election? Do I just fill out part IV of the 8621? Because there is no place in part IV for divid...
- Wed Apr 09, 2014 12:45 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Moving to US, Renting house in CAN, FMV less then purchase.
- Replies: 1
- Views: 1405
Moving to US, Renting house in CAN, FMV less then purchase.
I became a US resident this year, and I started renting out my house in Canada when I moved to the US. I got a FMV, thinking that I would elect to have disposed of the property when I ceased to be a resident of Canada. The FMV is slightly less ($5,000) then what I had originally paid for the propert...
- Wed Apr 02, 2014 6:00 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Tax software for expatriates
- Replies: 14
- Views: 10884
- Wed Apr 02, 2014 12:53 pm
- Forum: Canada / United States Tax & Accounting
- Topic: From 1116 and Schedule E
- Replies: 7
- Views: 6073
- Tue Apr 01, 2014 11:43 pm
- Forum: Canada / United States Tax & Accounting
- Topic: CCA vs IRS Depreciation Rate on CDN Rental
- Replies: 1
- Views: 1541
CCA vs IRS Depreciation Rate on CDN Rental
I have moved to the US in 2013. I have a rental property in Canada that I previously made an election under 45(2) to treat it as my primary residence. I can't keep the 45(2) election since I am a non-resident. I am getting a FMV assessment of the property so that I can declare the deemed disposition...
- Tue Apr 01, 2014 9:40 pm
- Forum: Canada / United States Tax & Accounting
- Topic: TFSA Capital Gains on 3520a and 1040
- Replies: 1
- Views: 1593
I have the same question. I called the international IRS phone number and the response I got was to include the capital gains on line 13. In my case, we are filing jointly, my wife has some capital losses from Schedule D, and I have a gain on the 3520-a, so I put the sum of these two numbers on line...