Does Canada's Universal Child Care Benefit have to be reported on US taxes? Would it be entered as passive income on Form 1116?
Also, I have a TFSA, RRSP and RESP. Is it the gain in value (on paper) that I report on Form 1116? (not physically receiving any distribution - they are all reinvested)
Thanks so much. I feel fortunate to have found this forum.
UCCB
Moderator: Mark T Serbinski CA CPA
The UCCB is not reportable.
Yes the net INCOME genarated (by distributions or sales), not the change in value.
RRSPs should be reported on 8891, and you should probably elect to defer US tax on that income.
Yes the net INCOME genarated (by distributions or sales), not the change in value.
RRSPs should be reported on 8891, and you should probably elect to defer US tax on that income.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best