Search found 181 matches

by Carson
Wed Dec 22, 2010 11:55 am
Forum: Canada / United States Tax & Accounting
Topic: How to report inheritance from Canada
Replies: 7
Views: 3426

Re: Inheritance from Canada

[quote="Philmb"]I am relieved to hear that a bequest from a Canadian's will of $25,000 is not reportable on my US tax returns. I have looked everywhere unsuccessfully for the IRS rules that state inheritances of less than $100,000 do not need to be reported. Can you tell me what the rule # is, or wh...
by Carson
Fri Oct 16, 2009 10:03 am
Forum: Canada / United States Tax & Accounting
Topic: US Citizen employed in US with PR in Canada
Replies: 5
Views: 2196

I have to echo Nelson's advice. If you are performing services "in Canada" for your US employer, it is considered Canadian employment income. You should switch to Canadian payroll immediately. This of course may cause some complications for your employer with regards to taxation in Canada, but that'...
by Carson
Fri Feb 20, 2009 8:18 am
Forum: Canada / United States Tax & Accounting
Topic: US resident with a Canadian RRSP
Replies: 16
Views: 10106

[quote="harley"]Just wanted to share this link with you. http://www.morningstar.ca/globalhome/industry/news.asp?articleid=ArticleID44200315311 In the article, there is mention of the withholding amounts for RRSP withdrawals by a nonresident. There is a scale from 10% to 30% depending on how much is ...
by Carson
Mon Jan 05, 2009 9:02 am
Forum: Canada / United States Tax & Accounting
Topic: TD F 90-22.1 and Paypal
Replies: 4
Views: 2376

I've re-read the form instructions and they say this:

"Account in a Foreign Country. A “foreign countryâ€￾ includes
all geographical areas located outside the United States. See
“United States Personâ€￾ above 31 C.F.R. 103.11(nn) for a
definition of United States. The geographical location of the
account, not the nationality of the financial entity institution in
which the account is found determines whether it is in an
account in a foreign country. Report any financial account
(except a military banking facility) that is located in a foreign
country, even if it is held at an affiliate of a United States
bank or other financial institution. Do not report any account
maintained with a branch, agency, or other office of a foreign
bank of other institution that is located in the United States."

What is the gepgraphical location of a PayPal account?? Is it a virtual account?
by Carson
Mon Jan 05, 2009 8:51 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian Company owned by a US company
Replies: 1
Views: 1391

Assuming you are paid by your Canadian company, then click "foreign".
by Carson
Mon Jan 05, 2009 8:49 am
Forum: Canada / United States Tax & Accounting
Topic: TD F 90-22.1 and Paypal
Replies: 4
Views: 2376

I thought PayPal was just a service to facilitate payments. It's tied to a credit card, isn't it? It's not a deposit type account??
by Carson
Wed Apr 16, 2008 10:54 am
Forum: Canada / United States Tax & Accounting
Topic: Amending US Tax Return/8891
Replies: 3
Views: 2617

There is no box, since you're not changing any figures on the 1040. Just explain that you are attaching a corrected 8891(s).
by Carson
Wed Apr 16, 2008 10:52 am
Forum: Canada / United States Tax & Accounting
Topic: RRSP on World Income
Replies: 2
Views: 1779

As long as you have RRSP contribution room, you can make contributions, but to what end? You would have a Canadian deduction, but none in the US. Though, you might want to consider making an RRSP contribution, but only enough so that it offsets the extra Canadian tax after the foreign tax credit on ...
by Carson
Tue Apr 15, 2008 10:21 am
Forum: Canada / United States Tax & Accounting
Topic: US citizen with complicated CA tax issues
Replies: 2
Views: 2045

You need a cross border accountant.
by Carson
Mon Apr 14, 2008 8:08 pm
Forum: Canada / United States Tax & Accounting
Topic: Article XVII (7)
Replies: 11
Views: 5454

Read the instructions to line 8 AGAIN. It will become clear with repetition.
by Carson
Mon Apr 14, 2008 7:59 pm
Forum: Canada / United States Tax & Accounting
Topic: Article XVII (7)
Replies: 11
Views: 5454

Per the form instructions, when electing to defer, you stop at line 8. Easier that way. ;-)
by Carson
Mon Apr 14, 2008 12:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Article XVII (7)
Replies: 11
Views: 5454

One form per RRSP/RRIF account.
by Carson
Mon Apr 14, 2008 12:56 pm
Forum: Canada / United States Tax & Accounting
Topic: COMPLEX CANADA / US INCORPORATION QUESTION
Replies: 1
Views: 1477

Your question is a multi jurisdictional tax and business question. It certainly isn't a simple question that should be answered on the internet. Do yourself a favour and speak with a CPA or tax attorney at a large US firm with international connections. Be prepared to pay significant dollars to get ...
by Carson
Sat Apr 12, 2008 10:37 am
Forum: Canada / United States Tax & Accounting
Topic: Article XVII (7)
Replies: 11
Views: 5454

That's what Form 8891 is for.
by Carson
Thu Apr 10, 2008 10:17 am
Forum: Canada / United States Tax & Accounting
Topic: How to report inheritance from Canada
Replies: 7
Views: 3426

It's non reportable to the IRS, b/c as you've said, it's less than USD $100k.