Search found 44 matches

by Mswalleye2
Mon Feb 17, 2020 4:26 pm
Forum: Canada / United States Tax & Accounting
Topic: Any withholding on non usa citizen/resident spouse ..spousal social security.
Replies: 1
Views: 47

Any withholding on non usa citizen/resident spouse ..spousal social security.

My husband collects his SS, nothing withheld in USA .. taxed on 85% in Canada. If spousal is still there in the future ... When the spouse collects (not a US citizen, living in Canada) will there be any withholding on the spousal cheque - by USA? Will the spouse pay tax to Canada on 100% of the valu...
by Mswalleye2
Thu Jan 30, 2020 2:21 am
Forum: Canada / United States Tax & Accounting
Topic: Calculating Foreign Tax Credit
Replies: 3
Views: 502

Re: Calculating Foreign Tax Credit

Thanks, effective tax makes sense. I take it I can use that method both sides of border? Turbo tax (for T1) told me to enter the tax withheld showing on the 1099 into the program and that I didn't have to compute FTC, the program does it. I realize that is not right. I was not sure if there was a sp...
by Mswalleye2
Tue Jan 28, 2020 1:49 pm
Forum: Canada / United States Tax & Accounting
Topic: Calculating Foreign Tax Credit
Replies: 3
Views: 502

Calculating Foreign Tax Credit

When calculating how much tax to claim on US husbands Canadian return for FTC .. Can I run the tax program with his pensions and interest ... get the tax owing Then rerun the program without the interest ... the difference being what the taxes owed are on that income? Would this work if he stays wit...
by Mswalleye2
Fri Jan 17, 2020 12:10 am
Forum: Canada / United States Tax & Accounting
Topic: Deferred USA Inherited Annuity & ACB
Replies: 11
Views: 1111

Re: Deferred USA Inherited Annuity & ACB

The money in our accounts was not there when husband moved here in 2005. He had an inheritance, his pension money goes in a US account. I am reading about so called sundry dispositions, keeping track of it all to monitor gains/losses due to currency changes. We have moved some larger sums into Canad...
by Mswalleye2
Wed Jan 15, 2020 5:05 pm
Forum: Canada / United States Tax & Accounting
Topic: Deferred USA Inherited Annuity & ACB
Replies: 11
Views: 1111

Re: Deferred USA Inherited Annuity & ACB

Please bear with me.. So... if i have to calculate foreign currency transactions in and out of bank for capital gains and losses .. I ignore the annuity amount and only use the dollar value of my two bank accounts. When money comes out of the deferred annuity, if placed in the US bank account .. wou...
by Mswalleye2
Wed Jan 15, 2020 2:03 pm
Forum: Canada / United States Tax & Accounting
Topic: Deferred USA Inherited Annuity & ACB
Replies: 11
Views: 1111

Re: Deferred USA Inherited Annuity & ACB

We have three accounts in the USA .. two banks and the annuity . I went back to 2013, figured out every credit and debit to come up with todays ACB, gains and losses for the years .. didn't know it was reportable.. do now. (But, not according to the lady I talked to the other day from CRA) So,. ther...
by Mswalleye2
Tue Jan 14, 2020 5:55 pm
Forum: Canada / United States Tax & Accounting
Topic: Deferred USA Inherited Annuity & ACB
Replies: 11
Views: 1111

Re: Deferred USA Inherited Annuity & ACB

Thanks .. Because we have a couple accounts in USA .. went back years to figure out todays ACB (aggregate of accounts). So.. I don't add the total death benefit amount in 2016 (original access)to my chart .. only the distributions as they are received? Would I use the exchange rate when the distribu...
by Mswalleye2
Fri Jan 10, 2020 5:26 pm
Forum: Canada / United States Tax & Accounting
Topic: Deferred USA Inherited Annuity & ACB
Replies: 11
Views: 1111

Re: Deferred USA Inherited Annuity & ACB

Okay .. so I would include the full amount of the death benefit in overall ACB calculation.

I previously contacted CRA and they told me that the inheritance was not taxable in Canada, just the income it generates? So this was wrong?

It was non qualified so taxes due in USA.
by Mswalleye2
Fri Jan 10, 2020 1:11 pm
Forum: Canada / United States Tax & Accounting
Topic: Deferred USA Inherited Annuity & ACB
Replies: 11
Views: 1111

Re: Deferred USA Inherited Annuity & ACB

Distributions received so far still in USA.
by Mswalleye2
Fri Jan 10, 2020 1:09 pm
Forum: Canada / United States Tax & Accounting
Topic: Deferred USA Inherited Annuity & ACB
Replies: 11
Views: 1111

Deferred USA Inherited Annuity & ACB

Would I include the total amount of a deferred USA annuity in my calculations for ACB .. or only the distributions received so far?
I have included the total when filing Form T 1135.
by Mswalleye2
Thu Dec 26, 2019 12:13 pm
Forum: Canada / United States Tax & Accounting
Topic: Currency Capital Gains / Losses
Replies: 2
Views: 567

Re: Currency Capital Gains / Losses

My interest income is in the Net Inv/Gain Loss Column not the Capital Gains column of the chart on Carry Over Amounts Chart. So, that column will not affect actual capital currency gains or losses as those figures will go in the first column .. Capital Gains? Why does CRA keep track of the interest ...
by Mswalleye2
Mon Dec 23, 2019 3:24 pm
Forum: Canada / United States Tax & Accounting
Topic: Currency Capital Gains / Losses
Replies: 2
Views: 567

Currency Capital Gains / Losses

I have to fix a few past returns due to gains and losses on currency transactions (due to my ignorance). When I pull up my account on CRA website I see they have a chart "Capital Gains/Losses ... CarryOver amounts CG" They have interest income from years gone by as capital gains. So .... when I repo...
by Mswalleye2
Thu Jul 25, 2019 6:38 pm
Forum: Canada / United States Tax & Accounting
Topic: Joint Account in USA
Replies: 2
Views: 270

Re: Joint Account in USA

Our statements have both names, we set it up together but 1099 only has his name?? I will check on that. I was trying to eliminate another piece of paper to be filed .. FTC's for resourcing. tks
by Mswalleye2
Tue Jul 23, 2019 1:49 pm
Forum: Canada / United States Tax & Accounting
Topic: Joint Account in USA
Replies: 2
Views: 270

Joint Account in USA

If my US Citizen husband and I have a joint account with a lump sum in it (in USA) .. I am a non resident alien .. can he gift that lump sum to me and then I alone claim it in Canada, tax free from USA? but we leave it in USA? The 1099 has his name on it only...but it is a joint account?