Search found 14 matches

by adw
Tue Dec 03, 2019 6:56 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax on Foreign Currency
Replies: 2
Views: 2592

Tax on Foreign Currency

In preparation of my plans to immigration to the US, I've been converting my CAD to USD. I've been converting my CAD to USD using Norbert's Gambit with Questrade. I have been meticulously calculating my capital gain with each transfer and will be reporting all capital gains/loss surpassing 200 dolla...
by adw
Mon Nov 11, 2019 11:05 am
Forum: Canada / United States Tax & Accounting
Topic: Question re: self-employed tax in Canada after immigration to US
Replies: 12
Views: 5984

Re: Question re: self-employed tax in Canada after immigration to US

Hi Bubba Gums/nelsona, Thank you both for replying. I read both your replies and I reviewed the link and the convention between Canada the USA. From the convention, I found this passage: [i]"Independent Personal Services Income derived by an individual who is a resident of a Contracting State i...
by adw
Thu Nov 07, 2019 12:24 am
Forum: Canada / United States Tax & Accounting
Topic: Question re: self-employed tax in Canada after immigration to US
Replies: 12
Views: 5984

Re: Question re: self-employed tax in Canada after immigration to US

Also, I should mention, it may not be at a single specific hospital. I would be locuming at various different hospital to cover shifts.
by adw
Wed Nov 06, 2019 11:57 pm
Forum: Canada / United States Tax & Accounting
Topic: Question re: self-employed tax in Canada after immigration to US
Replies: 12
Views: 5984

Re: Question re: self-employed tax in Canada after immigration to US

nelsona wrote: > As you saw, this will depend on whether you have a permanent establishment > (PE) that you will be working out of. > If fact, if you do not have a PE, you may be absoleved of ALL Cdn taxes for > that self-employment income. > > So, the question is, how will you be operating (no pun ...
by adw
Wed Nov 06, 2019 11:55 am
Forum: Canada / United States Tax & Accounting
Topic: Question re: self-employed tax in Canada after immigration to US
Replies: 12
Views: 5984

Re: Question re: self-employed tax in Canada after immigration to US

I should add that I am not sure if OHIP classifies as a business with a permanent establishment in Ontario.
by adw
Wed Nov 06, 2019 11:54 am
Forum: Canada / United States Tax & Accounting
Topic: Question re: self-employed tax in Canada after immigration to US
Replies: 12
Views: 5984

Re: Question re: self-employed tax in Canada after immigration to US

nelsona wrote: > yes, your income in Canada, earned in Canada will still be taxed in Canada > (and then in US), so you should continue to pay quarterly taxes as you are > doing. OHIP will not be aof any help. CRA will say it is taxable, which it > is. Hi Nelsona, Thank you for your clarification. I ...
by adw
Fri Nov 01, 2019 9:27 pm
Forum: Canada / United States Tax & Accounting
Topic: Question re: self-employed tax in Canada after immigration to US
Replies: 12
Views: 5984

Question re: self-employed tax in Canada after immigration to US

Hi everyone, I tried researching my situation on the forum but I have not had any luck obtaining answers. I apologize if this is something that has been addressed previously. My current situation is the following. I am a physician in Ontario and am self-employed in Canada, billing directly from OHIP...
by adw
Tue Feb 12, 2019 5:46 pm
Forum: Canada / United States Tax & Accounting
Topic: Joint account with Parent, file on FBAR
Replies: 4
Views: 2039

Re: Joint account with Parent, file on FBAR

And sorry, I would make edits to my post instead of adding to posts if I can figure out how to do so...

I should also mention that she is a Canadian citizen and have no affiliation with US and therefore will not be filing taxes to the IRS.
by adw
Tue Feb 12, 2019 5:43 pm
Forum: Canada / United States Tax & Accounting
Topic: Joint account with Parent, file on FBAR
Replies: 4
Views: 2039

Re: Joint account with Parent, file on FBAR

I should mention that this account is in Canada. It is her savings account and I never made any contributions.

The aggregate value of all my accounts exceeds the 10,000 USD threshold and I plan to file the FBAR. Just wondering specifically what to do with this one joint account.

Thanks
by adw
Tue Feb 12, 2019 5:36 pm
Forum: Canada / United States Tax & Accounting
Topic: Joint account with Parent, file on FBAR
Replies: 4
Views: 2039

Joint account with Parent, file on FBAR

Question about the FBAR, there was a two-week period of time in 2018 where my mother made me a joint owner of her savings account (she had some medical issues and wanted me to handle her finances). Realizing my intention to immigrate, we decided to take my name off her account after two weeks. Would...
by adw
Wed Feb 06, 2019 9:07 pm
Forum: Canada / United States Tax & Accounting
Topic: Double Taxation if Filing Jointly
Replies: 5
Views: 2166

Re: Double Taxation if Filing Jointly

Thanks! Appreciate the heads up!
by adw
Wed Feb 06, 2019 2:05 pm
Forum: Canada / United States Tax & Accounting
Topic: Double Taxation if Filing Jointly
Replies: 5
Views: 2166

Re: Double Taxation if Filing Jointly

Before 2018, anticipating this, I put all my money in a savings account and various checking accounts. I never incorporated.

When you mean foreign assets, do you mean just reporting the savings/checking accounts? Does life insurance have to be reported?

Thanks again!
by adw
Wed Feb 06, 2019 1:50 am
Forum: Canada / United States Tax & Accounting
Topic: Double Taxation if Filing Jointly
Replies: 5
Views: 2166

Re: Double Taxation if Filing Jointly

Actually, I just read this and I think this answers my question. Thanks!

viewtopic.php?f=2&t=9497
by adw
Wed Feb 06, 2019 12:14 am
Forum: Canada / United States Tax & Accounting
Topic: Double Taxation if Filing Jointly
Replies: 5
Views: 2166

Double Taxation if Filing Jointly

Thank you for such an informative forum/website. I am a Canadian citizen and married my US-citizen wife in November 2018. We both earn money in our respective countries with no income in the other. I am self-employed and she works for an employer. When she files her tax returns for 2018, we have to ...