Search found 76 matches

by Gilgamesh
Mon Apr 29, 2019 9:10 am
Forum: Canada / United States Tax & Accounting
Topic: How does Windfall Elimination Provision interact with taking CPP early?
Replies: 6
Views: 303

Re: How does Windfall Elimination Provision interact with taking CPP early?

A higher earning spouse could delay SS, because if he/she passes away, the spousal benefit would be higher for the spouse....SS benefit analysis AFAIK does not consider this - so it is a bonus. Even though actuarially speaking delaying doesn't do much, but considering SS is a great inflation adjuste...
by Gilgamesh
Sat Apr 27, 2019 5:18 pm
Forum: Canada / United States Tax & Accounting
Topic: US Property / CCA Planning
Replies: 14
Views: 502

Re: US Property / CCA Planning

7. Where at any time an individual is treated for the purposes of taxation by a Contracting State as having alienated a property and is taxed in that State by reason thereof and the domestic law of the other Contracting State at such time defers (but does not forgive) taxation, that individual may e...
by Gilgamesh
Sat Apr 27, 2019 5:17 pm
Forum: Canada / United States Tax & Accounting
Topic: US Property / CCA Planning
Replies: 14
Views: 502

Re: US Property / CCA Planning

Bumble I think it is treaty provision XIII(7)

https://www.irs.gov/pub/irs-trty/canada.pdf
by Gilgamesh
Sun Apr 21, 2019 4:56 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual citizen, Canadian home. Started as a rental & USA resident, ends as principal residence as a Canadian resident.
Replies: 17
Views: 628

Re: Dual citizen, Canadian home. Started as a rental & USA resident, ends as principal residence as a Canadian resident.

Also, this... U.S. Citizens Selling Canadian Property Sale of Canadian Real Estate: Capital gains realized by a US person on the sale of any Canadian real property interest, regardless if it has been rented, will attract Canadian and US tax. One-half of capital gains are subject to Canadian tax for ...
by Gilgamesh
Sun Apr 21, 2019 4:52 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual citizen, Canadian home. Started as a rental & USA resident, ends as principal residence as a Canadian resident.
Replies: 17
Views: 628

Re: Dual citizen, Canadian home. Started as a rental & USA resident, ends as principal residence as a Canadian resident.

Gilgamesh wrote: > Ontario’s Non-Resident Speculation Tax of 15% does not apply to Canadian > citizens, non-residents right? So, I could buy a property as a US resident > without incurring this tax. Found the answer, so thought I’ll post it The NRST is a 15 per cent tax on the purchase or acquisitio...
by Gilgamesh
Fri Apr 19, 2019 9:30 am
Forum: Canada / United States Tax & Accounting
Topic: Dual citizen, Canadian home. Started as a rental & USA resident, ends as principal residence as a Canadian resident.
Replies: 17
Views: 628

Re: Dual citizen, Canadian home. Started as a rental & USA resident, ends as principal residence as a Canadian resident.

EDIT: I wrote "Say a dual citizen purchases rental as a US resident, rents it and sell it as a resident" but it should be "Say a dual citizen purchases rental as a US resident, rents it and sell it as a US resident"....so he is a US resident through out.
by Gilgamesh
Fri Apr 19, 2019 9:26 am
Forum: Canada / United States Tax & Accounting
Topic: Dual citizen, Canadian home. Started as a rental & USA resident, ends as principal residence as a Canadian resident.
Replies: 17
Views: 628

Re: Dual citizen, Canadian home. Started as a rental & USA resident, ends as principal residence as a Canadian resident.

Although this doesn't affect me, as I will be a Canadian resident when I sell the property. Does the 48% non-resident surtax apply to cottage sale? Say a dual citizen purchases rental as a US resident, rents it and sell it as a resident. On the Canadian side he have capital gains of 50% of the margi...
by Gilgamesh
Fri Apr 19, 2019 6:35 am
Forum: Canada / United States Tax & Accounting
Topic: Dual citizen, Canadian home. Started as a rental & USA resident, ends as principal residence as a Canadian resident.
Replies: 17
Views: 628

Re: Dual citizen, Canadian home. Started as a rental & USA resident, ends as principal residence as a Canadian resident.

Ontario’s Non-Resident Speculation Tax of 15% does not apply to Canadian citizens, non-residents right? So, I could buy a property as a US resident without incurring this tax.
by Gilgamesh
Thu Apr 18, 2019 5:04 pm
Forum: Canada / United States Tax & Accounting
Topic: Attribution rule when sending cash from from USA bank account to Canada
Replies: 5
Views: 274

Re: Attribution rule when sending cash from from USA bank account to Canada

I’m trying to find as many answers as possible before calling them. Thanks for answering the many questions.
by Gilgamesh
Thu Apr 18, 2019 3:48 pm
Forum: Canada / United States Tax & Accounting
Topic: Attribution rule when sending cash from from USA bank account to Canada
Replies: 5
Views: 274

Re: Attribution rule when sending cash from from USA bank account to Canada

Anyone? Say when I become a Canadian resident (Dual citizen) and move about $200k from USA bank/brokerage to a Canadian bank or brokerage account, could I just say all of that belongs to the lower social security recipient, so I pay taxes on interest/earnings under the lower social security recipien...
by Gilgamesh
Thu Apr 18, 2019 10:32 am
Forum: Canada / United States Tax & Accounting
Topic: Dual citizen, Canadian home. Started as a rental & USA resident, ends as principal residence as a Canadian resident.
Replies: 17
Views: 628

Re: Dual citizen, Canadian home. Started as a rental & USA resident, ends as principal residence as a Canadian resident.

I understand that by claiming ‘change of use’ to a cottage, I spread out the capital gains taxes and thus keep it in the lower tax brackets (there’s time value of money to consider by ‘pre-paying’ taxes). So, I don’t pay all my capital gains in one year. Also, I get a free step up in basis (by using...
by Gilgamesh
Wed Apr 17, 2019 1:34 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual citizen, Canadian home. Started as a rental & USA resident, ends as principal residence as a Canadian resident.
Replies: 17
Views: 628

Re: Dual citizen, Canadian home. Started as a rental & USA resident, ends as principal residence as a Canadian resident.

After reading this https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-127-capital-gains/principal-residence-other-real-estate/changes-use.html It looks like if I go from rental property to principal re...
by Gilgamesh
Tue Apr 16, 2019 8:07 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual citizen, Canadian home. Started as a rental & USA resident, ends as principal residence as a Canadian resident.
Replies: 17
Views: 628

Re: Dual citizen, Canadian home. Started as a rental & USA resident, ends as principal residence as a Canadian resident.

When I stop renting and start using it as my second home (I’m still a US resident, so primary home in USA) will it trigger capital gains in Canada due to conversion of purpose...also will transitioning from secondary home to primary home along with becoming a Canadian resident trigger any capital ga...