Search found 14 matches

by Bumble
Wed Jun 19, 2019 2:18 pm
Forum: Canada / United States Tax & Accounting
Topic: This is about Nelsona ..
Replies: 5
Views: 384

Re: This is about Nelsona ..

Thanks, @nelsona. Merci beaucoup!
by Bumble
Tue May 28, 2019 1:28 am
Forum: Canada / United States Tax & Accounting
Topic: US Citizenship and Immigration nonresidence letter
Replies: 4
Views: 302

Re: US Citizenship and Immigration nonresidence letter

I kind of doubt USCIS would issue such a letter, as this isn't a standard document. Can you provide some other document that indicates your non-resident status, such as an expired work permit or perhaps a copy or transcript of any 1040-NR you have previously filed?
by Bumble
Fri May 24, 2019 1:40 am
Forum: Canada / United States Tax & Accounting
Topic: Declaration of Canadian fund to IRS
Replies: 7
Views: 380

Re: Declaration of Canadian fund to IRS

My interpretation is that you don’t need to report foreign financial accounts that are owned by an international financial institution; however, the financial account where you hold your rental is owned by you, not an international financial institution, so you need to report it in FinCEN Form 114. ...
by Bumble
Tue May 21, 2019 1:46 am
Forum: Canada / United States Tax & Accounting
Topic: Dual tax return filers: Which tax return to file first, and which tax return to claim foreign tax credits?
Replies: 4
Views: 299

Re: Dual tax return filers: Which tax return to file first, and which tax return to claim foreign tax credits?

nelsona wrote: > As I said, any US tax that you pay solely because you are a US citizen, > will not be credited on your Cdn return. You will need to claim these on > your US return, by re-sourcing the income. Non real-estate cap gains are > sourced as Cdn in any event, and US bank interest is not ta...
by Bumble
Mon May 20, 2019 11:13 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual tax return filers: Which tax return to file first, and which tax return to claim foreign tax credits?
Replies: 4
Views: 299

Re: Dual tax return filers: Which tax return to file first, and which tax return to claim foreign tax credits?

Thanks @nelsona for your quick response. I think the tax accountant that gave advice (1) was suggesting what you wrote, but I didn't relay it as accurately as you did. Regarding the one major exception you noted, I promise I won't get into the details regarding the process, but do you mind elaborati...
by Bumble
Mon May 20, 2019 10:39 pm
Forum: Canada / United States Tax & Accounting
Topic: IRAs for non resident citizens
Replies: 40
Views: 1777

Re: IRAs for non resident citizens

nelsona wrote: > As was mentioned earlier, I think I got a telephlunkie, who, rather than > admit not knowing and would do research, just gave me a flat canned answer. > That poor customer service was enough for me. Poor customer services are everywhere. I checked with Schwab using online chat last ...
by Bumble
Mon May 20, 2019 10:18 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual tax return filers: Which tax return to file first, and which tax return to claim foreign tax credits?
Replies: 4
Views: 299

Dual tax return filers: Which tax return to file first, and which tax return to claim foreign tax credits?

I'm a U.S. person who is moving to Canada with my wife this summer. Following our move, we expect to have both U.S.-source income and Canada-source income. A question arises regarding how we should sequence our tax return filings and claims for foreign tax credit (FTC) following our move. We've spok...
by Bumble
Mon May 20, 2019 9:41 pm
Forum: Canada / United States Tax & Accounting
Topic: state taxs on IRA distributions for non US resident
Replies: 16
Views: 531

Re: state taxs on IRA distributions for non US resident

coco1106 wrote: > I was concerned about PFIC issues...not that I know much about them, only > that they are toxic for USA citizens ! > > I was not aware that we could have a brokerage account in Canada, I will > certainly research that for sure. > thank you You can certainly have a non-retirement br...
by Bumble
Sat Apr 27, 2019 8:38 pm
Forum: Canada / United States Tax & Accounting
Topic: US Property / CCA Planning
Replies: 14
Views: 502

Re: US Property / CCA Planning

Thanks, @nelsona and @Gilgamesh. I think Gilgamesh's quote could have come from the original 1980 income tax treaty, but nelsona's quote could have come from the 2007's modified version of the treaty. I find an elaboration of this paragraph here: https://hodgen.com/canadian-treaty-relief-double-taxa...
by Bumble
Sat Apr 27, 2019 2:55 pm
Forum: Canada / United States Tax & Accounting
Topic: US Property / CCA Planning
Replies: 14
Views: 502

Re: US Property / CCA Planning

nelsona wrote: > [...] > 2. The treaty allows US citizens to elect to "dispose" of US > property anytime Canada requires a deemed disposition/acquisition, so you > could trigger US "sale" both when you arrive and/or when you > leave, allowing you to mesh your taxes in both countries. > [...] This is...
by Bumble
Fri Apr 26, 2019 3:21 am
Forum: Canada / United States Tax & Accounting
Topic: 401k Pension income splitting
Replies: 17
Views: 3684

Re: 401k Pension income splitting

Thanks much for the clarification, @nelsona. I was reading your earlier comment: "If you are nota USC, I would stick to splitting Cdn pensions. If you are a USC ans spouse is not, because of the same tax mismatch for Cdn source pensions , I would avoid splitting altogether." (sic) I was thinking tha...
by Bumble
Wed Apr 24, 2019 5:49 pm
Forum: Canada / United States Tax & Accounting
Topic: 401k Pension income splitting
Replies: 17
Views: 3684

Re: 401k Pension income splitting

I just picked up on the topic of income splitting on some other threads recently but am not following the discussion completely. I understand the concept of income splitting and that FTC can only be applied to the spouse who actually pays the 15% tax to the IRS. But how does U.S. citizenship come in...
by Bumble
Tue Apr 23, 2019 2:22 am
Forum: Canada / United States Tax & Accounting
Topic: IRA management for Canadian residents
Replies: 8
Views: 515

Re: IRA management for Canadian residents

Even if you have something in writing from Fidelity, it doesn't mean they can't change their policy down the road. I understand you'd like to put everything in Fidelity. I would argue it may not be a bad idea to segregate your retirement assets across two or more places to hedge your bets. I'm in a ...
by Bumble
Tue Apr 23, 2019 2:07 am
Forum: Canada / United States Tax & Accounting
Topic: IRAs for non resident citizens
Replies: 40
Views: 1777

Re: IRAs for non resident citizens

@nelsona I notice that the TD Ameritrade statement you quoted does not explicitly indicate retirement versus non-retirement accounts. It could be their no-open, no-maintain policy now applies to both retirement and non-retirement accounts, but I have some suspicion whether the person sending you the...