Search found 32 matches

by goldstone
Mon Mar 04, 2024 6:17 am
Forum: Canada / United States Tax & Accounting
Topic: Tax Filing Extension
Replies: 1
Views: 65

Tax Filing Extension

Other than having to pay interest on any unpaid tax owing, are there any downsides or problems with filing a 4868 and taking the 6 months extension period for filing a 1040 ?
by goldstone
Mon Feb 12, 2024 7:53 am
Forum: Canada / United States Tax & Accounting
Topic: Tax Filing Software
Replies: 6
Views: 412

Re: Tax Filing Software

Thanks Nelsona
by goldstone
Sun Feb 11, 2024 1:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax Filing Software
Replies: 6
Views: 412

Tax Filing Software

Does anyone have a recommendation for free or reasonably priced software for filing a straightforward 1040 ? Married filing jointly, one W2, 2 dependants, only complication is foreign interest and dividends and need to file a 8938. I tried searching the forum but didn't find anything. I also looked ...
by goldstone
Wed Nov 15, 2023 7:23 am
Forum: Canada / United States Tax & Accounting
Topic: FATCA and FBAR reporting
Replies: 5
Views: 7712

Re: FATCA and FBAR reporting

All good thoughts, thanks.
by goldstone
Tue Nov 14, 2023 7:15 am
Forum: Canada / United States Tax & Accounting
Topic: FATCA and FBAR reporting
Replies: 5
Views: 7712

Re: FATCA and FBAR reporting

Thanks Nelsona. This came up trying to open an online BMO Alto savings account. At the end of the application they required the applicant to certify a number of things, one of which was ' I am exempt from FATCA reporting '. As you say, every US taxpayer has to report foreign assets above a certain t...
by goldstone
Mon Nov 13, 2023 8:30 am
Forum: Canada / United States Tax & Accounting
Topic: FATCA and FBAR reporting
Replies: 5
Views: 7712

FATCA and FBAR reporting

I would be very grateful if folks could confirm my understanding of the requirement for FATCA and FBAR reporting. A Canadian couple are currently living and working in the USA. They meet the substantial presence test in 2023 and so are resident aliens and subject to US tax on their full year income....
by goldstone
Wed Jul 12, 2023 10:41 am
Forum: Canada / United States Tax & Accounting
Topic: GIC Taxation for returning resident
Replies: 3
Views: 1114

Re: GIC Taxation for returning resident

Thanks Nelsona.

I agree with your interpretation. I'm going to pursue with the bank to try to stop them issuing erroneous T slips which will probbaly cause issues with CRA...
by goldstone
Wed Jul 12, 2023 7:18 am
Forum: Canada / United States Tax & Accounting
Topic: GIC Taxation for returning resident
Replies: 3
Views: 1114

GIC Taxation for returning resident

This question is regarding a 5 year compounding Canadian GIC. Such a GIC accrues interest annually and pays out all interest at maturity. My understanding is that if a Canadian resident buys such a GIC then he is issued a T slip each year for the accrued interest even though it is not paid out to hi...
by goldstone
Sun Jun 11, 2023 2:23 pm
Forum: Canada / United States Tax & Accounting
Topic: US Tax treatment of 10 year bond
Replies: 1
Views: 3799

US Tax treatment of 10 year bond

I've googled a lot but have been unable to find a clear answer to this question. An individual buys a corporate or other bond which doesn't pay a coupon but reinvests the annual interest and which matures in , say, 10 years. Does he have to report the implied interest each year in his tax return or ...
by goldstone
Thu Mar 23, 2023 1:26 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax advantaged investing
Replies: 4
Views: 7267

Tax advantaged investing

I'm trying to learn what tax advantaged investment opportunities may be available to an individual who has a H1B visa and who become US tax resident for 2023 but who will probably be returning to Canada in a few years. He has a 401(a) pension at his workplace. I have three questions and greatly appr...
by goldstone
Fri Jan 20, 2023 11:26 am
Forum: Canada / United States Tax & Accounting
Topic: GIC reporting in T 1161 and T 1243 ?
Replies: 5
Views: 1134

Re: GIC reporting in T 1161 and T 1243 ?

Hah ! I guess I could spend hours on hold and then speak with a ' telephlunkie' who would probably know less about this topic than I already do. And whose advice I cannot rely on because I wouldn't be able to get it in writing and the CRA black hole would simply ignore my protestations if I maintain...
by goldstone
Wed Jan 18, 2023 7:07 am
Forum: Canada / United States Tax & Accounting
Topic: GIC reporting in T 1161 and T 1243 ?
Replies: 5
Views: 1134

Re: GIC reporting in T 1161 and T 1243 ?

I agree that they are essentially cash and should be treated as such.

But, how do we know that CRA agree with this for GICs ? The T1161 instructions say to exclude ' cash, including bank deposits ' which isn't quite broad enough to exclude GICs........
by goldstone
Tue Jan 17, 2023 9:41 am
Forum: Canada / United States Tax & Accounting
Topic: GIC reporting in T 1161 and T 1243 ?
Replies: 5
Views: 1134

GIC reporting in T 1161 and T 1243 ?

In the year they leave, emigrants have to complete forms T 1161 and T1243 for deemed disposition purposes. The instructions to the forms say that cash does not have to be reported. But the instructions do not mention whether GICs and term deposits are viewed as cash. Of course, there can be no capit...
by goldstone
Wed Jan 11, 2023 7:23 am
Forum: Canada / United States Tax & Accounting
Topic: Child Tax Credit
Replies: 11
Views: 1859

Re: Child Tax Credit

Great, thanks !
by goldstone
Tue Jan 10, 2023 2:22 pm
Forum: Canada / United States Tax & Accounting
Topic: Child Tax Credit
Replies: 11
Views: 1859

Re: Child Tax Credit

Ahh......I get it now ! The children are qualifying dependents but simply not for the CTC or ODC. If I might prolong the discussion, this raises a followup question....... The children will be listed on the table of dependents even though neither the CTC or ODC will be claimed. Is the fact that they...