Search found 32 matches
- Mon Mar 04, 2024 6:17 am
- Forum: Canada / United States Tax & Accounting
- Topic: Tax Filing Extension
- Replies: 1
- Views: 128
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 ?
- Mon Feb 12, 2024 7:53 am
- Forum: Canada / United States Tax & Accounting
- Topic: Tax Filing Software
- Replies: 6
- Views: 531
Re: Tax Filing Software
Thanks Nelsona
- Sun Feb 11, 2024 1:58 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Tax Filing Software
- Replies: 6
- Views: 531
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 ...
- Wed Nov 15, 2023 7:23 am
- Forum: Canada / United States Tax & Accounting
- Topic: FATCA and FBAR reporting
- Replies: 5
- Views: 9687
Re: FATCA and FBAR reporting
All good thoughts, thanks.
- Tue Nov 14, 2023 7:15 am
- Forum: Canada / United States Tax & Accounting
- Topic: FATCA and FBAR reporting
- Replies: 5
- Views: 9687
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...
- Mon Nov 13, 2023 8:30 am
- Forum: Canada / United States Tax & Accounting
- Topic: FATCA and FBAR reporting
- Replies: 5
- Views: 9687
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....
- Wed Jul 12, 2023 10:41 am
- Forum: Canada / United States Tax & Accounting
- Topic: GIC Taxation for returning resident
- Replies: 3
- Views: 1242
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...
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...
- Wed Jul 12, 2023 7:18 am
- Forum: Canada / United States Tax & Accounting
- Topic: GIC Taxation for returning resident
- Replies: 3
- Views: 1242
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...
- Sun Jun 11, 2023 2:23 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US Tax treatment of 10 year bond
- Replies: 1
- Views: 3918
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 ...
- Thu Mar 23, 2023 1:26 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Tax advantaged investing
- Replies: 4
- Views: 7686
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...
- 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: 1247
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...
- 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: 1247
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........
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........
- 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: 1247
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...
- Wed Jan 11, 2023 7:23 am
- Forum: Canada / United States Tax & Accounting
- Topic: Child Tax Credit
- Replies: 11
- Views: 2148
Re: Child Tax Credit
Great, thanks !
- Tue Jan 10, 2023 2:22 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Child Tax Credit
- Replies: 11
- Views: 2148
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...