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i think i understand. if you paid more tax in canada than you could have recouped with the FTC, you can carry that tax forward for up to 10 years to claim as foreign tax paid, even if in the case of CPP and OAS, there was no tax paid but there was income? Thanks again for your usual great insights a...

Hey Nelsona. Can you please elaborate on a few things you mentioned?

if CPP and OAS is not taxed, how does one use the income towards foreign tax credit calculation? Also, what do you mean by banked Cdn general limit income and the carryforward?

nelsona wrote: > This is a popular misconception. Every Roth account you open has a > five-year clock. to clarify, if you're taking the money out of the Roth and over age 59.5, the 5 year rule determines if there are any penalties, correct? For example, if i do a roth conversion, or create a new Rot...

nelsona wrote: > Just a word of caution, depending on how old you are: When you create a new > Roth, even from a transfer, you restart the 5-year clock to make the Roth > growth completely tax- and/or penalty-free. If you are thinking of using > that money soon and are in your mid-50's, you might no...

Thanks Nelsona, is there another thread or some info that outlines how to proceed with RRSP withdrawals and filing of US tax returns? Do I simply keep my own records and only claim only the taxable amount on the return, or does it all need to be entered, and then is deducted against elsewhere. Apolo...

Following up on this thread. As this 100K is not taxable in the united states, will this not could toward MAGI? Asking the question because in early retirement, will try to keep MAGI low in order to get ACA health insurance rebates.

Following up on this thread. As this 100K is not taxable in the united states, will this not could toward MAGI. Asking the question because in early retirement, will try to keep MAGI low in order to get ACA health insurance rebates.

Did some research and understand that if itimizing, i can claim the tax paid. The foreign tax deduction is one of the itemized deductions that may be taken by American taxpayers to account for taxes already paid to a foreign government, and are typically classified as withholding tax. Given this, wh...

Thanks for the reply Nelsona. Not quite following what you mean by taking the 25k of tax as a deduction. Deduction against what income exactly?

I understand that RRSP withdrawals will be subject to Canadian witholding tax, could be as low as 15% if it's a systematic withdrawal from an RRIF. For the purposes of simplicity, let's say the the RRSP or RRIF value is 100k when i move to the united states. This 100k will then not be taxable in USA...

I've used Knightsbridge in the past. Rates are better than big banks or tangerine. I've never had any issues with them. If you want best possible rate, then Norbert's gambit is best.

Hey Nelsona, a follow up question regarding claiming a foreign tax credit. I am currently filling out taxes for 2020. I will pay canadian taxes on a proportion of my salary based on the number of days i was present in the USA vs a resident of Canada. And also prorate the taxes paid to USA as a forei...

Buying within an RRSP is not a taxable event. However, as you are a US resident, the brokerage would be required to hold a US based brokerage license i believe. This is something that not all brokers have. So the issue isn't taxes, but is the fact that your account may be frozen out from any buys du...

I am in a similar situation . A few tips if I may. 1. Questrade will have no issues with you being a non resident and holding an RRSP. I believe, but am not certain that you won't be allowed to make any buys in the account. Sells and liquidation are fine. 2. The simplest workaround for me was to buy...

I would take a look at this document which outlines a few of the scenarios. As you are a US citizen, i'm not sure all would apply, but it's a good starting point. https://www.sunnet.sunlife.com/files/ad ... k_RRIF.pdf