Search found 18 matches

by pl0910001
Thu Jun 18, 2020 3:44 pm
Forum: Canada / United States Tax & Accounting
Topic: CPP/QPP and Social Security
Replies: 4
Views: 192

Re: CPP/QPP and Social Security

One thing I should have mentioned, delaying one of them (CPP or Social Security) might make sense in that is essentially guarantees and indexes a larger portion of your retirement income, reducing longevity risk. But you would need to couple that with larger withdrawals in the "active" retirement ph...
by pl0910001
Thu Jun 18, 2020 3:39 pm
Forum: Canada / United States Tax & Accounting
Topic: CPP/QPP and Social Security
Replies: 4
Views: 192

Re: CPP/QPP and Social Security

Thanks again Nelsona. Many moving parts to this but certainly becomes clearer the closer your get to retirement as the numbers firm up.
by pl0910001
Thu Jun 18, 2020 9:39 am
Forum: Canada / United States Tax & Accounting
Topic: CPP/QPP and Social Security
Replies: 4
Views: 192

CPP/QPP and Social Security

Hello All, there have been several posts regarding this topic but wanted to have another go at it. My situation is that i have over 40 credits with social security, as well as many (20+) years paying into QPP. I believe that the best course for myself is to take social security at 62, and apply for ...
by pl0910001
Thu Jun 18, 2020 8:38 am
Forum: Canada / United States Tax & Accounting
Topic: IRA to Roth IRA and canadian tax credit
Replies: 6
Views: 274

Re: IRA to Roth IRA and canadian tax credit

The US taxes you include on your CDn return will be the PRORATED portion of your US taxes calculated on your 1040, if you report 30% of your US income on your CDn departure return, then you can only claim 30% of the overall US tax you calculate (plus FICA of course). Hey Nelsona a follow up on that....
by pl0910001
Tue Jun 16, 2020 11:51 am
Forum: Canada / United States Tax & Accounting
Topic: IRA to Roth IRA and canadian tax credit
Replies: 6
Views: 274

Re: IRA to Roth IRA and canadian tax credit

"As to the idea of increasing your overall tax rate just to increase the portion of US tax that you can use towards the Cdn taxes you will owe US wages you will report on your Cdn departure return (i'm out of breath)? I guess, if your intention all along was to do the conversion, but I wouldn't do i...
by pl0910001
Mon Jun 15, 2020 3:53 pm
Forum: Canada / United States Tax & Accounting
Topic: IRA to Roth IRA and canadian tax credit
Replies: 6
Views: 274

Re: IRA to Roth IRA and canadian tax credit

Hey Nelsona Yes, the IRA exists already. I do plan to do small IRA to Roth IRA in order to get some money moved over at the lower USA tax rate prior to returning to canada in XX years. to clarify, any canadian taxes i pay on my US income is not deductible as a foreign tax paid on my 1040? i can only...
by pl0910001
Mon Jun 15, 2020 2:42 pm
Forum: Canada / United States Tax & Accounting
Topic: IRA to Roth IRA and canadian tax credit
Replies: 6
Views: 274

IRA to Roth IRA and canadian tax credit

Working in USA on TN visa and will cease to be a canadian resident on august 1st of 2020. will owe canadian taxes on the portion of my salary made prior to august 1, 2020, correct? If that's the case, as i will become a resident in a state with no state tax, is it a good idea to do a IRA to Roth IRA...
by pl0910001
Mon Jun 15, 2020 12:28 pm
Forum: Canada / United States Tax & Accounting
Topic: Taxation of Canadian Source Interest
Replies: 2
Views: 144

Re: Taxation of Canadian Source Interest

Many thanks for the quick reply.
by pl0910001
Mon Jun 15, 2020 12:11 pm
Forum: Canada / United States Tax & Accounting
Topic: Taxation of Canadian Source Interest
Replies: 2
Views: 144

Taxation of Canadian Source Interest

Likely this has been answsered in the past, but searching this forum is not easy. Working and living in USA on TN and not a resident of Canada. Is interest paid by a bank to me in Canada, considered non taxable (no witholding tax) in Canada? This is income i would add to my USA tax return, correct? ...
by pl0910001
Sat Apr 11, 2020 1:58 pm
Forum: Business & Personal Immigration to the United States
Topic: Date of non residency in Canada
Replies: 3
Views: 1170

Re: Date of non residency in Canada

To clarify, by meeting substantial presence test in the USA i can use that as a basis to declare non residency in Canada, even with a house and spouse in Canada? Or do my future intentions still need to be going in the direction of eventually selling the house and relocating my spouse?
by pl0910001
Sat Apr 11, 2020 12:05 pm
Forum: Business & Personal Immigration to the United States
Topic: Date of non residency in Canada
Replies: 3
Views: 1170

Date of non residency in Canada

I hope everybody is safe and healthy. I am currently working in the US on a TN visa. Wife and adult children are living in Canada. Currently own a principle residence in Canada but looking to sell it and have my wife move to the US with me (TD visa). I am looking to declare non-residency as soon as ...
by pl0910001
Sat Mar 07, 2020 4:12 pm
Forum: Canada / United States Tax & Accounting
Topic: best way to convert USD to CAD
Replies: 10
Views: 3062

Re: best way to convert USD to CAD

I've used Knightsbridge in the past. The rate is not bad but requires a canadian bank account in usd. The best option is Norbert's Gambit. Go to the Canadian Portfolio Manager website (for great Canadian Couch Potato investment details too) and they spell it all out. A bit of work but certainly the ...
by pl0910001
Sun Dec 01, 2019 10:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax Treatment of US Healthcare Savings Accounts (HSA)
Replies: 11
Views: 3322

Re: Tax Treatment of US Healthcare Savings Accounts (HSA)

So if i read that right, any income placed into a HSA will not show up on my W2?
by pl0910001
Sun Dec 01, 2019 1:37 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax Treatment of US Healthcare Savings Accounts (HSA)
Replies: 11
Views: 3322

Re: Tax Treatment of US Healthcare Savings Accounts (HSA)

Hey Nelson, i have a follow up question. I am working in the United States but am still a tax resident of Canada. If I contribute to an HSA, is that money tax deductible in Canada for the year in which it is earned? If so, do i claim it as a medical expense?
Thanks