Search found 23 matches
- Tue Jun 15, 2021 11:11 am
- Forum: Canada / United States Tax & Accounting
- Topic: Converting US funds in Canada
- Replies: 2
- Views: 3246
Re: Converting US funds in Canada
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.
- Sun Mar 07, 2021 10:59 am
- Forum: Canada / United States Tax & Accounting
- Topic: IRA to Roth IRA and canadian tax credit
- Replies: 8
- Views: 3750
Re: IRA to Roth IRA and canadian tax credit
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...
- Tue Jan 12, 2021 12:00 am
- Forum: Canada / United States Tax & Accounting
- Topic: Trading in my RRSP while in the US
- Replies: 11
- Views: 4999
Re: Trading in my RRSP while in the US
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...
- Sun Jan 10, 2021 7:27 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Trading in my RRSP while in the US
- Replies: 11
- Views: 4999
Re: Trading in my RRSP while in the US
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...
- Sun Oct 25, 2020 11:18 am
- Forum: Canada / United States Tax & Accounting
- Topic: Converting IRA into RRSP and increasing RRSP cap
- Replies: 2
- Views: 1651
Re: Converting IRA into RRSP and increasing RRSP cap
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
- Thu Jun 18, 2020 3:44 pm
- Forum: Canada / United States Tax & Accounting
- Topic: CPP/QPP and Social Security
- Replies: 4
- Views: 2166
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" ret...
- Thu Jun 18, 2020 3:39 pm
- Forum: Canada / United States Tax & Accounting
- Topic: CPP/QPP and Social Security
- Replies: 4
- Views: 2166
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.
- Thu Jun 18, 2020 9:39 am
- Forum: Canada / United States Tax & Accounting
- Topic: CPP/QPP and Social Security
- Replies: 4
- Views: 2166
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 ...
- Thu Jun 18, 2020 8:38 am
- Forum: Canada / United States Tax & Accounting
- Topic: IRA to Roth IRA and canadian tax credit
- Replies: 8
- Views: 3750
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....
- Tue Jun 16, 2020 11:51 am
- Forum: Canada / United States Tax & Accounting
- Topic: IRA to Roth IRA and canadian tax credit
- Replies: 8
- Views: 3750
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...
- Mon Jun 15, 2020 3:53 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRA to Roth IRA and canadian tax credit
- Replies: 8
- Views: 3750
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...
- Mon Jun 15, 2020 2:42 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRA to Roth IRA and canadian tax credit
- Replies: 8
- Views: 3750
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...
- Mon Jun 15, 2020 12:28 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Taxation of Canadian Source Interest
- Replies: 2
- Views: 1511
Re: Taxation of Canadian Source Interest
Many thanks for the quick reply.
- Mon Jun 15, 2020 12:11 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Taxation of Canadian Source Interest
- Replies: 2
- Views: 1511
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? ...
- 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: 10058
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?