Search found 23 matches

by pl0910001
Tue Jun 15, 2021 11:11 am
Forum: Canada / United States Tax & Accounting
Topic: Converting US funds in Canada
Replies: 2
Views: 3223

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.
by pl0910001
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: 3747

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...
by pl0910001
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: 4989

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...
by pl0910001
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: 4989

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...
by pl0910001
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
by pl0910001
Thu Jun 18, 2020 3:44 pm
Forum: Canada / United States Tax & Accounting
Topic: CPP/QPP and Social Security
Replies: 4
Views: 2161

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...
by pl0910001
Thu Jun 18, 2020 3:39 pm
Forum: Canada / United States Tax & Accounting
Topic: CPP/QPP and Social Security
Replies: 4
Views: 2161

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: 2161

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: 8
Views: 3747

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: 8
Views: 3747

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...
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: 8
Views: 3747

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: 8
Views: 3747

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: 1509

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: 1509

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: 10034

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?