Search found 84 matches

by elgoog
Mon Mar 25, 2024 1:37 pm
Forum: Canada / United States Tax & Accounting
Topic: When To Report Form 8833 To IRS
Replies: 4
Views: 130

Re: When To Report Form 8833 To IRS

Seems like there's a penalty of $1000 for failing to file this form on time so I will have to lay out all the facts in my amended return
by elgoog
Mon Mar 25, 2024 12:11 pm
Forum: Canada / United States Tax & Accounting
Topic: When To Report Form 8833 To IRS
Replies: 4
Views: 130

Re: When To Report Form 8833 To IRS

Thank you for the response, Nelsona. I filed a 1040 for the first time in 2022 so I guess it should have been included then. I used an accountant to file my taxes in 2022 and had given him this information but I am unsure as to whether he filed it. Do you know if I can amend my 2022 return to file t...
by elgoog
Sun Mar 24, 2024 7:29 pm
Forum: Canada / United States Tax & Accounting
Topic: When To Report Form 8833 To IRS
Replies: 4
Views: 130

When To Report Form 8833 To IRS

I moved to the US from Canada in 2021 and at that time, I owned some stocks and digital assets. As a result, I was subject to deemed disposition rules and paid the appropriate tax to the CRA. I became a US tax resident in 2022. I sold some of these stocks in 2023 and I now need to report the gain or...
by elgoog
Fri Mar 10, 2023 3:43 pm
Forum: Canada / United States Tax & Accounting
Topic: FBAR Filing Requirement - Report Mortgage & Credit Cards?
Replies: 2
Views: 1219

FBAR Filing Requirement - Report Mortgage & Credit Cards?

Hi,

I moved to the US in 2021 and am filing as Form 1040 MFJ. For the FBAR filing requirement, I was wondering if I need to report any foreign loan accounts like mortgage accounts and credit card accounts?

Thank you.
by elgoog
Tue Mar 15, 2022 10:24 pm
Forum: Canada / United States Tax & Accounting
Topic: US - How to use foreign tax credit
Replies: 3
Views: 1352

Re: US - How to use foreign tax credit

Yes, I forgot that 1040-NR is only US-sourced income and since you can get FTC only up to the amount of US tax, dual doesn't make sense. In most future years, Cdn income tax will be higher than the US one. So for the part of the year I am a Canadian non-resident, is there a way for me to claim the F...
by elgoog
Tue Mar 15, 2022 7:25 pm
Forum: Canada / United States Tax & Accounting
Topic: US - How to use foreign tax credit
Replies: 3
Views: 1352

US - How to use foreign tax credit

Hi, I moved to US from Canada in September 2021. Throughout 2021, I was working for a US-based employer. Even though I am now a US tax resident, I will have some trailing Canadian income due to some stock grants that were granted while I was in Canada. This is based on the number of working days in ...
by elgoog
Wed Mar 09, 2022 3:21 pm
Forum: Canada / United States Tax & Accounting
Topic: 1099-B in the year of transfer of stocks from US to Canada
Replies: 4
Views: 1410

Re: 1099-B in the year of transfer of stocks from US to Canada

You will have to go into your past stock statements to get the cost basis for those stocks. If your Canadian broker doesn't have that, you will have to request it from your US broker.

Remember to use the BOC conversion rate on the settlement date.
by elgoog
Sun Mar 06, 2022 3:31 am
Forum: Canada / United States Tax & Accounting
Topic: Can CRA tax unvested RSUs
Replies: 3
Views: 1351

Re: Can CRA tax unvested RSUs

Nelsona, any thoughts here? Do you know about how unvested RSUs would be taxed for a non-resident of Canada and if the treaty offers any relief in that regard?
by elgoog
Sat Mar 05, 2022 9:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Can CRA tax unvested RSUs
Replies: 3
Views: 1351

Re: Can CRA tax unvested RSUs

You can find more information here: https://home.kpmg/xx/en/home/insights/2 ... tives.html under General deductions from income
by elgoog
Sat Mar 05, 2022 9:57 pm
Forum: Canada / United States Tax & Accounting
Topic: Can CRA tax unvested RSUs
Replies: 3
Views: 1351

Re: Can CRA tax unvested RSUs

It seems like the answer to this yes, they can. If you have Canadian sourced income, you have to use a days worked calculation from grant date till vesting date and give Canada. The calculation would look something like this: (Days worked in Canada / Days worked from grant date till vesting date) * ...
by elgoog
Wed Mar 02, 2022 9:43 pm
Forum: Canada / United States Tax & Accounting
Topic: Can CRA tax unvested RSUs
Replies: 3
Views: 1351

Can CRA tax unvested RSUs

I have been working for a California based employer since 2019 and have been a Canadian tax resident all this time. I became a Canadian non-resident in 2021. I was reading about Canadian treatment of RSUs and found this: https://home.kpmg/xx/en/home/insights/2021/06/flash-alert-2021-162.html It seem...
by elgoog
Fri Feb 25, 2022 4:19 pm
Forum: Canada / United States Tax & Accounting
Topic: Questrade not allowing me to contribute to RRSP
Replies: 1
Views: 879

Re: Questrade not allowing me to contribute to RRSP

It seems like the agent was taking to was misinformed. I spoke with 2 agents later and they both confirmed that I am allowed to contribute to my RRSP as a non-resident. Whether or not I can deduct that will be based on my deduction room. I know that the contribution room will not increase if you don...
by elgoog
Fri Feb 25, 2022 2:57 pm
Forum: Canada / United States Tax & Accounting
Topic: Questrade not allowing me to contribute to RRSP
Replies: 1
Views: 879

Questrade not allowing me to contribute to RRSP

Hi, I have an RRSP account with Questrade that I have had for several years. I left Canada in September 2021 and have a lot of contribution room remaining. Questrade tells me I am not allowed to contribute to my RRSP since I don't have Canadian source income and they said that this is the tax law in...
by elgoog
Sat Feb 12, 2022 9:13 pm
Forum: Canada / United States Tax & Accounting
Topic: TFSA Savings Account Left Open
Replies: 0
Views: 8422

TFSA Savings Account Left Open

I moved to the US recently and found out that CIBC had left my TFSA account open and the account has had $0 since 2019. I called them to close the account. It was a normal TFSA savings account when it was active and I was only making bi-weekly $25 contributions to it. I confirmed with the bank and e...
by elgoog
Sat Feb 12, 2022 8:06 pm
Forum: Canada / United States Tax & Accounting
Topic: Part-year 1040 vs full-year 1040NR
Replies: 15
Views: 4092

Re: Part-year 1040 vs full-year 1040NR

I suppose I cannot claim the treaty benefits since I was NOT a resident of Canada after September and will have to report them on my 1040-NR.

What happens to any interest that I earned on my Canadian bank accounts from Sept - December? Would they also need to be reported on my US tax return then?