Search found 23 matches

by pencileveryone
Sun Mar 05, 2023 5:18 pm
Forum: Canada / United States Tax & Accounting
Topic: Giving up GC and staying permanently in Canada
Replies: 7
Views: 3828

Re: Giving up GC and staying permanently in Canada

Yes, I understand I will still need to file US-sourced income on my 1040NR. But it would still save the work of filing a dual status (or a full year 1040 and claiming income exclusion or FTC etc). I guess with 1040NR, I'll lose any full-year basic exemption amt. Some additional info I found online: ...
by pencileveryone
Sun Mar 05, 2023 4:41 pm
Forum: Canada / United States Tax & Accounting
Topic: Giving up GC and staying permanently in Canada
Replies: 7
Views: 3828

Re: Giving up GC and staying permanently in Canada

A Quick update and a follow-up question: I ended up submitting the I-407 to abandon my GC in December 2022, so I am not longer a GC holder. I have a question though. AFAIK, technically, GC holders ARE allowed to file as non-resident (1040NR) based on closer ties. However it may lead to issues when t...
by pencileveryone
Fri Sep 23, 2022 3:33 am
Forum: Canada / United States Tax & Accounting
Topic: Giving up GC and staying permanently in Canada
Replies: 7
Views: 3828

Re: Giving up GC and staying permanently in Canada

Just wanted to see if anyone has run into a similar experience. If I choose to file a 1040 for the whole year even though I'm giving up my GC in Sept, what are the pros and cons?

I'm just curious how IRS will know that I'm no longer a resident.
by pencileveryone
Mon Sep 19, 2022 4:18 pm
Forum: Canada / United States Tax & Accounting
Topic: Giving up GC and staying permanently in Canada
Replies: 7
Views: 3828

Giving up GC and staying permanently in Canada

Hello, I am a Canadian citizen and a US GC holder (since 2017). I was working and living in the US until 2021 when I moved back to Canada. I've been filing my US taxes as a resident to maintain my green card. I filed an re-entry permit and it's about to expire in Jan 2023. I've decided to stay in Ca...
by pencileveryone
Tue Apr 05, 2022 4:53 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 8938 FATCA reporting - custodial account or deposit account
Replies: 13
Views: 11570

Re: Form 8938 FATCA reporting - custodial account or deposit account

@complete - If you see erfan1985 's response above, thats not true right? It should be under Other Foreign Asset.
by pencileveryone
Tue Apr 05, 2022 4:52 pm
Forum: Canada / United States Tax & Accounting
Topic: Capital gain from selling principal residence and foreign tax credit
Replies: 10
Views: 2850

Re: Capital gain from selling principal residence and foreign tax credit

I don't think so. You can only claim credits on the SAME income. Since it's not taxed in Canada, you can't use these credits to claim against other taxable income in Canada
by pencileveryone
Mon Apr 04, 2022 9:44 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 8938 FATCA reporting - custodial account or deposit account
Replies: 13
Views: 11570

Re: Form 8938 FATCA reporting - custodial account or deposit account

What're you putting as the Foreign Entity Information then?
Type of Entity: Individual, Partnership, Corporation, Trust, Estate
This Entity is a(n) : Issuer, Counterparty
This Entity is a: U.S. Person, Foreign Person
by pencileveryone
Mon Apr 04, 2022 9:27 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 8938 and FBAR for Canadian brokerage account
Replies: 5
Views: 2014

Re: Form 8938 and FBAR for Canadian brokerage account

Ah, I found the definition here as well. This seems legit. (ii) Custodial account. The term custodial account means an arrangement for holding a financial instrument, contract, or investment (including, but not limited to, a share of stock in a corporation, a note, bond, debenture, or other evidence...
by pencileveryone
Mon Apr 04, 2022 9:24 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 8938 and FBAR for Canadian brokerage account
Replies: 5
Views: 2014

Re: Form 8938 and FBAR for Canadian brokerage account

I found this on this site, but not sure about the source. Based on this definition, I think a brokerage account should be custodian. https://www.expatforum.com/threads/form-8938-deposit-or-custodial-us-citizen-in-canada.745914/ Page 9 of this guide provides definitions of depository and custodial ac...
by pencileveryone
Sun Apr 03, 2022 9:51 pm
Forum: Canada / United States Tax & Accounting
Topic: Calculating Foreign Tax Paid on T-2209
Replies: 3
Views: 1382

Re: Calculating Foreign Tax Paid on T-2209

Got it. Makes sense. Thanks Nelson!
by pencileveryone
Sun Apr 03, 2022 3:11 pm
Forum: Canada / United States Tax & Accounting
Topic: Calculating Foreign Tax Paid on T-2209
Replies: 3
Views: 1382

Calculating Foreign Tax Paid on T-2209

I am US GC Holder and a Canadian Citizen. I moved back to Canada last year and did an internal transfer within my company, so I am on Cdn Payroll now. However, I still have stocks vesting over the past year which are still mostly US-sourced. So I have a W2 from my employer for the US sourced income....
by pencileveryone
Sun Apr 03, 2022 3:08 am
Forum: Canada / United States Tax & Accounting
Topic: Form 8938 and FBAR for Canadian brokerage account
Replies: 5
Views: 2014

Re: Form 8938 and FBAR for Canadian brokerage account

I was going to post the exact same question. I am a GC holder and it's my first year filing my US return after moving to Canada and transferring my assets to a canadian institution.
by pencileveryone
Fri Jul 09, 2021 2:18 pm
Forum: Canada / United States Tax & Accounting
Topic: Revenue Canada Not accepting my Foreign Tax Claim
Replies: 22
Views: 15611

Re: Revenue Canada Not accepting my Foreign Tax Claim

Hello akumar, I was wondering what happened to your situation in the end? I am in a similar situation. Just received a letter from CRA to show 'proof of payment' (IRS Account Transcript) for the foreign tax paid, yet IRS has not received/processed my paper-filed return yet (had to file by paper as s...