Search found 6 matches

by crossborderguy
Tue Apr 12, 2022 4:17 pm
Forum: Canada / United States Tax & Accounting
Topic: How to Claim Foreign Tax Credit (Form 1116)
Replies: 4
Views: 1273

Re: How to Claim Foreign Tax Credit (Form 1116)

Thanks for your response, that is super helpful! I was also wondering if you knew which tax forms I should file with the CRA. Depending on the link on the Canada.ca I've seen; Option #1: Submit a T1 for the province you were employed + non-resident T1 (https://www.canada.ca/en/revenue-agency/service...
by crossborderguy
Mon Apr 11, 2022 7:58 pm
Forum: Canada / United States Tax & Accounting
Topic: How to Claim Foreign Tax Credit (Form 1116)
Replies: 4
Views: 1273

How to Claim Foreign Tax Credit (Form 1116)

Hello, I am a Canadian non-resident who had employment income from a Canadian company. I am currently a resident of the USA. I plan to file the "income tax package for the province or territory where you earn the income along with Guide T4058, Non-Residents and Income Tax". On my (non-resi...
by crossborderguy
Mon May 18, 2020 5:56 pm
Forum: Canada / United States Tax & Accounting
Topic: Emigrating - does deemed disposition result in a US tax liability?
Replies: 6
Views: 2527

Re: Emigrating - does deemed disposition result in a US tax liability?

Thanks for confirming and apologies for not mentioning the spouse. We will be filing MFJ. Agree that we need to report all world wide income for the year on the 1040. Wondering specifically however if an OSAP grant/scholarship for a Canadian university, needs to be reported on the 1040 return, as I ...
by crossborderguy
Sun May 17, 2020 1:24 am
Forum: Canada / United States Tax & Accounting
Topic: Emigrating - does deemed disposition result in a US tax liability?
Replies: 6
Views: 2527

Re: Emigrating - does deemed disposition result in a US tax liability?

Thank you for your reply this was extremely helpful! Regarding #2, could you help confirm that we can use the principal residence exception? If... - I own the home jointly (50/50) with my spouse (nonresident of Canada, resident of USA for tax purposes) - I have been a Canadian tax resident all years...
by crossborderguy
Fri May 15, 2020 12:16 am
Forum: Canada / United States Tax & Accounting
Topic: Emigrating - does deemed disposition result in a US tax liability?
Replies: 6
Views: 2527

Re: Emigrating - does deemed disposition result in a US tax liability?

As a clarification to question 2.) I'm wondering if the deemed disposition for the Canadian departure tax would result in any capital gains calculations for my 2019 US federal and state tax returns.
by crossborderguy
Thu May 14, 2020 6:43 pm
Forum: Canada / United States Tax & Accounting
Topic: Emigrating - does deemed disposition result in a US tax liability?
Replies: 6
Views: 2527

Emigrating - does deemed disposition result in a US tax liability?

Situation; Left Canada in 2019 Will be filing as a part year resident and indicated my date of departure Own 50% of a property located in the US that will be reported as a deemed disposition Will be claiming this as principal residence, so capital gains will be exempt When I file my return; 1.) Woul...