Search found 16 matches

by mm77mm77
Fri May 29, 2020 1:43 pm
Forum: Canada / United States Tax & Accounting
Topic: Emigrant return T1161 & T1243
Replies: 24
Views: 1500

Re: Emigrant return T1161 & T1243

I did mention it from the beginning that Jan 1st is the date I became US resident and provided the IRS Aliens residency example to explain why. We had a bit of a misunderstanding, I guess.
Thank you for your help.
by mm77mm77
Thu May 28, 2020 7:00 pm
Forum: Canada / United States Tax & Accounting
Topic: Emigrant return T1161 & T1243
Replies: 24
Views: 1500

Re: Emigrant return T1161 & T1243

Ok, but in this case my exempt days in US ended on Dec 31, 2018 even though my F1 status was still valid until June 30th, 2019. Because my 5 calendar exempt years (2014 -2018) were up and I needed to start calculating days present in US starting on Jan 1st, 2019 and hence became US resident as of Ja...
by mm77mm77
Thu May 28, 2020 3:37 pm
Forum: Canada / United States Tax & Accounting
Topic: Emigrant return T1161 & T1243
Replies: 24
Views: 1500

Re: Emigrant return T1161 & T1243

I've been thinking and reading about Canadian residency a lot these past couple days... I have a last follow up question, please. If, as you mention, I don't become Canadian non-resident on Jan 1st just because I am considered US resident for tax purposes on this day. Wouldn't I actually become non-...
by mm77mm77
Mon May 25, 2020 12:23 pm
Forum: Canada / United States Tax & Accounting
Topic: Deemed disposition proof
Replies: 7
Views: 547

Re: Deemed disposition proof

Thank you Nelsona!
That is very helpful. I didn't know that e-file was an option in this situation.

Re threads: I thought it would be easier for people to find if they had the same question.
I apologize if that's not how I was supposed to do it.
by mm77mm77
Sun May 24, 2020 12:24 am
Forum: Canada / United States Tax & Accounting
Topic: Emigrant return T1161 & T1243
Replies: 24
Views: 1500

Re: Emigrant return T1161 & T1243

Yes, I read Rev Proc 10-19 but it seems very general ... Does the below paragraph mean that as long as deemed disposition happened in 2019 (my first US taxable year) it doesn't matter that my date of departure from Canada (June 30th) is after the date I became resident in US (Jan 1st)? I guess I jus...
by mm77mm77
Sat May 23, 2020 2:53 am
Forum: Canada / United States Tax & Accounting
Topic: Emigrant return T1161 & T1243
Replies: 24
Views: 1500

Re: Emigrant return T1161 & T1243

Thank you for taking the time to help me with this. What I am trying to figure out now is how to file full year 1040 given that my Canadian departure date is June 30th. How would I go about filing my RP 10-19, which should provide them with the adjusted cost basis, which supposed to be identical to ...
by mm77mm77
Wed May 20, 2020 1:11 pm
Forum: Canada / United States Tax & Accounting
Topic: US IRAs, the C$100k threshold, and the T1135
Replies: 4
Views: 960

Re: US IRAs, the C$100k threshold, and the T1135

Unless you had Return of Capital or bought more shares or Reinvested dividends of course... sorry wasn't sure I understood your situation correctly
by mm77mm77
Wed May 20, 2020 1:03 pm
Forum: Canada / United States Tax & Accounting
Topic: US IRAs, the C$100k threshold, and the T1135
Replies: 4
Views: 960

Re: US IRAs, the C$100k threshold, and the T1135

My understanding is that you only need to fill the form if your ACB (=cost, not FMV) is more than >100K.
You say you have not made any transfers to these accounts since 1992.
So, your ACB should not have changed, unless it's due to FX rate??
by mm77mm77
Tue May 19, 2020 3:30 pm
Forum: Canada / United States Tax & Accounting
Topic: Emigrant return T1161 & T1243
Replies: 24
Views: 1500

Re: Emigrant return T1161 & T1243

Yes, of course I was thinking about my departure date from Canada. I figured it is Jan 1st, 2019 since this is the date I became US resident, hence became non-resident of Canada. Please correct me if I am wrong. I am lost here since you think it should be June and I can't figure out how I would proc...
by mm77mm77
Mon May 18, 2020 1:22 pm
Forum: Canada / United States Tax & Accounting
Topic: Emigrant return T1161 & T1243
Replies: 24
Views: 1500

Re: Emigrant return T1161 & T1243

Sorry, forgot to add. The reason I chose Jan 1st, 2019 as the date I became non-resident of Canada is the last line here: The CRA has indicated that the date you become a non-resident of Canada is the latest of: ● The date you physically leave Canada; ● The date your spouse and dependants leave Cana...
by mm77mm77
Mon May 18, 2020 12:45 pm
Forum: Canada / United States Tax & Accounting
Topic: Emigrant return T1161 & T1243
Replies: 24
Views: 1500

Re: Emigrant return T1161 & T1243

Thank you for the explanation, I did consider doing it this way at first, but I am a little confused... I tried consulting tax accountants and they couldn't give me a clear answer on what my date of departure from Canada should be either. How can I do deemed disposition with FMV as of end of June 20...
by mm77mm77
Sun May 17, 2020 2:32 pm
Forum: Canada / United States Tax & Accounting
Topic: Using Capital Losses vs Tuition Carry Forward amount to offset departure tax
Replies: 3
Views: 407

Re: Using Capital Losses vs Tuition Carry Forward amount to offset departure tax

Thank you.
Just to clarify, let's assume I have zero other income in 2020 and close my RRSP and have withholding tax of $5K.
Can I choose to file 2020 Canadian non-resident tax return and use my unused capital losses/tuition to reduce (or get a refund) on my withholding RRSP tax?
Maybe section 217?
by mm77mm77
Sun May 17, 2020 12:32 pm
Forum: Canada / United States Tax & Accounting
Topic: Emigrant return T1161 & T1243
Replies: 24
Views: 1500

Re: Emigrant return T1161 & T1243

As I mentioned, I left Canada in 2014 and came to US on F1 visa as a student. During this time I only came to Canada for a short visit during school breaks. But according to the CRA rules as a student I was still counted as a factual Canadian resident and filed my Canadian taxes every year. My F1 st...
by mm77mm77
Sun May 17, 2020 2:47 am
Forum: Canada / United States Tax & Accounting
Topic: Using Capital Losses vs Tuition Carry Forward amount to offset departure tax
Replies: 3
Views: 407

Using Capital Losses vs Tuition Carry Forward amount to offset departure tax

I have both unused capital losses and tuition credit amounts from previous years. 1. Is it better to use one vs the other to offset the departure tax due to deemed disposition? Or it doesn't matter? I have enough of either to bring my departure tax to zero (if I limit capital loss applied to current...
by mm77mm77
Sat May 16, 2020 10:43 pm
Forum: Canada / United States Tax & Accounting
Topic: Emigrant return T1161 & T1243
Replies: 24
Views: 1500

Re: Emigrant return T1161 & T1243

I was in US on F1 visa since 2014. Got married and got my GC in 2019. So, if I understand correctly, as per IRS residency rules, I became US resident on Jan 1st 2019.
https://www.irs.gov/individuals/interna ... y-examples
(please see Example 1)
Thank you!