Search found 5 matches

by CASAMARROM
Thu Jul 09, 2020 8:00 am
Forum: Canada / United States Tax & Accounting
Topic: Dual citizen (USA resident) owning condo/townhouse in Canada
Replies: 13
Views: 864

Re: Dual citizen (USA resident) owning condo/townhouse in Canada

Hi, As a non resident in Canada you can pay CRA 25% of your net rental monthly but you need to hire a person to be responsible for the remittances and accounting. OR You can Obtain an NRK number calling CRA and use this NRK number to pay online 25% on the gross rental monthly during the whole year. ...
by CASAMARROM
Sat Jun 20, 2020 2:36 pm
Forum: Canada / United States Tax & Accounting
Topic: RRIF lump sum withdrawal - Form 8833 Tax Treaty
Replies: 6
Views: 335

Re: RRIF lump sum withdrawal - Form 8833 Tax Treaty

Thank you for your reply, Nelsona, please just let me know which line of 1116 I should entry those calculations. I am afraid I am missing something important, I may be all wrong! I feel I am missing the part of reporting of those calculations. This is how I do 1116: - I just enter exactly the amount...
by CASAMARROM
Fri Jun 19, 2020 6:08 pm
Forum: Canada / United States Tax & Accounting
Topic: RRIF Lump Sum Withdrawal
Replies: 0
Views: 544

RRIF Lump Sum Withdrawal

Thank you Nelsona, It is great to learn we do not need 8833. I had read somewhere, that there would be a fine of $1000 if an individual fails to report 8833. Because it was a Lump Sum, this account has been closed and it will not be reported next year on F-Bar neither 8938. It is Correct? I have rep...
by CASAMARROM
Fri Jun 19, 2020 4:05 pm
Forum: Canada / United States Tax & Accounting
Topic: RRIF lump sum withdrawal - Form 8833 Tax Treaty
Replies: 6
Views: 335

Re: RRIF lump sum withdrawal - Form 8833 Tax Treaty

Thank you Nelsona. It is great to learn we do not need 8833. I had read somewhere, that there would be a fine of $1000 if an individual fails to report 8833. Because it was a Lump Sum, this account has been closed and it will not be reported next year on F-Bar neither 8938. It is Correct? I have rep...
by CASAMARROM
Thu Jun 18, 2020 3:43 pm
Forum: Canada / United States Tax & Accounting
Topic: RRIF lump sum withdrawal - Form 8833 Tax Treaty
Replies: 6
Views: 335

RRIF lump sum withdrawal - Form 8833 Tax Treaty

Hello, We are Canadian citizens living in the US since 2014 and became American Citizens as well. We prepared our own taxes using TurboTax except the first year. We also file F-bar with our foreign accounts. In 2019 my husband made a full withdrawal from his RRIF and had 25% tax withheld in Canada. ...