Search found 13 matches

by Numbersman61
Tue Dec 13, 2022 10:59 am
Forum: Canada / United States Tax & Accounting
Topic: Revenue Canada Review Help
Replies: 5
Views: 5984

Re: Revenue Canada Review Help

I sold a condo in the US in December 2020. I used a cross border tax expert to file with 2020 returns with IRS and Arizona state and CRA. In July 2021, CRA requested proof of foreign taxes. My accountant forwarded to CRA copies of US filings and copy of check cashed by Arizona. This was satisfactory...
by Numbersman61
Tue Oct 18, 2022 9:55 pm
Forum: Canada / United States Tax & Accounting
Topic: IRS has not processed 1040NR resulting in inability to claim foreign tax credit
Replies: 10
Views: 7767

Re: IRS has not processed 1040NR resulting in inability to claim foreign tax credit

Claimed foreign tax credit for 2020 due to tax paid to IRS and State of Arizona. CRA requested proof of foreign tax paid. My accountant filed copies of 1040 and State tax return together with copy of check cashed by Arizona. Accepted by CRA. Eventually, the 1040 was processed as filed.
by Numbersman61
Mon May 09, 2022 7:14 pm
Forum: Canada / United States Tax & Accounting
Topic: 2021 1040NR filing - any abnormal delays?
Replies: 6
Views: 1758

Re: 2021 1040NR filing - any abnormal delays?

In my case, I also had to apply for an ITIN so this would have likely been a reason for the delay.
by Numbersman61
Mon May 09, 2022 4:50 pm
Forum: Canada / United States Tax & Accounting
Topic: 2021 1040NR filing - any abnormal delays?
Replies: 6
Views: 1758

Re: 2021 1040NR filing - any abnormal delays?

Timely filed 2020 1040NR and requested transcript. Received refund check in November 2020 with no transcript.
by Numbersman61
Mon Apr 11, 2022 1:20 pm
Forum: Canada / United States Tax & Accounting
Topic: Proof of Payment/Final Tax Bill of NY State Tax
Replies: 4
Views: 1759

Re: Proof of Payment/Final Tax Bill of NY State Tax

For 2020, I had tax payable to the state of Arizona for gain on sale of condo. CRA requested copy of State return plus copy of check cashed by the State. This was acceptable to CRA.
by Numbersman61
Mon Apr 19, 2021 12:13 pm
Forum: Canada / United States Tax & Accounting
Topic: US-Cad citizen vs Norbert's Gambit
Replies: 8
Views: 4887

Re: US-Cad citizen vs Norbert's Gambit

There is no equity risk if the sell is done immediately after the buy. The way it is done With TD is that as soon as the financial agent sees the purchase in your account, they will sell the stock short in the other currency account. On settlement date, they will cover the short position by journal ...
by Numbersman61
Wed Apr 14, 2021 7:40 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual Citizen, future Canadian resident rental investment?
Replies: 4
Views: 2079

Re: Dual Citizen, future Canadian resident rental investment?

For Canadian tax purposes, rental properties do not qualify for the principal residence exemption. Since you are a dual citizen, you will be required to continue to file a 1040 in addition to the Canadian tax return (T1). Each country has different rules regarding computing rental income for tax pur...
by Numbersman61
Thu Apr 08, 2021 9:47 am
Forum: Canada / United States Tax & Accounting
Topic: T1135
Replies: 4
Views: 3373

Re: T1135

I believe the issue is whether the funds which were received on the sale which closed two days prior to returning to Canada were foreign property. If the funds were in a US bank or a US bank draft, I believe they are foreign property at the time of entry to Canada and should be reported on form 1135...
by Numbersman61
Mon Apr 05, 2021 8:00 am
Forum: Canada / United States Tax & Accounting
Topic: US-Cad citizen vs Norbert's Gambit
Replies: 8
Views: 4887

Re: US-Cad citizen vs Norbert's Gambit

Simple solution for Norbert’s Gambit - trade an inter listed stock such AS Royal Bank. Sell Royal Bank on NYSE and buy on TSX.
by Numbersman61
Wed Mar 31, 2021 6:14 pm
Forum: Canada / United States Tax & Accounting
Topic: Understanding the Foreign Tax Credit Limit Calculation
Replies: 8
Views: 2825

Re: Understanding the Foreign Tax Credit Limit Calculation

One useful practice to consider is pension splitting with your spouse in order to utilize the entire foreign tax paid as a foreign tax credit on the Canadian tax return. By transferring about $11,000 of pension income from my spouse to me, her taxable income was reduced and I was able to claim the e...
by Numbersman61
Wed Jan 27, 2021 4:20 pm
Forum: Canada / United States Tax & Accounting
Topic: US non resident (Canadian) estate filing requirements upon death owning Arizona Vacation property
Replies: 1
Views: 1797

Re: US non resident (Canadian) estate filing requirements upon death owning Arizona Vacation property

Here are my views on this matter. If your Canadian accountant had to discuss this matter with his or her US counterpart, you are dealing with the wrong person. You need to retain a Canada/US tax specialist who is able answer your questions immediately. This situation occurs many times so a tax speci...
by Numbersman61
Wed Sep 09, 2020 1:10 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian citizen selling land in florida
Replies: 7
Views: 2693

Re: Canadian citizen selling land in florida

I do not believe you can file a form 8288B until you have a known transferee