Search found 27 matches

by oakweather
Fri Jul 29, 2022 8:42 am
Forum: Canada / United States Tax & Accounting
Topic: Question about cross-border kiddie tax
Replies: 13
Views: 2375

Re: Question about cross-border kiddie tax

Thank you nelsona. To ensure that I understand things correctly - From the CRA perspective, the interest gains are taxable at the gifting parent's rate. If such a parent is not ordinarily resident in Canada or file Canadian tax returns, then by virtue of his/her child living in Canada, this is consi...
by oakweather
Thu Jul 28, 2022 10:28 pm
Forum: Canada / United States Tax & Accounting
Topic: Question about cross-border kiddie tax
Replies: 13
Views: 2375

Re: Question about cross-border kiddie tax

>> So, what is the situation regarding CRA? Is the income taxable to you? Not sure what you mean by "income"? The income source from which the federal bond is bought? (it comes from our savings) Or the income from the bond itself? The non-resident parent (who gifts the money to the toddler...
by oakweather
Thu Jul 28, 2022 6:59 pm
Forum: Canada / United States Tax & Accounting
Topic: Question about cross-border kiddie tax
Replies: 13
Views: 2375

Re: Question about cross-border kiddie tax

Nelsona - In this case, one of the parents is a US citizen and not a Canadian resident. The other parent is not a US citizen and is a Canadian resident. U.S. filing status is MFS. Does this change any of the situation you described above?
by oakweather
Thu Jul 28, 2022 10:48 am
Forum: Canada / United States Tax & Accounting
Topic: Question about cross-border kiddie tax
Replies: 13
Views: 2375

Question about cross-border kiddie tax

Two children (4 and 2) who are US citizen as well as Canadian residents If they hold their own accounts (e.g. U.S. treasury bonds) generating about $1-3k of passive income, I am writing to find out about cross-border kiddie tax situation. Based on my research, on the Canadian side, the children need...
by oakweather
Tue Jun 28, 2022 6:37 pm
Forum: Canada / United States Tax & Accounting
Topic: Question about principal residence conversion
Replies: 2
Views: 2906

Question about principal residence conversion

Consider the following hypothetical scenario - I'm a non-resident of Canada but purchased an apartment in January 2020 in Canada which I am renting out to an unrelated party. I plan to move to Canada in February 2023 but will be living in a friend's basement. My apartment in Canada will be rented ou...
by oakweather
Thu Jun 23, 2022 9:56 pm
Forum: Canada / United States Tax & Accounting
Topic: RRSP / IRA + 401(k)
Replies: 2
Views: 2909

RRSP / IRA + 401(k)

If one has earned income on both sides of the border (T4 + W2), as a non-Canadian resident and US citizen, what is the interaction between RRSP and IRA/401(k)? My understanding is that non-Canadian residents are able to accrue RRSP contribution room based on T4 income. If such an individual contribu...
by oakweather
Sat Feb 26, 2022 11:10 am
Forum: Canada / United States Tax & Accounting
Topic: Question about FATCA requirement
Replies: 6
Views: 2592

Re: Question about FATCA requirement

ND: I am afraid that I do not understand your second post. Perhaps it was truncated?
by oakweather
Mon Feb 21, 2022 5:57 pm
Forum: Canada / United States Tax & Accounting
Topic: Question about FATCA requirement
Replies: 6
Views: 2592

Re: Question about FBAR and other IRS requirement on minority owned foreign (non-director) corporate account

Thank you ND. It seems to me that Part III applies to foreign bank accounts jointly owned by individuals (e.g. married couples). Does it also apply to cases where the foreign bank account is owned by a foreign corporation, whose shares are then owned in minority by a U.S. citizen who is not a direct...
by oakweather
Thu Feb 17, 2022 12:28 pm
Forum: Canada / United States Tax & Accounting
Topic: Question about FATCA requirement
Replies: 6
Views: 2592

Question about FATCA requirement

U.S. citizen holding minority (~23%) share in a foreign (e.g. Canadian) corporation. Filed 5471 the year the share was acquired. The foreign company has had bank accounts in USD and local currency (e.g. CAD). Recently the foreign company attempted to open an EUR account and was advised that, since I...
by oakweather
Sat Jul 03, 2021 8:35 pm
Forum: Canada / United States Tax & Accounting
Topic: Subcontracting for a Canadian company
Replies: 3
Views: 1241

Re: Subcontracting for a Canadian company

Just to be clear, the Canadian company is based in BC and will be doing the consulting work in BC.
However, as its subcontractor, I or my company will be performing the work in the United States. Neither my company nor I have any permanent establishment in Canada.
by oakweather
Sat Jul 03, 2021 8:34 pm
Forum: Canada / United States Tax & Accounting
Topic: Subcontracting for a Canadian company
Replies: 3
Views: 1241

Subcontracting for a Canadian company

I am a U.S. citizen/resident (but dual Canadian citizen) and also run a Delaware C Corp. A Canadian company is interested in engaging me or my company on a consulting project based in BC. The amount will be paid in Canadian dollars. From the perspective of cross-border taxation / withholding for me ...
by oakweather
Mon Jun 28, 2021 10:33 am
Forum: Canada / United States Tax & Accounting
Topic: CAD banking solutions for Canadian non-resident in the U.S.?
Replies: 2
Views: 1087

CAD banking solutions for Canadian non-resident in the U.S.?

Asking on behalf of a friend: I am a Canadian non-resident visiting the U.S. (no SSN or ITIN number in the U.S.) I do not have any bank accounts open in Canada nor do I plan on visiting Canada any time in the near future, but I may become a Canadian resident within a year or two. Are there CAD accou...
by oakweather
Sat Apr 17, 2021 8:32 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian subsidiary
Replies: 3
Views: 1821

Re: Canadian subsidiary

No, it's not intended to be CCPC, we understand that. We're interested in learning the required informational or tax filings on both sides of the border and their approximate total cost per year. For example, in the U.S., I believe Form 5471 is required that can be quite intrusive (maybe a few hours...
by oakweather
Fri Apr 16, 2021 9:10 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian subsidiary
Replies: 3
Views: 1821

Canadian subsidiary

Is anyone here versed in cross-border corporate tax? We are a U.S. Delaware C corporation interested in setting up a fully owned Canadian subsidiary corporation to conduct R&D activities in Canada. The Canadian corporation is not expected to generate a significant profit (revenue/grants minus re...
by oakweather
Mon Apr 05, 2021 10:47 pm
Forum: Canada / United States Tax & Accounting
Topic: Question about U.S. employer paying Canadian consultant
Replies: 1
Views: 1046

Question about U.S. employer paying Canadian consultant

My employer, a Delaware C corporation, has no Canadian payroll, branch, or presence. The Delaware Corporation would like to engage a consultant who lives in British Columbia and will be conducting the work in BC (outside of the U.S.). We received contradictory advice. We were advised by someone that...