Search found 12 matches

by future_canuck
Sat Aug 28, 2021 1:41 am
Forum: Canada / United States Tax & Accounting
Topic: Defined Contribution Pension Plan (DCPP)
Replies: 2
Views: 3193

Re: Defined Contribution Pension Plan (DCPP)

much appreciated!

no other tax or cross-border issues, right?
by future_canuck
Thu Aug 26, 2021 4:34 pm
Forum: Canada / United States Tax & Accounting
Topic: Defined Contribution Pension Plan (DCPP)
Replies: 2
Views: 3193

Defined Contribution Pension Plan (DCPP)

I am a US Citizen, now living in Canada. Eventually I will become a Canadian citizen (and maybe renounce US citizenship). Anyway, my company offers a DCPP where I can contribute up to 10% and they will match 4% (they match 1-to-1 for the first 4%). Is there a US-Canada tax treaty that results in fav...
by future_canuck
Fri Aug 13, 2021 7:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Clarification Sought on Definition of PFIC
Replies: 3
Views: 3266

Re: Clarification Sought on Definition of PFIC

Thanks. Appreciate the insight. I didn't know there were funds that provided PFIC info. Yes, I would expatriate before crossing the thresholds that trigger the mark to market taxes. --- New question: If I directly purchase a property (rental, mobile home park, self storage, etc), and hold it under m...
by future_canuck
Thu Aug 12, 2021 10:51 pm
Forum: Canada / United States Tax & Accounting
Topic: Clarification Sought on Definition of PFIC
Replies: 3
Views: 3266

Clarification Sought on Definition of PFIC

I recently moved to Canada and am looking to invest. I like asset classes like self storage and mobile home parks via syndicated deals (crowdsourced funds). I'm very early in my research (lots of other things to do), but would these types of holdings be considered PFIC's? For examples, companies/off...
by future_canuck
Mon Jun 14, 2021 12:58 am
Forum: Canada / United States Tax & Accounting
Topic: Dual Citizen, future Canadian resident rental investment?
Replies: 4
Views: 2067

Re: Dual Citizen, future Canadian resident rental investment?

@dualblues:
I'm curious if you made any headway on this topic. I am also considering purchasing Canadian rental property while being a US Citizen and want to understand the PFIC implications.
by future_canuck
Sat Jun 12, 2021 2:46 am
Forum: Canada / United States Tax & Accounting
Topic: Social Security Calculation
Replies: 4
Views: 1671

Re: Social Security Calculation

I guess I was thinking that since I will still owe US taxes (via tax treaty), a portion would still go to SS. But, I realize that my Canadian taxes will always control over my US taxes, so the US is not actually receiving tax income from me.

Thanks for the clarification.
by future_canuck
Wed Jun 09, 2021 1:52 am
Forum: Canada / United States Tax & Accounting
Topic: Social Security Calculation
Replies: 4
Views: 1671

Social Security Calculation

When you are a Canadian tax resident and US Citizen, how does the US compute your earned wages for the purposes of social security? Will it use CAD wages, USD after converting CAD to USD, or something else?
by future_canuck
Sun Jun 06, 2021 1:56 am
Forum: Canada / United States Tax & Accounting
Topic: Cross Border Trust Holding
Replies: 2
Views: 3077

Cross Border Trust Holding

I'm a US Citizen and will be moving to Canada later this summer and will become a tax resident of Canada at the time of the move. How does Canada treat income/distributions that are held within a trust? I am considering setting up a grantor trust, which I would have to pay taxes on in the US as the ...
by future_canuck
Wed Mar 17, 2021 1:47 am
Forum: Canada / United States Tax & Accounting
Topic: 506c Investments and K-1s for Canadian Resident
Replies: 0
Views: 7725

506c Investments and K-1s for Canadian Resident

My family and I are going to move to Canada this summer. We are US Citizens and residents. Permanent Residency in Canada isn't likely until 2023, but for tax-purposes, I believe Residency will be considered to start in 2022 (I need to dig into NAFTA agreements for this). Anyway, I have recently star...
by future_canuck
Tue Dec 08, 2020 2:38 am
Forum: Canada / United States Tax & Accounting
Topic: Comparing US to Canada Federal Taxes
Replies: 0
Views: 9124

Comparing US to Canada Federal Taxes

I'm looking to do a rough comparison for the sake of estimating taxes in Canada if/when my wife and I move to the country. In the US, when you file taxes jointly, your tax brackets now double compared to filing singly. My understanding for Canadian taxes is that you can only file singly and if you h...
by future_canuck
Wed Dec 02, 2020 3:50 am
Forum: Canada / United States Tax & Accounting
Topic: Covered Expat question for US Expatriation Tax
Replies: 0
Views: 8923

Covered Expat question for US Expatriation Tax

from this site: https://thunfinancial.com/home/american-expat-financial-advice-research-articles/us-citizen-and-long-term-resident-expatriation-look-before-you-leap/ “Covered Expat”: The Tests and the Exception In addition to the immigration and tax filing processes mentioned above, a one-time exit ...
by future_canuck
Wed Dec 02, 2020 2:11 am
Forum: Canada / United States Tax & Accounting
Topic: 401k to Roth IRA rollover
Replies: 3
Views: 2042

Re: 401k to Roth IRA rollover

nelsona:
sorry to dredge up an older thread and i apologize for my newbie level of understanding.
are you saying that, yes, rollover a 401k to a roth ira, and then if it's not touched until retirement (in canada), it won't be taxed?
thanks