Search found 8 matches

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: 545

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: 377

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: 377

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: 0
Views: 185

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: 727

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: 1530

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: 1303

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: 957

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