Search found 5 matches

by amcquaid
Mon Dec 28, 2020 7:24 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax treatment of RRSP converted to RRIF for parents moving to USA from Canada
Replies: 6
Views: 549

Re: Tax treatment of RRSP converted to RRIF for parents moving to USA from Canada

Follow up question. Assume that book value is low and one wants to increase book value to match market value. Can you just sell your current stock in company A and rebuy that stock on the same day? Are you required to buy stock in a different company? If so how long are you required to hold it for? ...
by amcquaid
Sun Dec 27, 2020 10:55 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax treatment of RRSP converted to RRIF for parents moving to USA from Canada
Replies: 6
Views: 549

Re: Tax treatment of RRSP converted to RRIF for parents moving to USA from Canada

When you say book value are you talking about the cost basis of a stock or the market value of the stock on the day they get their green card. They put lots into Tesla so the cost basis would be very low while the actual value would be very high. Restating the above say there is one share in the RRS...
by amcquaid
Sat Dec 26, 2020 11:55 pm
Forum: Canada / United States Tax & Accounting
Topic: US Citizen earning US income whilst in Canada
Replies: 6
Views: 827

Re: US Citizen earning US income whilst in Canada

Wouldn't your company just convert you to Canadian payroll and pay you in Canadian Dollars? I would assume that there are legal issues for the company if they don't withhold local payroll taxes etc.
by amcquaid
Sat Dec 26, 2020 11:48 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax treatment of RRSP converted to RRIF for parents moving to USA from Canada
Replies: 6
Views: 549

Tax treatment of RRSP converted to RRIF for parents moving to USA from Canada

My parents have several millions of dollars in RRSPs. They are both in their late 60s. I am a dual Canadian/USA citizen and I am considering sponsoring them for green cards. One of their main concerns is how this would effect their RRSP and other assets. I read here: https://forums.serbinski.com/vie...