Search found 16 matches

by curiousJ
Thu Mar 16, 2023 12:50 am
Forum: Canada / United States Tax & Accounting
Topic: full federal non-refundable tax credits
Replies: 8
Views: 1327

Re: full federal non-refundable tax credits

Got it. Thank you very much!
by curiousJ
Wed Mar 15, 2023 3:07 pm
Forum: Canada / United States Tax & Accounting
Topic: full federal non-refundable tax credits
Replies: 8
Views: 1327

Re: full federal non-refundable tax credits

I made about 10k in December 2022. WS estimated $500 and TurboTax estimated double of that as my final return. hmmm.
by curiousJ
Tue Mar 14, 2023 1:10 pm
Forum: Canada / United States Tax & Accounting
Topic: full federal non-refundable tax credits
Replies: 8
Views: 1327

Re: full federal non-refundable tax credits

Thanks for your response, nelsona. Both WealthSimple and TurboTax ask me to provide my income (Canadian and foreign source income) prior to my return to Canada (December 2022). Once I input these numbers and it notified me that I failed to pass the 90% test and it changed my estimate dramatically.
by curiousJ
Tue Mar 14, 2023 12:23 am
Forum: Canada / United States Tax & Accounting
Topic: full federal non-refundable tax credits
Replies: 8
Views: 1327

Re: full federal non-refundable tax credits

Got it. Thank you for your response. I tried TurboTax afterwards with the same input and it gave me double of tax return compare to WealthSimple. That got me very confused about this full non-refundable federal tax credits.
by curiousJ
Mon Mar 13, 2023 12:21 pm
Forum: Canada / United States Tax & Accounting
Topic: full federal non-refundable tax credits
Replies: 8
Views: 1327

full federal non-refundable tax credits

Hello, I returned to Canada and became a resident in December 2022. I only had US income prior to my return to Canada. Now I am filing my Canadian tax, and the tax tool [WealthSimple] doesn't let me claim for full federal non-refundable tax credits as I don't pass the 90% test. My 2022 income as a n...
by curiousJ
Sun Jan 22, 2023 11:28 am
Forum: Canada / United States Tax & Accounting
Topic: Moving from US to CAD. Stocks Transfer?
Replies: 3
Views: 824

Re: Moving from US to CAD. Stocks Transfer?

Good morning nelsona I did sell my losers. All the stocks I want to transfer are still in green. I am assuming if I trade with my US broker this year, I will need to file tax for 2023 to IRS? If I transfer my stocks now to Canadian broker, then I will only deal my tax filing with CRA in the future? ...
by curiousJ
Sun Jan 22, 2023 1:39 am
Forum: Canada / United States Tax & Accounting
Topic: Moving from US to CAD. Stocks Transfer?
Replies: 3
Views: 824

Moving from US to CAD. Stocks Transfer?

Hello, I moved from US to Canada last December. I have a stock trading account with an US broker. They are mostly long-term investment so I haven't trade any of them for a while. Since I am living in Canada now, should I simply transfer these stocks to a Canadian Broker to avoid any tax issue with U...
by curiousJ
Sun Nov 20, 2022 11:08 pm
Forum: Canada / United States Tax & Accounting
Topic: TN moving back to Canada. Tax Question
Replies: 16
Views: 14918

Re: TN moving back to Canada. Tax Question

nelsona wrote: > file an extension, and file when you meet the test That's going to be at least 6 months extension plus the Canadian side. I've never done it before so I am not sure if they will allow such long extension period. Can I just file full year 1040 including the CDn income for the standar...
by curiousJ
Sun Nov 20, 2022 1:26 pm
Forum: Canada / United States Tax & Accounting
Topic: TN moving back to Canada. Tax Question
Replies: 16
Views: 14918

Re: TN moving back to Canada. Tax Question

nelsona wrote: > One question at a time: > > The request for previous tax year info *might* be for netfiling, which you > probabaly can;t do anyways as a returning resident. You were not supposed > to file in 2021, so don't worry. > > As for 2555, you will only qualify after you leave US for about a...
by curiousJ
Thu Nov 17, 2022 1:21 pm
Forum: Canada / United States Tax & Accounting
Topic: TN moving back to Canada. Tax Question
Replies: 16
Views: 14918

Re: TN moving back to Canada. Tax Question

nelsona wrote: > 1. You can file just the US income, but that forces you to file > "dual-status{, wherby you lose the standard deduction and som other > benefits of filing full-year. It is usually best to simply file full year > 1040, including the CDn income, and getting the beter taxrate, and...
by curiousJ
Thu Nov 17, 2022 11:49 am
Forum: Canada / United States Tax & Accounting
Topic: TN moving back to Canada. Tax Question
Replies: 16
Views: 14918

Re: TN moving back to Canada. Tax Question

Another question I have is: I informed CRA of my departure date on my 2020 return and I didn't file my return for 2021 because I was not a resident of Canada in that tax year. For my 2022 return, are they going to ask for my Notice of Assessment for 2021? I remember when I did my tax return before, ...
by curiousJ
Thu Nov 17, 2022 11:19 am
Forum: Canada / United States Tax & Accounting
Topic: TN moving back to Canada. Tax Question
Replies: 16
Views: 14918

Re: TN moving back to Canada. Tax Question

Thanks for all your reply. On my final return before I moved to the US, I did give my departure date. Now I will have to report my 2022 December income. In this case, do I just simply file my 2022 return and CRA will know I am a returning resident? or is there a particular form I need to file to inf...
by curiousJ
Sat Oct 15, 2022 8:25 pm
Forum: Business & Personal Immigration to Canada
Topic: Import Car from US to Canada - Port of Entry and Tax
Replies: 3
Views: 10305

Import Car from US to Canada - Port of Entry and Tax

Hello, I am planning to move to Alberta Canada permanently and will bring my car with me. The province only has 5% GST. If I choose to cross at border in BC, are they going to tax my car based on BC's tax rate? BC has 5% GST + 7% PST while Alberta only has 5% GST. My question is: is the tax on impor...
by curiousJ
Tue Sep 27, 2022 3:00 pm
Forum: Canada / United States Tax & Accounting
Topic: TN moving back to Canada. Tax Question
Replies: 16
Views: 14918

Re: TN moving back to Canada. Tax Question

Thank you for your reply. This is very helpful. When you advised to receive all my US income before I return to Canada, do you mean by the date I actually receive my paycheck? I am planning to go back on December 1 st, but I will receive my paycheck on the 8th for my work during November 15th - 30th...
by curiousJ
Mon Sep 26, 2022 11:19 am
Forum: Canada / United States Tax & Accounting
Topic: TN moving back to Canada. Tax Question
Replies: 16
Views: 14918

TN moving back to Canada. Tax Question

Hello, I have been working in the States for several years with a TN Status. I recently got a job offer and plan to move back to Canada and start the job in December. In this situation, how should I file my tax for 2022? 1. When I file tax to IRS, should I only file my income from January 2022 - Nov...