Search found 4 matches
- Wed Mar 29, 2023 1:25 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Reporting for RRSP GIC on Form 8938 and FBAR
- Replies: 4
- Views: 4980
Reporting for RRSP GIC on Form 8938 and FBAR
Hi, I'm a Canadian working in the US on a TN visa and required to file both Form 8938 and FBAR. I have an RRSP Savings account (as well as an RRSP brokerage account) that were opened before I moved to the US and I've been reporting both accounts separately under Part VI "Other Foreign Asset&quo...
- Wed Feb 17, 2021 3:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Foreign tax credit
- Replies: 6
- Views: 1977
Re: Foreign tax credit
I'm so sorry Nelsona, I just realized i might have miscommunicated. Line 26 on my schedule E & Line 8 on 1040 is actually 0. The 2000 loss i was referring to is the difference between Line 3 (gross income) and Line 20 (total expenses) on Schedule E (as a result of depreciation) and will be carri...
- Tue Feb 16, 2021 2:33 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Foreign tax credit
- Replies: 6
- Views: 1977
Re: Foreign tax credit
Thank you Nelsona & sorry for the late reply! Could you please help me to better understand the reason for including rental losses in 1116? On my 1040 return, I'm not qualified to use losses from rental to offset other income such as interest. As such, if i include rental losses in 1116 (gross i...
- Fri Feb 12, 2021 7:57 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Foreign tax credit
- Replies: 6
- Views: 1977
Foreign tax credit
Hi, I'm a Canadian working in the US on a TN visa. I have a rental property and bank accounts in Canada so both the rental income and bank interest will be reported on my 1040 return. - because of depreceiation, I will be reporting a net loss of 2,000 on Schedule E - on 216 return in Canada, I will ...