Search found 15 matches
- Mon Feb 26, 2024 12:18 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Part XIII not deducted
- Replies: 2
- Views: 185
Re: Part XIII not deducted
Thank you for this! Much appreciated.
- Thu Feb 22, 2024 9:55 am
- Forum: Canada / United States Tax & Accounting
- Topic: Part XIII not deducted
- Replies: 2
- Views: 185
Part XIII not deducted
I'm a long-time non-resident of Canada living in the US. I received about C$10k in interest from the Canadian federal government in 2023. I informed the paying agency that I am a non-resident, living in the US. They did not deduct any tax and issued a T5 at the end of the year. I'm wondering if I sh...
- Sun Mar 05, 2023 6:52 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Incorrect T4 Withholding
- Replies: 4
- Views: 758
Re: Incorrect T4 Withholding
Thanks a lot! I will do that.
- Sun Mar 05, 2023 5:59 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Incorrect T4 Withholding
- Replies: 4
- Views: 758
Re: Incorrect T4 Withholding
Oh wow, I didn’t realize that.
I don’t have any other Canadian source income at all. My reference to Part XIII liabilities was only because I thought this income was subject to Part XIII.
I don’t have any other Canadian source income at all. My reference to Part XIII liabilities was only because I thought this income was subject to Part XIII.
- Sun Mar 05, 2023 4:06 am
- Forum: Canada / United States Tax & Accounting
- Topic: Incorrect T4 Withholding
- Replies: 4
- Views: 758
Incorrect T4 Withholding
Hello, I left Canada to move to the US about 8 years ago and became a non-resident. In 2022, I received some surprise retroactive pay in Canada from a government job I used to have due to errors with their pay system. Even though I have notified them that I left Canada, they withheld income tax as i...
- Tue Jun 14, 2022 6:37 am
- Forum: Canada / United States Tax & Accounting
- Topic: Capital loss carryback
- Replies: 2
- Views: 2479
Re: Capital loss carryback
(i.e. up to 2015, excuse the typo)
- Tue Jun 14, 2022 6:36 am
- Forum: Canada / United States Tax & Accounting
- Topic: Capital loss carryback
- Replies: 2
- Views: 2479
Capital loss carryback
Hello,
The CRA just reassessed my 2018 return (in 2022, long process). Now I have a capital loss in 2018 that I didn’t have before.
Can I request to carry this capital loss back to the previous three years (I.e. up to 215), even though it was a long time ago?
The CRA just reassessed my 2018 return (in 2022, long process). Now I have a capital loss in 2018 that I didn’t have before.
Can I request to carry this capital loss back to the previous three years (I.e. up to 215), even though it was a long time ago?
- Sat Aug 07, 2021 6:29 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Pension Lump Sum on T4A
- Replies: 14
- Views: 6617
Re: Canadian Pension Lump Sum on T4A
Hi nelsona, Just wanted to let you know what happened. I wrote to the CRA explaining the situation. An auditor then used the T4A to calculate a Part XIII liability on the full amount (including the direct RRSP transfer). I received a notice of assessment asking for a large payment of additional XIII...
- Sat Feb 20, 2021 1:18 am
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Pension Lump Sum on T4A
- Replies: 14
- Views: 6617
Re: Canadian Pension Lump Sum on T4A
Thanks a lot. Sounds like I’ll need to try to get it straightened out with the CRA.
- Fri Feb 19, 2021 9:56 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Pension Lump Sum on T4A
- Replies: 14
- Views: 6617
Re: Canadian Pension Lump Sum on T4A
First off - this forum is awesome and thanks for your advice. Here are the specifics: I had a defined benefit pension that was paid out in a lump sum in two parts: 1. Amount within limits under the income tax act 1.1 - an in-limit amount directly transferred into a LRRSP 1.2 - an in-limit amount dir...
- Fri Feb 19, 2021 1:55 am
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Pension Lump Sum on T4A
- Replies: 14
- Views: 6617
Re: Canadian Pension Lump Sum on T4A
I take that back — the T2151 was not for the portion contributed to the RRSP... oh boy.
- Fri Feb 19, 2021 1:48 am
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Pension Lump Sum on T4A
- Replies: 14
- Views: 6617
Re: Canadian Pension Lump Sum on T4A
You have given me some hope, as they did file a T2151. This was used to avoid withhold regular income tax rather than XIII, but seems to be the same form and process.
- Fri Feb 19, 2021 1:45 am
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Pension Lump Sum on T4A
- Replies: 14
- Views: 6617
Re: Canadian Pension Lump Sum on T4A
Hmmm... I agree that the employer should have 1) made a XIII withholding on the cash disbursement and 2) requested a waiver on withholding XIII for the amount directly transferred from a registered pension plan into an RRSP. Instead they made a regular income tax withholding on the cash transfer val...
- Fri Feb 19, 2021 12:48 am
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Pension Lump Sum on T4A
- Replies: 14
- Views: 6617
Re: Canadian Pension Lump Sum on T4A
Thanks a lot. Indeed, the RRSP credit isn't too exciting. The portion of the payment transferred into the RRSP is reported on the T4A and offset by an RRSP contribution. Unfortunately my worldwide income is too high to do a 217 election. Reviewing the documentation again, I see that the withholding ...
- Thu Feb 18, 2021 2:15 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Pension Lump Sum on T4A
- Replies: 14
- Views: 6617
Canadian Pension Lump Sum on T4A
Hello, I'm a non-resident of Canada living in the USA. I received a lump sum payout of an old pension plan from Canada, part of which was transferred to an RRSP (still had RRSP space available) and part of which was received in cash. Around 18 percent of the cash part was withheld for federal income...