Search found 29 matches
- Mon Mar 25, 2024 10:36 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US dividend stocks in TFSA
- Replies: 4
- Views: 145
Re: US dividend stocks in TFSA
Thank you nelsona, much appreciated! I now understand that US qualified dividends (of which I get a decent amount) should be treated as US sourced. Unfortunately (or fortunately) I am in this high tax bracket. So my qualified dividends are taxed at 15% by the US. So to summarize my understanding, I ...
- Mon Mar 25, 2024 10:35 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US dividend stocks in TFSA
- Replies: 4
- Views: 145
Re: US dividend stocks in TFSA
Thank you nelsona, much appreciated! I now understand that US qualified dividends (of which I get a decent amount) should be treated as US sourced. Unfortunately (or fortunately) I am in this high tax bracket. So my qualified dividends are taxed at 15% by the US. So to summarize my understanding, I ...
- Mon Mar 11, 2024 3:26 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US dividend stocks in TFSA
- Replies: 4
- Views: 145
US dividend stocks in TFSA
I am a US citizen in canada, and am in late stages of planning to start a TFSA ( and not file 3520, and only hold non-PFICs in it). As I understand it, the income from that TFSA is taxable by the US but not by Canada. I have quite a bit of nonregistered stock / interest income that will generate som...
- Sat Sep 30, 2023 10:21 pm
- Forum: Canada / United States Tax & Accounting
- Topic: dividend taxation
- Replies: 4
- Views: 1000
Re: dividend taxation
Thanks nelsona!
If anyone has an independent confirmation of my 3 formulas (or have their own formulas), I would be glad to hear it!
If anyone has an independent confirmation of my 3 formulas (or have their own formulas), I would be glad to hear it!
- Wed Sep 27, 2023 3:45 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Calculating Canadian Dividend Tax Credit for Tax Paid on Form 1116
- Replies: 2
- Views: 1628
Re: Calculating Canadian Dividend Tax Credit for Tax Paid on Form 1116
I think what matters here is the *marginal* tax rate for the return, not the *average* tax rate - that is the amount of extra tax that you are paying for this dividend. Maybe the marginal tax rate is more than the 21.5% credit you are getting?
- Wed Sep 27, 2023 3:41 pm
- Forum: Canada / United States Tax & Accounting
- Topic: dividend taxation
- Replies: 4
- Views: 1000
dividend taxation
Hi All, I would be grateful for some guidance on taxation of dividends. I think something like this could be helpful to many people in a similar situation as they decide where to invest. I am a US citizen, resident of Canada. I avoid Canadian ETFs because of PFIC rules. Here is my rough approximatio...
- Tue Apr 18, 2023 10:42 am
- Forum: Canada / United States Tax & Accounting
- Topic: Canada resident, US person - T4 income vs US wages - subtracting pension contributions
- Replies: 4
- Views: 916
Re: Canada resident, US person - T4 income vs US wages - subtracting pension contributions
Ah, thanks so much!
I guess it will make a difference if I ever live in the US and take distributions from my Canadian pension then. Then I will primarily be paying tax to the US, and having some US-tax-free income would be nice.
I guess it will make a difference if I ever live in the US and take distributions from my Canadian pension then. Then I will primarily be paying tax to the US, and having some US-tax-free income would be nice.
- Mon Apr 17, 2023 1:04 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canada resident, US person - T4 income vs US wages - subtracting pension contributions
- Replies: 4
- Views: 916
Canada resident, US person - T4 income vs US wages - subtracting pension contributions
Hi! I am a US person, living in Canada. I get at T4 from my Canadian employer with a Registered Pension Plan. The income there shows as X. I contributed Y to my RPP. So for my canadian taxes, I get taxed on X - Y. On my US taxes, when they ask for wages, should I write X or X-Y? I used to think it w...
- Tue Aug 16, 2022 11:03 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Capital gain from selling principal residence and foreign tax credit
- Replies: 10
- Views: 2859
Re: Capital gain from selling principal residence and foreign tax credit
Line 3e of form 1116 is "gross income from all sources". If I had a capital gain of $X from the sale of my principal residence (and X < 500K, and I qualify for the exemption), does this $X get counted in Line 3e? My understanding of the exemption from the IRS page is that this $X does not ...
- Sun Jul 17, 2022 8:38 pm
- Forum: Canada / United States Tax & Accounting
- Topic: I Bonds at TreasuryDirect
- Replies: 23
- Views: 13597
Re: I Bonds at TreasuryDirect
Thanks so much!
It makes it less attractive for me of course, but maybe still worth thinking about.
It makes it less attractive for me of course, but maybe still worth thinking about.
- Sun Jul 17, 2022 8:05 am
- Forum: Canada / United States Tax & Accounting
- Topic: I Bonds at TreasuryDirect
- Replies: 23
- Views: 13597
Re: I Bonds at TreasuryDirect
Thanks!
And do I pay tax on the growth annually or can I just pay when it matures in 30 years or when I cash it out?
And do I pay tax on the growth annually or can I just pay when it matures in 30 years or when I cash it out?
- Sat Jul 16, 2022 4:50 pm
- Forum: Canada / United States Tax & Accounting
- Topic: I Bonds at TreasuryDirect
- Replies: 23
- Views: 13597
Re: I Bonds at TreasuryDirect
Does anyone know how Canadian taxation of I bonds works for US citizens living in Canada? I have been thinking about buying some, and they seem great from just a pure US point of view.
Thanks!
Thanks!
- Mon Apr 18, 2022 10:30 pm
- Forum: Canada / United States Tax & Accounting
- Topic: irs underpayment penalty in the year of moving to Canada from the US
- Replies: 2
- Views: 1004
Re: irs underpayment penalty in the year of moving to Canada from the US
Yes, you are right, my move was in July. I understand your idea about FEIE, I will try it out and see, thanks so much! I heard that FEIE is better for countries with low tax rates ... and this is consistent with your suggestion for me since half-year-income in Canada is indeed a low tax rate situati...
- Mon Apr 18, 2022 5:37 pm
- Forum: Canada / United States Tax & Accounting
- Topic: irs underpayment penalty in the year of moving to Canada from the US
- Replies: 2
- Views: 1004
irs underpayment penalty in the year of moving to Canada from the US
Hi all, I moved to Canada from the US in the middle of 2021. From my preliminary calculations, it seems like I will owe an underpayment penalty to the IRS (and will get a massive refund from the CRA). Is this typical? I seem to be in a much lower tax bracket in Canada for this year because of only t...
- Fri Mar 11, 2022 10:19 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 1099-B in the year of transfer of stocks from US to Canada
- Replies: 4
- Views: 1410
Re: 1099-B in the year of transfer of stocks from US to Canada
Many thanks!
(On the purchase date .. for me I guess that is the day of moving from the US to Canada for the stocks that I transferred).
Would any of you be willing to share a spreadsheet template (or at least the column names :) ) that they use for keeping track of their stocks?
(On the purchase date .. for me I guess that is the day of moving from the US to Canada for the stocks that I transferred).
Would any of you be willing to share a spreadsheet template (or at least the column names :) ) that they use for keeping track of their stocks?