Search found 9 matches

by northmount183
Tue Feb 15, 2022 3:45 pm
Forum: Canada / United States Tax & Accounting
Topic: Student loan TN RESPngeneral questions
Replies: 0
Views: 13447

Student loan TN RESPngeneral questions

I graduated and moved to US on TN visa in Mar/21 so I plan to declare departure from Canada and will be deemed resident in US starting Mar/21. My parents had made a RESP withdrawal to pay my student loan. I will report this withdrawal under T4A for my Canada income tax and I think I will not pay tax...
by northmount183
Sat Mar 20, 2021 10:03 pm
Forum: Canada / United States Tax & Accounting
Topic: Canada foreign income tax credit
Replies: 2
Views: 1356

Re: Canada foreign income tax credit

Sorry, the previous post was confusing, I think my question is : is there a maximum limit for the foreign tax credit? Or up to the amount which is less between the foreign tax paid on the foreign income or the Canada tax someone should pay on the foreign income thank you
by northmount183
Sat Mar 20, 2021 5:59 pm
Forum: Canada / United States Tax & Accounting
Topic: Canada foreign income tax credit
Replies: 2
Views: 1356

Canada foreign income tax credit

Based on my understanding, No matter how much foreign income tax you pay, as a tax payer in Canada, the maximum federal foreign tax credit is $39,462; and the maximum provincial foreign tax credit is $23,851. Is it correct? Thanks.
by northmount183
Wed Mar 17, 2021 1:29 pm
Forum: Canada / United States Tax & Accounting
Topic: first TN visa family in Canada tax consideration
Replies: 5
Views: 1845

Re: first TN visa family in Canada tax consideration

Thanks Nelsona, you are always response to the questions tirelessly, really appreciate! I heard from a few of my friends telling me that if I continue to be a Can tax resident, the tax payment under Canada may be significantly higher, so have to pay more tax in thousands, even in 5 figures. Is that ...
by northmount183
Tue Mar 16, 2021 11:44 pm
Forum: Canada / United States Tax & Accounting
Topic: first TN visa family in Canada tax consideration
Replies: 5
Views: 1845

Re: first TN visa family in Canada tax consideration

Also, I noticed previous post advises that under this situation I may be pushed out as Canada “ non- resident” tax payer. However if I visit my spouse and kid in Canada frequently, am I still a tax resident in Canada? What is the benefit or disadvantage of maintaining Canada resident tax status? Tha...
by northmount183
Tue Mar 16, 2021 11:21 pm
Forum: Canada / United States Tax & Accounting
Topic: first TN visa family in Canada tax consideration
Replies: 5
Views: 1845

first TN visa family in Canada tax consideration

I am going to work on TN visa in US but my family will stay in Canada. If I live in NY state, I understand I need to pay US fed tax, NY state tax and FICA. What Do i need to report in Canada? Do I need to report all my income from US to CRA and pay Canada & Ontario tax then claim foreign tax cre...
by northmount183
Fri Mar 12, 2021 12:23 am
Forum: Canada / United States Tax & Accounting
Topic: Canada/US income tax and foreign income tax credit
Replies: 2
Views: 1263

Canada/US income tax and foreign income tax credit

I work on TN visa in US but family is still in Canada, so i have to declare and pay income tax on both countries. how to calculate the Canada foreign income tax credit for the income tax I paid to US. Can I off-set my Canadian income tax with the full amount of tax I paid to US? thanks for your help.