US citizen holds us driver license, studies in Canadian university, did summer intern in a Canadian company last year, only physical present in states for 2 weeks the whole year.
Get T4 for intern income, not sure how to report tax
1. report non resident tax for Canada(no provincial), US federal and ...
Search found 30 matches
- Fri Mar 21, 2025 11:31 pm
- Forum: Canada / United States Tax & Accounting
- Topic: residence status for tax filing
- Replies: 0
- Views: 7374
- Sun Mar 24, 2024 9:53 am
- Forum: Canada / United States Tax & Accounting
- Topic: Question for RESP income report
- Replies: 3
- Views: 2462
Re: Question for RESP income report
Thanks for your reply.
The RESP account is from Canadian Scholarship Trust Plan. By statement, we can only see "Income on principal" and "Income on grant(s)", no list for detailed activity.
The RESP account is from Canadian Scholarship Trust Plan. By statement, we can only see "Income on principal" and "Income on grant(s)", no list for detailed activity.
- Sat Mar 23, 2024 8:25 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Question for RESP income report
- Replies: 3
- Views: 2462
Question for RESP income report
For tax year 2022, my RESP account had some loss in statement. I didn't report loss in tax form.
For year 2023, it has some income comparing to year 2022, but the value is still less than 2021.
Need I report income for 2023?
For year 2023, it has some income comparing to year 2022, but the value is still less than 2021.
Need I report income for 2023?
- Tue Mar 21, 2023 8:58 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Resident or deemed non-resident?
- Replies: 5
- Views: 2742
Re: Resident or deemed non-resident?
Thanks, US green card holder.
Canadian employer insists the status is residency in Canada, I don’t believe we can report as resident for both contries.
Canadian employer insists the status is residency in Canada, I don’t believe we can report as resident for both contries.
- Tue Mar 21, 2023 3:09 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Resident or deemed non-resident?
- Replies: 5
- Views: 2742
Resident or deemed non-resident?
Canadian, moved to states 10 years ago with parents, now studies in a Canadian university, rent apartment, has one Canadian account open.
Earned some money from Canadian employer, T4A is issued.
To file tax return for Canada, the status is resident or deemed non-resident?
Earned some money from Canadian employer, T4A is issued.
To file tax return for Canada, the status is resident or deemed non-resident?
- Sun Mar 12, 2023 6:03 pm
- Forum: Canada / United States Tax & Accounting
- Topic: late reporting 3520a penalty on RESP account
- Replies: 7
- Views: 5116
Re: late reporting 3520a penalty on RESP account
As I understand, proc 2020-17 is applicable for open tax years. After Apr 2022, 2018 is not open tax year.
Not sure why IRS gave penalty after 3 years.
Not sure why IRS gave penalty after 3 years.
- Thu Apr 07, 2022 5:01 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Does my child need to file taxes if they received form NR4 for their RESP but have no other income
- Replies: 6
- Views: 4826
- Wed Apr 06, 2022 8:35 am
- Forum: Canada / United States Tax & Accounting
- Topic: Need my son report RESP EAP in tax return?
- Replies: 19
- Views: 20527
Re: Need my son report RESP EAP in tax return?
I asked a local accountant, he said no need report EAP in my son's 1040.
RESP is tax deferred in Canada. When cash out EAP, it's counted as Income.
In US, we pay tax for RESP income every year, like stock capital gain and deposit interest, distribution from RESP shouldn't be treated as income for ...
RESP is tax deferred in Canada. When cash out EAP, it's counted as Income.
In US, we pay tax for RESP income every year, like stock capital gain and deposit interest, distribution from RESP shouldn't be treated as income for ...
- Tue Apr 05, 2022 2:50 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Need my son report RESP EAP in tax return?
- Replies: 19
- Views: 20527
Re: Need my son report RESP EAP in tax return?
Thanks Nelsona for your detailed reply, just one thing needs your help to clarify.
As I posted RBC document before
"Where someone else is a subscriber and/or contributor to
the RESP, and the RESP is a foreign grantor trust in respect
of such persons (as discussed earlier), a U.S. beneficiary
is not ...
As I posted RBC document before
"Where someone else is a subscriber and/or contributor to
the RESP, and the RESP is a foreign grantor trust in respect
of such persons (as discussed earlier), a U.S. beneficiary
is not ...
- Tue Apr 05, 2022 8:25 am
- Forum: Canada / United States Tax & Accounting
- Topic: Form 8938 FATCA reporting - custodial account or deposit account
- Replies: 13
- Views: 23562
Re: Form 8938 FATCA reporting - custodial account or deposit account
From internet
"An RRSP is an entity that matches the U.S. tax definition of a “foreign trust” and specifically it matches the definition of the type of trust that passes all of its income through to its owner every year–a foreign grantor trust."
"An RRSP is an entity that matches the U.S. tax definition of a “foreign trust” and specifically it matches the definition of the type of trust that passes all of its income through to its owner every year–a foreign grantor trust."
- Mon Apr 04, 2022 11:27 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Does my child need to file taxes if they received form NR4 for their RESP but have no other income
- Replies: 6
- Views: 4826
- Mon Apr 04, 2022 10:40 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Does my child need to file taxes if they received form NR4 for their RESP but have no other income
- Replies: 6
- Views: 4826
Re: Does my child need to file taxes if they received form NR4 for their RESP but have no other income
Hi, Complete
Is EAP treated as earned or unearned income?
Wage line is line 1, is EAP is categorized as "Scholarship and Fellowship grants"?
If EAP is "distributions of unearned income from a trust", it shouldn't be reported in wage line.
If my son gets 1K in W2(part time job in campus), plus 10K ...
Is EAP treated as earned or unearned income?
Wage line is line 1, is EAP is categorized as "Scholarship and Fellowship grants"?
If EAP is "distributions of unearned income from a trust", it shouldn't be reported in wage line.
If my son gets 1K in W2(part time job in campus), plus 10K ...
- Mon Apr 04, 2022 9:34 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Need my son report RESP EAP in tax return?
- Replies: 19
- Views: 20527
Re: Need my son report RESP EAP in tax return?
EAP is earned or unearned income?
My son get 10k EAP last year, need he file tax return?
My son get 10k EAP last year, need he file tax return?
- Sat Mar 05, 2022 6:45 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Need my son report RESP EAP in tax return?
- Replies: 19
- Views: 20527
Re: Need my son report RESP EAP in tax return?
Find a RBC document
Where someone else is a subscriber and/or contributor to
the RESP, and the RESP is a foreign grantor trust in respect
of such persons (as discussed earlier), a U.S. beneficiary
is not subject to U.S. income tax when they receive a
distribution from the RESP, provided the ...
Where someone else is a subscriber and/or contributor to
the RESP, and the RESP is a foreign grantor trust in respect
of such persons (as discussed earlier), a U.S. beneficiary
is not subject to U.S. income tax when they receive a
distribution from the RESP, provided the ...
- Fri Mar 04, 2022 9:56 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Need my son report RESP EAP in tax return?
- Replies: 19
- Views: 20527
Re: Need my son report RESP EAP in tax return?
We already report RESP income in annual tax return, not sure if need report EAP again, since tax is already paid every year.