Search found 28 matches

by dualblues
Mon Jun 14, 2021 1:21 am
Forum: Canada / United States Tax & Accounting
Topic: Dual Citizen, future Canadian resident rental investment?
Replies: 4
Views: 536

Re: Dual Citizen, future Canadian resident rental investment?

Hi future_canuck, Thanks for your inquiry. I have received lots of great advice on how to prepare my portfolio for a return to Canada. Unfortunately, I haven't found any good news with respect to purchasing a rental property in Canada. My interest lies in using it to diversify my portfolio and, idea...
by dualblues
Wed May 12, 2021 12:37 am
Forum: Canada / United States Tax & Accounting
Topic: Dual Citizen, future Canadian resident and titling assets.
Replies: 2
Views: 327

Re: Dual Citizen, future Canadian resident and titling assets.

Thanks nelsona for your helpful response.

I am not sure why re-titling assets is rarely mentioned as a strategy for dual citizens returning to Canada (in the literature that I have read). It seems to be a useful - somewhat similar to pension sharing.

Cheers!
by dualblues
Tue May 11, 2021 12:54 am
Forum: Canada / United States Tax & Accounting
Topic: Dual Citizen, future Canadian resident and titling assets.
Replies: 2
Views: 327

Dual Citizen, future Canadian resident and titling assets.

Thanks for your consideration! Background: A dual citizen returning to Canada with stocks and ETFs in a non-registered brokerage account. For sake of discussion, lets say the portfolio is worth $1 million (a round number to make the math easy). Let's assume 30% or 300K is long-term capital gains. Le...
by dualblues
Wed May 05, 2021 12:23 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual Citizen, Canadian brokerage issue 2 sets of tax slips..
Replies: 1
Views: 774

Dual Citizen, Canadian brokerage issue 2 sets of tax slips..

Thanks for your consideration. Background: Dual citizen returning to Canada. For my non-registered brokerage needs, I currently use Interactive Brokerage and Vanguard. My plan was to use Interactive Brokerage Canada when I return. Their fees are cheap and provide cheap currency exchange. I read in &...
by dualblues
Tue May 04, 2021 8:37 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual Citizen, future Canadian resident rental investment?
Replies: 4
Views: 536

Re: Dual Citizen, future Canadian resident rental investment?

Thanks Numbersman61, Wouldn't an LLC that holds a rental property be considered a PFIC? In this case, it would mean a quick stop to this strategy. Are there other common strategies that could be used? For example, occupying the property for several years prior to selling it - in order for it to qual...
by dualblues
Wed Apr 14, 2021 12:10 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual Citizen, future Canadian resident rental investment?
Replies: 4
Views: 536

Dual Citizen, future Canadian resident rental investment?

Thanks for your consideration. I am a dual citizen returning to Canada. I am looking for some information/advice/experience with respect to tax treatment of a rental property. The idea is to purchase a house/condo in order to diversify my portfolio (get modest income or capital gains and give to kid...
by dualblues
Tue Apr 13, 2021 2:00 am
Forum: Canada / United States Tax & Accounting
Topic: US-Cad citizen vs Norbert's Gambit
Replies: 6
Views: 1139

Re: US-Cad citizen vs Norbert's Gambit

Hi akersar, Skip Norbert's Gambit and convert the currency directly on Forex. I use an Interactive Brokers account for this purpose. It allows you to get the actual rate without banks imposing a spread. The transaction costs were ridiculously low. Once converted, you can invest the money or transfer...
by dualblues
Sun Apr 04, 2021 2:54 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual citizens and Educational Savings Plans
Replies: 2
Views: 330

Dual citizens and Educational Savings Plans

Thanks for your help! I am dual citizen preparing to becoming a Canadian resident. It would be possible for me to make. use of US educational savings plans and Canadian ones as well (after my return). However, based on my research, these plans provide little benefit (because they are not recognized ...
by dualblues
Thu Apr 01, 2021 2:15 am
Forum: Canada / United States Tax & Accounting
Topic: Recommended Tax Software for US Persons in Canada
Replies: 2
Views: 320

Recommended Tax Software for US Persons in Canada

Thanks for your consideration. I will most likely have Canadian and US taxes done professionally for the first year back (or more?). However, I would likely attempt to prepare the returns myself (as well). This would allow me to better understand the options and make intelligent decisions moving for...
by dualblues
Thu Apr 01, 2021 2:00 am
Forum: Canada / United States Tax & Accounting
Topic: Understanding the Foreign Tax Credit Limit Calculation
Replies: 8
Views: 636

Re: Understanding the Foreign Tax Credit Limit Calculation

Thanks nelsona and Numbersman61 for your helpful posts! Numbersman61, nice to hear that you were able to make use of the pension splitting. Recently, nelsona shared a link on this topic: https://forums.serbinski.com/viewtopic.php?t=11014 Cool that you can use pension splitting for your 401k too! Thi...
by dualblues
Wed Mar 31, 2021 1:28 pm
Forum: Canada / United States Tax & Accounting
Topic: Understanding the Foreign Tax Credit Limit Calculation
Replies: 8
Views: 636

Re: Understanding the Foreign Tax Credit Limit Calculation

Thanks for your clarification, nelsona. I was able to find the CRA's document on discussing the foreign tax credit calculation: https://www.canada.ca/en/revenue-agency/services/tax/technical-information/income-tax/income-tax-folios-index/series-5-international-residency/folio-2-foreign-tax-credits-d...
by dualblues
Tue Mar 30, 2021 8:07 pm
Forum: Canada / United States Tax & Accounting
Topic: Can you roll over Roth IRA accounts as a Canadian Resident?
Replies: 11
Views: 738

Re: Can you roll over Roth IRA accounts as a Canadian Resident?

BTW, I have exchanged messages with someone that has a Schwab IRA/Roth IRA and said that Schwab would not allow them to open a new account..but, were allowing them to hold and use existing accounts.
by dualblues
Tue Mar 30, 2021 8:01 pm
Forum: Canada / United States Tax & Accounting
Topic: Can you roll over Roth IRA accounts as a Canadian Resident?
Replies: 11
Views: 738

Re: Can you roll over Roth IRA accounts as a Canadian Resident?

Hi heiwang88, Here is what I was told with respect to IRA/Roth IRA at Vanguard, Fidelity and Schwab. Perhaps the most meaningful finding was that the answers are inconsistent (they vary with the moon phase :). Vanguard IRA/Roth IRA ---------------------------- - person: Joseph - Assumptions: US Citi...
by dualblues
Mon Mar 29, 2021 3:43 am
Forum: Canada / United States Tax & Accounting
Topic: Understanding the Foreign Tax Credit Limit Calculation
Replies: 8
Views: 636

Understanding the Foreign Tax Credit Limit Calculation

Thanks for your support! I am a dual citizen (US person) becoming a Canadian tax resident. Eventually, I will make qualified 401k/IRA withdrawals. Here is my understanding: i) I would pay Canadian/Ontario income taxes based on the withdrawal amount. ii) I would calculate my US taxes based on the wit...
by dualblues
Mon Mar 29, 2021 2:39 am
Forum: Canada / United States Tax & Accounting
Topic: Can you roll over Roth IRA accounts as a Canadian Resident?
Replies: 11
Views: 738

Re: Can you roll over Roth IRA accounts as a Canadian Resident?

Hi heiwang88, I can share a data point on Schwab: I spoke with Schwab and Schwab International last week (as per nelsona's suggestion). They indicated they would hold the IRA/Roth IRA and transfer it over to their International Client Services when I update to a Canadian address. Would love to hear ...