Search found 9 matches

by stressfulauditor
Fri Nov 25, 2022 4:30 pm
Forum: Canada / United States Tax & Accounting
Topic: Canada Departure Return for 1 Day
Replies: 7
Views: 4882

Re: Canada Departure Return for 1 Day

Thank you Nelson! If I am interpreting this correctly then in the departure return for my part-year Canada resident, I would NOT report my world income (aka US employment income that I earned while I was a USA resident) since I didn't earn any income during my time as a Canadian resident and am not ...
by stressfulauditor
Wed Nov 16, 2022 12:41 am
Forum: Canada / United States Tax & Accounting
Topic: Canada Departure Return for 1 Day
Replies: 7
Views: 4882

Re: Canada Departure Return for 1 Day

Thanks Nelson. For the tax return in the departure year aka departure return,, where do I report the world income (or income that I earned while I was in the USA and a Canada non-resdient) because a Schedule A is only for non-resident
by stressfulauditor
Sat Nov 12, 2022 3:15 pm
Forum: Canada / United States Tax & Accounting
Topic: Canada Departure Return for 1 Day
Replies: 7
Views: 4882

Re: Canada Departure Return for 1 Day

For tax year 2020 CANADA tax return: the full US wages were included on the CDN return and it was filed as if I was there for the full year as a resident. For 2020 tax year, IRS/US taxes were filed as a non-resident (1040NR for federal), I was told at that time that I could not have a departure date...
by stressfulauditor
Thu Nov 10, 2022 5:29 pm
Forum: Canada / United States Tax & Accounting
Topic: Canada Departure Return for 1 Day
Replies: 7
Views: 4882

Canada Departure Return for 1 Day

Hello! In need of a bit of advice on my situation, a CPA suggested I do the following but I am not sure if this approach is right - to file a Canadian tax return but put the departure date as Jan 1, 2021 because I didn't file previously. -2020 Taxes - filed in Canada as a resident, pervious accounta...
by stressfulauditor
Mon Sep 05, 2022 9:10 pm
Forum: Canada / United States Tax & Accounting
Topic: double taxation on canadian savings account?
Replies: 3
Views: 1310

Re: double taxation on canadian savings account?

So I had forgotten to tell my canadian bank and they issued a T5 slip. Do I still report this both like a 1099-INT on my IRS USA tax and my CRA canada T5? Thanks
by stressfulauditor
Thu Aug 18, 2022 6:50 pm
Forum: Canada / United States Tax & Accounting
Topic: double taxation on canadian savings account?
Replies: 3
Views: 1310

double taxation on canadian savings account?

I have a Canadian savings accounts which I earned about $150 of interest on but I am a US tax resident during 2021 when it happened. How do I report this to avoid getting double taxed on both Canada and USA? Thank you
by stressfulauditor
Sat Jul 30, 2022 8:08 pm
Forum: Canada / United States Tax & Accounting
Topic: Confusion on how to file for PFIC
Replies: 0
Views: 41864

Confusion on how to file for PFIC

Are there any free resources on how to file the taxes for my Canadian ETF dividends? Thank you
by stressfulauditor
Sat May 14, 2022 4:53 pm
Forum: Canada / United States Tax & Accounting
Topic: PFIC Reporting Requirement
Replies: 1
Views: 2289

PFIC Reporting Requirement

I have a TFSA with only $9k holding the common XEQT Canadian ETF. I've received about $50 worth of dividends last year from this one ETF. Do I still need to do any PFIC Reporting even though it is under 25k? Thank you
by stressfulauditor
Thu May 05, 2022 5:31 pm
Forum: Canada / United States Tax & Accounting
Topic: Canada CRA Departure Date
Replies: 1
Views: 962

Canada CRA Departure Date

I received a letter from the CRA asking me for supporting documentation of my departure date of June. I am a Canadian citizen, was (1) studying on an F1 visa in Jan-June and (2) Got an h1b and started working for US-based employer July-Dec. My CPA filed me as a US non-resident and Canada departure r...