Search found 99 matches

by stewak2
Mon Sep 02, 2019 7:03 pm
Forum: Canada / United States Tax & Accounting
Topic: Revenue Canada Not accepting my Foreign Tax Claim
Replies: 3
Views: 180

Re: Revenue Canada Not accepting my Foreign Tax Claim

I'm in somewhat same situation - this is the second time CRA has asked for transcripts. However, the first year they accepted my Federal tax, Social Security, Medicare, and US state tax in the end, after I supplied IRS and State transcripts. I have supplied these again this year and I am waiting for...
by stewak2
Mon Jun 10, 2019 8:28 pm
Forum: Canada / United States Tax & Accounting
Topic: First US Tax Return for Dual Citizen NonResident Child
Replies: 1
Views: 171

First US Tax Return for Dual Citizen NonResident Child

My 18 year old son is a dual citizen, residing and attending university in Canada. I am also a dual citizen residing in Canada, commuting to work in US. I no longer claim my son as a dependent on my US return. He has worked in Canada (making less than 12K USD ) and has filed Canadian returns to recl...
by stewak2
Tue May 14, 2019 10:57 am
Forum: Canada / United States Tax & Accounting
Topic: US Citizen planning to move to Canada
Replies: 3
Views: 378

Re: US Citizen planning to move to Canada

Your Canadian wife doesn't need to file a US return unless you chose to file a joint return. If you file MFS she doesn't need to file a US return. FBAR is easy. It can be done online now ( Google it ). Don't have a TFSA, the pain of filing a 3520A generally isn't worth it. If you have children, put ...
by stewak2
Thu May 02, 2019 2:07 pm
Forum: Canada / United States Tax & Accounting
Topic: Taxation of CPP and SS as USC Resident of Canada
Replies: 8
Views: 419

Re: Taxation of CPP and SS as USC Resident of Canada

Thank you. At least I don't have to change my spreadsheet. :-)
by stewak2
Thu May 02, 2019 11:45 am
Forum: Canada / United States Tax & Accounting
Topic: Taxation of CPP and SS as USC Resident of Canada
Replies: 8
Views: 419

Re: Taxation of CPP and SS as USC Resident of Canada

Thanks.
For OAS clawback purposes, is it 85% of US SS or actual amount?
by stewak2
Wed May 01, 2019 3:24 pm
Forum: Canada / United States Tax & Accounting
Topic: Taxation of CPP and SS as USC Resident of Canada
Replies: 8
Views: 419

Taxation of CPP and SS as USC Resident of Canada

I am collecting CPP and will be collecting US SS, USC dual citizen resident of Canada. My understanding is I am only taxed in Canada on *both* the CPP and US SS, and only 85% of the US SS is taxable in Canada. ( I am still commuting to work in US and have US-source employment income ). Correct? My n...
by stewak2
Thu Mar 21, 2019 4:31 pm
Forum: Canada / United States Tax & Accounting
Topic: Applying for Social Security or CPP/OAS?
Replies: 2
Views: 242

Re: Applying for Social Security or CPP/OAS?

My understanding is you won't pay WEP as you don't have 40 quarters in US. Your will qualify for US SS based on Canadian credits, but those credits are for qualification only and don't increase the US SS amount ( which won't be much with 14 quarters ). You will get whatever Canadian CPP and OAS you ...
by stewak2
Tue Oct 09, 2018 4:56 pm
Forum: Canada / United States Tax & Accounting
Topic: CPP and SS optimization
Replies: 11
Views: 741

Re: CPP and SS optimization

Wow, lots of answers, thanks very much Nelson. She lives in a border town, she could probably get the quarter credit fairly easily. The Medicare is really hard to figure the value of, since they live in Canada and are covered by OHIP. It would be additional options. She can estimate her CPP pretty e...
by stewak2
Tue Oct 09, 2018 1:47 pm
Forum: Canada / United States Tax & Accounting
Topic: CPP and SS optimization
Replies: 11
Views: 741

CPP and SS optimization

Interesting question re my sister in law: US Citizen residing in Canada. Married to Canadian citizen 9 years older than her. 39 quarters of US SS work credits. Currently working in Canada and paying into CPP and will presumably do so for another 10-15 years. Does it make sense for her to work on qua...
by stewak2
Tue Apr 10, 2018 9:06 pm
Forum: Canada / United States Tax & Accounting
Topic: Strategy to Minimize Windfall Elimination Tax Effect
Replies: 6
Views: 723

66 + 10 months for me, not 67 and 6 months, you are right
by stewak2
Tue Mar 27, 2018 9:33 pm
Forum: Canada / United States Tax & Accounting
Topic: Strategy to Minimize Windfall Elimination Tax Effect
Replies: 6
Views: 723

My plan is similar, take CPP at 60 and full US SS at 67 1/2, similar logic. I'm a commuter to work in US, resident of Canada - not working in Canada. So I plan to take CPP even while working in US, apparently this is legal, maybe retire at 62 or 63. CPP will be taxed heavily while still working, of ...
by stewak2
Thu Aug 31, 2017 9:41 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian with Green Card. Should I get dual citizenship?
Replies: 3
Views: 1300

If you plan to live in US forever, probably not. If you ever move back to Canada as a US Citizen, you are stuck filing US taxes forevermore. Makes it impractical or difficult for things like RESP, TFSA.
by stewak2
Thu Jan 19, 2017 2:27 am
Forum: Canada / United States Tax & Accounting
Topic: and the reverse question..inheriting RRSP
Replies: 1
Views: 445

and the reverse question..inheriting RRSP

The flip side, I am beneficiary on spouse's RRSP. I am dual citizen, resident of Canada, she is Canadian citizen/resident As far as I can determine, if I am beneficiary of her RRSP, no Canadian taxes are due until funds are withdrawn, at which point they are taxed in Canada. IRS should have no claim...
by stewak2
Thu Jan 19, 2017 2:11 am
Forum: Canada / United States Tax & Accounting
Topic: Designating non-USC spouse as 401K benificiary
Replies: 3
Views: 541

My non-USC, non resident, spouse will/must get the proceeds either way. Difference is if no 401k beneficiary, estate inherits and from what I've just read, would pay tax as if it entire amount was withdrawn in lump sum. I would think this could be at a higher rate than 30% since standard income tax ...
by stewak2
Wed Jan 18, 2017 6:11 pm
Forum: Canada / United States Tax & Accounting
Topic: Designating non-USC spouse as 401K benificiary
Replies: 3
Views: 541

Designating non-USC spouse as 401K benificiary

Wondering if this is a good idea or not. Dual US/Canadian citizen, resides in Canada with non-USC spouse. Commutes to work in US -> employer 401K If I designate my spouse as beneficiary, I expect 30% withholding on disbursement(s) when she inherits, correct? She would have to get an EITN and file IR...