Search found 104 matches

by stewak2
Tue Mar 31, 2020 1:42 pm
Forum: Canada / United States Tax & Accounting
Topic: 3520 no longer required for RESP?
Replies: 4
Views: 875

Re: 3520 no longer required for RESP?

That document at the bottom states Anderson has concluded TFSA's don't require a 3520A and indicates they have discussed this with the IRS.
I would really like to get a definitive answer on this.
by stewak2
Thu Feb 13, 2020 1:16 pm
Forum: Canada / United States Tax & Accounting
Topic: Does my Canadian Wife need to file US taxes
Replies: 10
Views: 2174

Re: Does my Canadian Wife need to file US taxes

Not reporting things to the IRS is generally a very bad idea.
by stewak2
Wed Feb 12, 2020 5:41 pm
Forum: Canada / United States Tax & Accounting
Topic: Does my Canadian Wife need to file US taxes
Replies: 10
Views: 2174

Re: Does my Canadian Wife need to file US taxes

I've never heard anyone recommend that a dual citizen residing in Canada can have a TFSA and not file a 3520.
I would not risk it.
by stewak2
Fri Feb 07, 2020 3:14 pm
Forum: Canada / United States Tax & Accounting
Topic: Does my Canadian Wife need to file US taxes
Replies: 10
Views: 2174

Re: Does my Canadian Wife need to file US taxes

Same. If you are going to reside in Canada, with US sourced income (a commuter?) I would do MFS. It won't cost you any more since Canadian taxes are going to be higher anyway. Adjust your US withholding accordingly. If you will have Canadian source income, I'd defer to someone like Nelson on what wo...
by stewak2
Thu Feb 06, 2020 3:23 pm
Forum: Canada / United States Tax & Accounting
Topic: Does my Canadian Wife need to file US taxes
Replies: 10
Views: 2174

Re: Does my Canadian Wife need to file US taxes

You would save money on US tax with MFJ, most likely, but if you are Canadian resident with primary US income that just lowers your CRA FTC and anything you save you'll just pay to CRA. Plus, do you want your wife on IRS radar? My wife totally refuses.
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: 538

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: 452

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: 785

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: 964

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: 964

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: 964

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: 436

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: 1236

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: 1236

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: 996

66 + 10 months for me, not 67 and 6 months, you are right