Search found 109 matches

by stewak2
Thu Feb 08, 2024 1:47 pm
Forum: Canada / United States Tax & Accounting
Topic: Commuting Sporadically to US for US Employer
Replies: 4
Views: 212

Re: Commuting Sporadically to US for US Employer

If you have a huge CRA amount owing, the CRA will want installments next year. Which is problematic if you are paying the CRA amount owing from your US Refund. I believe it's possible to opt in to paying CPP, if you wish, on your Federal return. EI, well, you'd be eligible under equalization, I thin...
by stewak2
Mon Oct 30, 2023 2:42 pm
Forum: Canada / United States Tax & Accounting
Topic: Medicare Part B, CRA
Replies: 1
Views: 3552

Medicare Part B, CRA

Dual citizen, Canadian resident, commuting to work in US, qualify for Medicare Plan to keep working past 65 ( next year ) Medicare Part A is free, so clearly I sign up for it, if only for emergency coverage while traveling in US. Part B would cost me about 4K USD a year, since I am still working and...
by stewak2
Thu Aug 25, 2022 8:19 am
Forum: Canada / United States Tax & Accounting
Topic: IRS has not processed 1040NR resulting in inability to claim foreign tax credit
Replies: 10
Views: 7741

Re: IRS has not processed 1040NR resulting in inability to claim foreign tax credit

I have a similar situation - I am cross border commuter. My accountant received the review letter requesting transcripts ( this has happened before ) My 1040NR was NOT E-filed, but paper filed, which appears to be reason for delay. My accountant has submitted my state transcripts, check images of th...
by stewak2
Fri May 06, 2022 4:36 pm
Forum: Canada / United States Tax & Accounting
Topic: US Social Security deposit to US vs Canadian bank
Replies: 26
Views: 23549

Re: US Social Security deposit to US vs Canadian bank

You could use a US Bank affiliated with a Canadian bank.
With TD Bank US and TD Canada Trust, you can link accounts and move money between them via Web banking, for free.
by stewak2
Tue Dec 07, 2021 1:22 pm
Forum: Canada / United States Tax & Accounting
Topic: Question on Estate K-1
Replies: 0
Views: 4758

Question on Estate K-1

Dual citizen, resident of Canada, commuting to work in US. Virtually all income is US source. Was beneficiary & executor of a US estate. The estate was a trust, and the final tax return for the trust generated a K-1 for me, with a very large deduction. If I amend my US return to include it, I am...
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: 3075

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: 5993

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: 5993

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: 5993

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: 5993

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: 22
Views: 15575

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: 1583

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: 2558

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: 3952

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: 3952

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?