Search found 109 matches
- Thu Feb 08, 2024 1:47 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Commuting Sporadically to US for US Employer
- Replies: 4
- Views: 273
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...
- Mon Oct 30, 2023 2:42 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Medicare Part B, CRA
- Replies: 1
- Views: 3732
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...
- 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: 11162
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...
- 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: 25345
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.
With TD Bank US and TD Canada Trust, you can link accounts and move money between them via Web banking, for free.
- Tue Dec 07, 2021 1:22 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Question on Estate K-1
- Replies: 0
- Views: 7467
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...
- Tue Mar 31, 2020 1:42 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 3520 no longer required for RESP?
- Replies: 4
- Views: 3176
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.
I would really like to get a definitive answer on this.
- 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: 6238
Re: Does my Canadian Wife need to file US taxes
Not reporting things to the IRS is generally a very bad idea.
- 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: 6238
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.
I would not risk it.
- 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: 6238
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...
- 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: 6238
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.
- 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: 17657
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...
- 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: 1668
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...
- Tue May 14, 2019 10:57 am
- Forum: Canada / United States Tax & Accounting
- Topic: US Citizen planning to move to Canada
- Replies: 3
- Views: 2679
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 ...
- 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: 4319
Re: Taxation of CPP and SS as USC Resident of Canada
Thank you. At least I don't have to change my spreadsheet. :-)
- 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: 4319
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?
For OAS clawback purposes, is it 85% of US SS or actual amount?