Serbinski Accounting Firms

Hello All:

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If you are a signatory only, and do not have a beneficial interest in the account, your only obligation in the U.S. would be to file form TDF 90.22.1 each year.

Let's look at the other side of this.

If a Canadian citizen lives in the U.S. and buys stock which appreciates, there is no deemed disposition on departure from the U.S. and the deemed acquisition cost base is the fair market value upon entry to Canada.

Therefore if the stock was sold at the ...

A lower amount may be withheld depending upon the country of residence and the specific income being paid.

Payments made to non resident aliens for services rendered OUTSIDE of the U.S., are generally not subject to withholding. Forms 1042S et al are used to report the type of income, and the ...

We have taken every effort to remove all spam from this forum. Our efforts include a new registration process which required a copy of an image file (which spambots have trouble using), restriction of access from IP addresses which have generated spam, etc.

If you see spam on any of our forums ...

I agree.. great link.. Thanks

You will be subject to federal and possibly state income tax withholding based on your W4 submitted. The W4 outlines the number of exemptions you have (similar to a Canadian TD 1) and controls the withholding rate. Your rate will also be based on the income you are earning, with more tax % withheld ...

Here is an interesting point to note for (non U.S. citizen) Canadians temporarily in the U.S.:

Let's say you buy stocks in the U.S. while you are a non resident of Canada, and over time, the stocks appreciate in value. When you move back to Canada you are deemed under Canadian law to have acquired ...

... and it will be taxable in the U.S. to the same extent it would have been taxable to you if you were a resident of Canada.

That means that if a portion of your pension would have been tax exempt in Canada, that same portion is deemed to be tax exempt in the U.S., regardless of where you worked ...

Thanks Pamela.

We think it will become popular once the word gets out.

We are pleased to announce that we will be opening a new forum dealing with business and personal immigration to the United States, to be hosted by James D. Eiss, immigration attorney in Buffalo, NY. ( http://www.usvisahelp.com )


We welcome Jim to our forums, and we believe that his participation ...

Your total foreign tax is the tax as calculated on each of your Canadian returns. For foreign tax credit purposes, you pick up:
Line 435 (total tax payable)
Line 308 (CPP) if any
Line 312 (EI) if any

But... if you are working in the U.S. and living in Canada, a foreign tax credt in the U.S. will ...

IRS has always wanted to classify independent workers as employees, and has assessed companies for failure to withhold and remit taxes and social security in many cases.

If you take this route, then really the onus for the payment of social security and tax withholding or estimated payments will ...

You need to make an election under IRC 6013(g) or (h), or 7701(b) depending on your marital status. This will enable you to either claim the FEIE or foreign tax credit, rather than filing a dual status return for your year of entry to the U.S.

I agree... but many companies in the U.S. are reluctant to pay an individual, for fear of having you classified as an employee. Since this would subject them to possible penalties, most require that you use a coproration.

The choice of corporation would depend upon your residential status in Canada ...