Search found 15881 matches

by nelsona
Tue Aug 20, 2019 9:54 am
Forum: Canada / United States Tax & Accounting
Topic: Tax treatment for a Canadian contractor working in Canada for US firm
Replies: 5
Views: 30

Re: Tax treatment for a Canadian contractor working in Canada for US firm

That is for you to decide. I would think contracting would be better, particularly if you get no benefits. Contracting pays MORE than employee typically, not the other way round.
by nelsona
Mon Aug 19, 2019 4:28 pm
Forum: Business & Personal Immigration to the United States
Topic: Planning on moving to the US in 2020
Replies: 1
Views: 74

Re: Planning on moving to the US in 2020

2 things to do would be to get rid of the TFSA in 2019, to avoid trust reporting issues (they aren't tax-free in US anyways), and transfer your RESPs to a grandparent in Canada, in 2019. These are not tax-free in US either.
by nelsona
Mon Aug 19, 2019 3:30 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax treatment for a Canadian contractor working in Canada for US firm
Replies: 5
Views: 30

Re: Tax treatment for a Canadian contractor working in Canada for US firm

Anyone self-employed in Canada, typically has to remit taxes quarterly, or be subject to late penalties. The first year you might be able to avoid this, but anytime you owe "too much: tax at year-end, CRA will put you on remittance schedule subsequent years. You'd be best estimating your taxes, and ...
by nelsona
Fri Aug 16, 2019 8:25 pm
Forum: Canada / United States Tax & Accounting
Topic: 1042S - Foreign Persons U.S. Source Income s/t/w
Replies: 2
Views: 39

Re: 1042S - Foreign Persons U.S. Source Income s/t/w

Yes, it would be appropriate for your US clients to issue you a 1042-S for independent services (contractor) work done in US, and thus not withhold you. However, while the treaty allows such work to not be subject to withholding, if you spend more than 183 days in any 365 day period in the US, your ...
by nelsona
Wed Aug 07, 2019 3:34 pm
Forum: Canada / United States Tax & Accounting
Topic: RC268 - How ti fill
Replies: 5
Views: 67

Re: RC268 - How ti fill

So, you would indicate your contributions, which would be on your W-2. Your employer would typically not allow you to contribute more than the allowable amount.
by nelsona
Wed Aug 07, 2019 3:32 pm
Forum: Canada / United States Tax & Accounting
Topic: RC268 - How ti fill
Replies: 5
Views: 67

Re: RC268 - How ti fill

This is the maximum you can contribute to your, say, 401(K) or 403(b) per year.
For example, In 2018, you could have contributed up to $18,500 to your 401(k), $24,500 if you were over 50 yrs old.
by nelsona
Thu Aug 01, 2019 10:20 am
Forum: Canada / United States Tax & Accounting
Topic: Form 1116 & Software
Replies: 3
Views: 75

Re: Form 1116 & Software

The cheapeat the better, 1116 etc are filed by many US residents, so where you live is immaterial.
by nelsona
Thu Aug 01, 2019 10:19 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian Stocks in Roth IRA for Dividends
Replies: 3
Views: 66

Re: Canadian Stocks in Roth IRA for Dividends

How is the Roth taxable in Canada? Did he fail to obey the rules on contributions? If not it isn't taxable, by treaty.

And if this is the case, I *believe* the income is reportable as "ordinary" pension income, much like reportable income in an RRSP, not as cap gains and dividends
by nelsona
Tue Jul 23, 2019 4:34 pm
Forum: Canada / United States Tax & Accounting
Topic: Joint Account in USA
Replies: 2
Views: 47

Re: Joint Account in USA

A joint account would have both names on it, so it isn't really a joint account.

If he gifts you money, then he still has to pay Cdn tax on the interest, due to CRA attribution rules. And he would have no tax in US to write off against it, what would be the benefit?
by nelsona
Tue Jul 23, 2019 8:57 am
Forum: Canada / United States Tax & Accounting
Topic: Taxation of CPP and SS as USC Resident of Canada
Replies: 8
Views: 293

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

Residency or citizenship does not impact eligibility for these programs. Residency affects taxation only.
by nelsona
Mon Jul 22, 2019 8:14 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 1116 & Software
Replies: 3
Views: 75

Re: Form 1116 & Software

They all do it correctly and produce the 10-year carryforward report.
by nelsona
Mon Jul 22, 2019 8:13 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Stocks in Roth IRA for Dividends
Replies: 3
Views: 66

Re: Canadian Stocks in Roth IRA for Dividends

1. No. The income in the Roth ois not reportable, so the there will be no dividend tax credit in any case.

There is no "income" to gross up.
by nelsona
Mon Jul 22, 2019 8:11 pm
Forum: Canada / United States Tax & Accounting
Topic: CPP, OAS, and US SC eligibility
Replies: 1
Views: 47

Re: CPP, OAS, and US SC eligibility

You will receive some SS, some CPP and some OAS, and it will be paid to you wherever you live.
How it is taxed will depend on the treaties between US, Canada and the country you live in.
Check back when your plans are more concrete.
by nelsona
Mon Jul 22, 2019 8:08 pm
Forum: Canada / United States Tax & Accounting
Topic: Taxation of CPP and SS as USC Resident of Canada
Replies: 8
Views: 293

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

The treaty specifies that SS (and CPP/OAS) received by US citizens is not taxable in US, so they would file accordingly.
by nelsona
Mon Jul 15, 2019 11:33 am
Forum: Canada / United States Tax & Accounting
Topic: Renewing Ontario driver's license a significant tie?
Replies: 2
Views: 97

Re: Renewing Ontario driver's license a significant tie?

It would not be considered a significant tie, however you aren't entitled to an ON DL if you no longer live there.