Search found 15827 matches

by nelsona
Tue May 21, 2019 12:53 am
Forum: Canada / United States Tax & Accounting
Topic: Dual tax return filers: Which tax return to file first, and which tax return to claim foreign tax credits?
Replies: 4
Views: 23

Re: Dual tax return filers: Which tax return to file first, and which tax return to claim foreign tax credits?

As I said, any US tax that you pay solely because you are a US citizen, will not be credited on your Cdn return. You will need to claim these on your US return, by re-sourcing the income. Non real-estate cap gains are sourced as Cdn in any event, and US bank interest is not taxable in US to non-US C...
by nelsona
Mon May 20, 2019 10:48 pm
Forum: Canada / United States Tax & Accounting
Topic: 401(k) cashed out automatically by former employer [CA resident, US citizen]
Replies: 3
Views: 26

Re: 401(k) cashed out automatically by former employer [CA resident, US citizen]

Its actually a blended rate, but why quibble. The penalty will apply to the 20% that you don't pony up.
by nelsona
Mon May 20, 2019 10:45 pm
Forum: Canada / United States Tax & Accounting
Topic: state taxs on IRA distributions for non US resident
Replies: 16
Views: 81

Re: state taxs on IRA distributions for non US resident

Good point. It is probably not in your intersts to sell off things immediately.

Of course, no mutual funds held in US can be transferred to Canada, and would eventually need to be sold. And if the brokerage is really aggressive they may insist on transfer/ sale quickly.
by nelsona
Mon May 20, 2019 10:39 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual tax return filers: Which tax return to file first, and which tax return to claim foreign tax credits?
Replies: 4
Views: 23

Re: Dual tax return filers: Which tax return to file first, and which tax return to claim foreign tax credits?

None are correct as your describe them, although (1) is closest. (2) and (3) are completely out to lunch. (4) is wrong. There are rules for sourcing. The correct process is to prepare BOTH returns simultaneously, reporting ALL income on both returns, but WITHOUT FTC's. Then as (1) says, you will cla...
by nelsona
Mon May 20, 2019 3:56 pm
Forum: Canada / United States Tax & Accounting
Topic: 401(k) cashed out automatically by former employer [CA resident, US citizen]
Replies: 3
Views: 26

Re: 401(k) cashed out automatically by former employer [CA resident, US citizen]

Well, once your total income exceeds your 2555 income exclusion, you are taxed at a blended rate, which will probably be higher than if you had only 401(k) income.

Some questions: What 401(k) company cashed you out, what warning/reason did they give you, and how much was your nest egg?
by nelsona
Sun May 19, 2019 9:33 am
Forum: Canada / United States Tax & Accounting
Topic: state taxs on IRA distributions for non US resident
Replies: 16
Views: 81

Re: state taxs on IRA distributions for non US resident

The PFIC issue applies only to mutual funds and ETF's. No offense, but two heads are better than one. What "research" is your spouse doing on this?
by nelsona
Sat May 18, 2019 4:08 pm
Forum: Canada / United States Tax & Accounting
Topic: state taxs on IRA distributions for non US resident
Replies: 16
Views: 81

Re: state taxs on IRA distributions for non US resident

Why leave it in US, or even in cash? Bring it to Canada and invest (in US things if you wish). Investing in stocks will not cause any PFIC issues. You shouldn't leave it in cash. It needs to grow. You can't have a US brokerage, but you can certainly have a CDn one. Keep only what you need for 2-3 ye...
by nelsona
Fri May 17, 2019 7:07 pm
Forum: Canada / United States Tax & Accounting
Topic: state taxs on IRA distributions for non US resident
Replies: 16
Views: 81

Re: state taxs on IRA distributions for non US resident

Sure you can. Recently there may be a problem opening an account if you don't have an SSN, but you are obviously fine.
by nelsona
Fri May 17, 2019 4:47 pm
Forum: Canada / United States Tax & Accounting
Topic: state taxs on IRA distributions for non US resident
Replies: 16
Views: 81

Re: state taxs on IRA distributions for non US resident

I suspect that this "after tax account" will not be eligible for US maintenance either, since it is not a true retirement account. If that is the case TDA may not be able to help you.
by nelsona
Fri May 17, 2019 3:48 pm
Forum: Canada / United States Tax & Accounting
Topic: state taxs on IRA distributions for non US resident
Replies: 16
Views: 81

Re: state taxs on IRA distributions for non US resident

IRA income is not considered a state-sourced, so, since you will not be residing in any state, you will not be reporting any IRA income to any state.
by nelsona
Fri May 10, 2019 11:44 am
Forum: Business & Personal Immigration to the United States
Topic: TN Visa with Canadian Corp
Replies: 7
Views: 34

Re: TN Visa with Canadian Corp

just change the "employee" to providing services, paid on a corp to corp basis. The firm has to come up with it.
I will leave it at that.
by nelsona
Fri May 10, 2019 11:01 am
Forum: Business & Personal Immigration to the United States
Topic: TN Visa with Canadian Corp
Replies: 7
Views: 34

Re: TN Visa with Canadian Corp

Closer connection only works for less than 183 days. You will still be non-resident even if you stay the whole year in US by treaty, but for the income generated by your business, exceeding the 183 day per 365 period will require, by treaty, taxation in US on that income on a 1040NR, as well as in C...
by nelsona
Fri May 10, 2019 10:06 am
Forum: Business & Personal Immigration to the United States
Topic: TN Visa with Canadian Corp
Replies: 7
Views: 34

Re: TN Visa with Canadian Corp

"As to corporation....." tpo was a typo. The staffing company should be getting the TN ready for you. You will need to take to the border what the firm gives you, along with whatever credentials are needed for the TN category you are applying for. Please do some research on TN requirements elsewhere...
by nelsona
Fri May 10, 2019 8:10 am
Forum: Business & Personal Immigration to the United States
Topic: TN Visa with Canadian Corp
Replies: 7
Views: 34

Re: TN Visa with Canadian Corp

Depending on the type of work, you could simply enter n Business B1 status (since you reside in Canada), but you should be able get a TN as a contractor(or corp to corp) for the staffing company. You should NOT be an employee of the staffing firm. or you are considered a W2 employee, and subject to ...
by nelsona
Thu May 09, 2019 11:01 pm
Forum: Canada / United States Tax & Accounting
Topic: $$ Gift from US Expat to Canadian wife
Replies: 1
Views: 48

Re: $$ Gift from US Expat to Canadian wife

No. The gift makes it your money, your income for US purposes.