Search found 18659 matches

by nelsona
Tue Nov 20, 2007 8:22 am
Forum: Canada / United States Tax & Accounting
Topic: Transferring money from US bank to Canadian bank
Replies: 11
Views: 11193

The simplest would be to write a check.

There is no need to report these transactions as you would be going thru the banks. the 10,000 reporting is if you are carrying money (otherwise untrceable) on your person. The banks have their own reporting system which satisfies the law.

You would not need ...
by nelsona
Tue Nov 20, 2007 8:19 am
Forum: Canada / United States Tax & Accounting
Topic: 401(k) Taxation
Replies: 5
Views: 4651

Someone has been trying to interpret (incorrectly) the new treaty protocol...

Currently, a Cdn resident cannot deduct 401(K) contributions on their Cdn tax return. Period. However, once the money is in there, iy is not taxed until taken out, as you say.

Once the new treaty is ratified, 401(k ...
by nelsona
Tue Nov 20, 2007 8:15 am
Forum: Canada / United States Tax & Accounting
Topic: Offered a job in Canada; need advice
Replies: 3
Views: 2697

You should definitely get your US citizenship.

It is very rare for a US citizen living in Canada to pay tax in US (since the Cdn tax is credited, and is almost always more than US), so it is just not worth renouncing or losing your GC thinking that you will save taxes. Besides since your husband ...
by nelsona
Tue Nov 20, 2007 8:09 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian Employee working for US Company
Replies: 3
Views: 4382

Employees can *sometimes* deduct expenses on their 1040. However, Cdns can't on there Cdn return (certainly not the ones you listed), so you would not benefit from such US deductions, since your Cdn tax burden will be larger.
by nelsona
Tue Nov 20, 2007 8:07 am
Forum: Canada / United States Tax & Accounting
Topic: US tax obligations for a TN worker resident of Canada ??
Replies: 2
Views: 2627

In your situation it would be best if you were paid as a contractor. likely to your Cdn corp. this is permitted on TN.

Since you would noy have a fixed base in US, you would not be taxable in US, even for the work done there. You would want to be careful in such casess to avoid being present in US ...
by nelsona
Wed Nov 14, 2007 1:24 pm
Forum: Canada / United States Tax & Accounting
Topic: Non Cash US charitable donations - CDN deductible?
Replies: 1
Views: 3144

Any gift (and its receipt) that would be accepatbel if it were issued from a Cdn charity, can be used from a US based charity (since you have the requisite US-sourced income).

The problem might be in the valuation method used by the charity (which, as you say is quasi-fraudulent). CRA could easily ...
by nelsona
Mon Nov 12, 2007 5:37 pm
Forum: Canada / United States Tax & Accounting
Topic: Non-resident of Canada with Canadian employment income
Replies: 6
Views: 4804

Clauses 1 and 2 have the effect of forcing CRA to treat americans no worse than Cdns, but you may have a point that if neither were resident, then it doesn't help you.

That is why the taxed only while in canada is your better option.
by nelsona
Mon Nov 12, 2007 12:51 pm
Forum: Canada / United States Tax & Accounting
Topic: Non-resident of Canada with Canadian employment income
Replies: 6
Views: 4804

[quote]"From my reading of the tax treaty it seemed pretty clear that even though I was a resident of the U.S., I was obligated to pay tax to Canada, since my employer has a permanent establishment in Canada."[/quote]

Your interpreation is a tad too conservative. Take for example a salesman working ...
by nelsona
Sun Nov 11, 2007 3:07 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 2441 - Child care question
Replies: 1
Views: 2479

There is no reason to report your world income after you left. In no case can you report moving expenses anyways. Your childcare expenses should be fine, as long as you meet all other criteria.

For form 2441, an ITIN works as well as an SSN for IRS purposes.

You can still use her wages, even ...
by nelsona
Sun Nov 11, 2007 2:24 pm
Forum: Canada / United States Tax & Accounting
Topic: Non-resident of Canada with Canadian employment income
Replies: 6
Views: 4804

If the income for the Calendar year was for less than $10,000 you could exempt it all, and not pay anything in canada. This is a treaty item.

Your other choice is to stand on the technicality that you should only be taxed in canada for work performed IN canada. So you could pro-rate your grant for ...
by nelsona
Sat Nov 10, 2007 10:59 am
Forum: Canada / United States Tax & Accounting
Topic: Should I submit late T2062
Replies: 11
Views: 13653

This is a tax forum.
by nelsona
Fri Nov 09, 2007 5:17 pm
Forum: Business & Personal Immigration to the United States
Topic: I-485 - Finger Printing for Canadian Citizens
Replies: 1
Views: 4753

All AOS filers get fingerprinting. Those whose AOS process drags on get the 'privilege' of having them a 2nd, 3rd, or even forth time, as these 'expire' every 15 months.
by nelsona
Fri Nov 09, 2007 11:53 am
Forum: Canada / United States Tax & Accounting
Topic: Should I submit late T2062
Replies: 11
Views: 13653

http://www.irs.gov/businesses/small/article/0,,id=130524,00.html

A Cdn bamk account does not qualify as a QBU, thus every transaction that takes palce in it is to be expressed in US dollars. This gives rise to gains and losses on every transaction.

In its wisdome, IRS has determined that ...
by nelsona
Fri Nov 09, 2007 10:27 am
Forum: Canada / United States Tax & Accounting
Topic: 2006 Dual Returns?
Replies: 7
Views: 8066

Therer seems to be an echo in here.
by nelsona
Fri Nov 09, 2007 10:25 am
Forum: Canada / United States Tax & Accounting
Topic: Should I submit late T2062
Replies: 11
Views: 13653

This is not true. That is like saying selling shares of ABC in C$ and buying XYZ in C$ does not trigger cap gains in US, sine the currency was not changed.

Of course it does.

So does taking $50K of Cdn dollars which has grown in value from $40K to $50K in US dollars and buying ANYTHING, be it a ...