Search found 16589 matches

by nelsona
Wed Jan 20, 2021 7:55 pm
Forum: Canada / United States Tax & Accounting
Topic: Non Resident Tax Question
Replies: 15
Views: 897

Re: Non Resident Tax Question

AS I said, modifying past tax returns ALLOWS them, not FORCES them to look back if they wish.
I wouldn't worry about it; you have a CPA working with you, so seek his advice.
by nelsona
Wed Jan 20, 2021 6:47 pm
Forum: Canada / United States Tax & Accounting
Topic: Non Resident Tax Question
Replies: 15
Views: 897

Re: Non Resident Tax Question

When your accountant put a departure date of 2016, he is doing it the the 2016 return. They will of course revaluate that return, and 2017, 2018, and 2019, as well as *possibly* (but not necessarily) 2013 14 and 16.
by nelsona
Wed Jan 20, 2021 1:48 pm
Forum: Canada / United States Tax & Accounting
Topic: Non Resident Tax Question
Replies: 15
Views: 897

Re: Non Resident Tax Question

At his point, there is nothing that really needs to be done. You are not cheating the system now, and 2013 is a long time ago.

I am not a working cpa, as my signature indicates,
by nelsona
Wed Jan 20, 2021 1:45 pm
Forum: Canada / United States Tax & Accounting
Topic: RRSP x Traditional IRA x 401K CDN nonresident alien working in the USA
Replies: 1
Views: 96

Re: RRSP x Traditional IRA x 401K CDN nonresident alien working in the USA

That is correct that a 401(k) (but not an IRA) would reduce taxes in both countries. IRA contribution will only reduce US tax. It will however build a reserve in your IRA that will not be taxed in future when taking it out if a Cdn resident at that time. Your RRSP contributions, assuming you have ro...
by nelsona
Tue Jan 19, 2021 10:35 pm
Forum: Canada / United States Tax & Accounting
Topic: Non Resident Tax Question
Replies: 15
Views: 897

Re: Non Resident Tax Question

Anytime you adjust an old return, they will scrutinize more closely; this is always the case. And it restarts the clock on them being able to look for errors.
by nelsona
Thu Jan 14, 2021 10:19 am
Forum: Canada / United States Tax & Accounting
Topic: SSA benefits /windfall provision
Replies: 3
Views: 1033

Re: SSA benefits /windfall provision

The rules are that ANY pension on which SS was not deducted is subject to WEP. This includes even some US pensions. And it is not the entire amount of the pensions that will be "deducted". There is a formula, based on how long you contributed in US, and a maximum reduction. WEP is ALWAYS u...
by nelsona
Wed Jan 13, 2021 4:01 pm
Forum: Canada / United States Tax & Accounting
Topic: SSA benefits /windfall provision
Replies: 3
Views: 1033

Re: SSA benefits /windfall provision

No, you will get credit for only the 19 years you paid into social security. The Windfall provisions will take into account both your Cdn company pensions AND your QPP/CPP, but not your old age security.
by nelsona
Tue Jan 12, 2021 5:26 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian travel Nurse, meets Substantial Presence but no perm address in the US
Replies: 5
Views: 772

Re: Canadian travel Nurse, meets Substantial Presence but no perm address in the US

You could CHOOSE to file as a resident, but this would be a more complicated return, and would include spouse. Since you say you end up using all the tax you pay to US as a credit on your CDn return, it is not worth the bother. Continue filing a 1040NR, expalining why you are non-residnt (not be und...
by nelsona
Tue Jan 12, 2021 10:14 am
Forum: Canada / United States Tax & Accounting
Topic: Trading in my RRSP while in the US
Replies: 7
Views: 930

Re: Trading in my RRSP while in the US

As long as you TELL your RRSP fund management that you are living in a particular US state, and the firm allows full trading, you are good. many people fake a CDn address (not allowed) to fool the banks, because most have at some time in the past, including BMO disallowed trading.
by nelsona
Tue Jan 12, 2021 10:10 am
Forum: Canada / United States Tax & Accounting
Topic: First Time on TN Visa
Replies: 2
Views: 539

Re: First Time on TN Visa

You can put what you want on W-4, it only determines withholding, not final tax.
by nelsona
Tue Jan 12, 2021 10:10 am
Forum: Canada / United States Tax & Accounting
Topic: 1040 NR Capital Gains
Replies: 1
Views: 354

Re: 1040 NR Capital Gains

Federally, Cap gains are taxed based on residency, so they are not taxable in US. You can report the, for clarity, on the NEC portion of the 1040NR, and use 0% as the taxrate.

For Cali, consult their tax guide.

Report them as normal in Canada, using any tax paid in Cali as a credit in canada.
by nelsona
Sun Jan 10, 2021 9:09 pm
Forum: Canada / United States Tax & Accounting
Topic: Trading in my RRSP while in the US
Replies: 7
Views: 930

Re: Trading in my RRSP while in the US

Just to note that allowing you to "hold or sell" is not really a satisfactory solution for most investors. Move to a brokerage that will allow full managing of one's funds. There are quite a few.
by nelsona
Sat Jan 09, 2021 3:11 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian travel Nurse, meets Substantial Presence but no perm address in the US
Replies: 5
Views: 772

Re: Canadian travel Nurse, meets Substantial Presence but no perm address in the US

btw, the reason I indicated "(still) resident" in Canada is because the criteria for breaking Cdn residency are a little more stringent than making Cdn residency. If you had been living in the US and lived like you are now, there is no doubt you would be a US resident and CDn non-resident,...
by nelsona
Sat Jan 09, 2021 2:52 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian travel Nurse, meets Substantial Presence but no perm address in the US
Replies: 5
Views: 772

Re: Canadian travel Nurse, meets Substantial Presence but no perm address in the US

Closer connection only works when you meet the Sustantail presence test (which a cumulative 3-year long test) but doe NOT spend 183 days in US in any one calendar year. Since that doesn;t apply to you, you then need to rely on the treaty, which allows one to determine that, although they surpass the...