Search found 16479 matches

by nelsona
Tue Oct 27, 2020 5:14 pm
Forum: Canada / United States Tax & Accounting
Topic: Gift money from parents in Canada for down payment in USA.
Replies: 1
Views: 25

Re: Gift money from parents in Canada for down payment in USA.

Since they are not US citizens or taxpayers, the have nothing to report in either country.
You would only need to report a gift from a foreign person (Form 3520) if it exceeds 100,000 total in the year.
None of this would be taxable in either country.
by nelsona
Tue Oct 27, 2020 5:12 pm
Forum: Canada / United States Tax & Accounting
Topic: Navigating remote work, taxes and residency
Replies: 1
Views: 33

Re: Navigating remote work, taxes and residency

How about giving us ONE scenario, the most likely one you will face?
by nelsona
Mon Oct 26, 2020 12:28 pm
Forum: Canada / United States Tax & Accounting
Topic: NJ Taxation of RRSP Withdrawal
Replies: 3
Views: 47

Re: NJ Taxation of RRSP Withdrawal

Then you will be taxed on the taxable portion determined for your federal return.
by nelsona
Sun Oct 25, 2020 5:31 pm
Forum: Canada / United States Tax & Accounting
Topic: Converting IRA into RRSP and increasing RRSP cap
Replies: 2
Views: 49

Re: Converting IRA into RRSP and increasing RRSP cap

It is not that the cap (contribution room)changes, it is that the transfer does not affect you cap, ie. does not count against your cap.

As pl honted, this might not be a great move for USC.
by nelsona
Sun Oct 25, 2020 5:28 pm
Forum: Canada / United States Tax & Accounting
Topic: NJ Taxation of RRSP Withdrawal
Replies: 3
Views: 47

Re: NJ Taxation of RRSP Withdrawal

Were you a US citizen before moving to US, if so, you are responsible for more that just gain since moving to US, you are responsible for all gains.
by nelsona
Thu Oct 22, 2020 4:22 pm
Forum: Canada / United States Tax & Accounting
Topic: Working in California TN Visa, with idle $CAD sitting idle
Replies: 4
Views: 138

Re: Working in California TN Visa, with idle $CAD sitting idle

1. In a US brokerage, yers, but not a Cdn one.
2. The property in canada would be taxed in Canada and US (ultimately ay Cdn tax rate), while stock would only be taxable in US. So stock would be lower.
by nelsona
Tue Oct 20, 2020 11:14 pm
Forum: Canada / United States Tax & Accounting
Topic: Trading stocks in RRSP while Tax Resident in USA
Replies: 6
Views: 90

Re: Trading stocks in RRSP while Tax Resident in USA

You can trade in an RRSP while living in US, if your RRSP firm allows. You DO accumulate gain. So you want to minimize the gains arising while in US to minimize US tax, thus the strategy to bump up cost before moving to US. In canada you will be paying tax on the whole RRSP regardless. So, if you ar...
by nelsona
Tue Oct 20, 2020 6:36 pm
Forum: Canada / United States Tax & Accounting
Topic: Trading stocks in RRSP while Tax Resident in USA
Replies: 6
Views: 90

Re: Trading stocks in RRSP while Tax Resident in USA

Nothing that happens in your RRSP is taxable in US or Canada until you withdraw the funds FROM the RRSP. Nothing to "declare". Nothing to hide. You will only be taxed in US on the income generated in the years you file a 1040, be it from dividends or gains, IF you are a US taxpayer at that time of w...
by nelsona
Mon Oct 19, 2020 12:33 pm
Forum: Canada / United States Tax & Accounting
Topic: Question about income source from NSERC postdoctoral fellowship
Replies: 14
Views: 256

Re: Question about income source from NSERC postdoctoral fellowship

As I said, your safest baet is to report the income. I f it ios employemnt income (wherever the insructions tell you to out it based on the box it is in, it is defintely excludable by treatty.
by nelsona
Sun Oct 18, 2020 5:49 pm
Forum: Canada / United States Tax & Accounting
Topic: Question about income source from NSERC postdoctoral fellowship
Replies: 14
Views: 256

Re: Question about income source from NSERC postdoctoral fellowship

Correct. In either case you would report it in your Cdn return, If it is employment income, you would then exclude it.
by nelsona
Sun Oct 18, 2020 5:47 pm
Forum: Canada / United States Tax & Accounting
Topic: RRSP, TFSA, non registered brokerage account
Replies: 1
Views: 150

Re: RRSP, TFSA, non registered brokerage account

Nothing has really changed. It is a good idea to close TFSA, since it is not tax-free in US, and may have other onerous reporting requirements, including PFIC . RRSP are still subject to FBAR, since yoy have more than $10K total ALL your accounts, ALL are thus reportable, FBAR is the generic term. F...
by nelsona
Sat Oct 17, 2020 5:55 pm
Forum: Canada / United States Tax & Accounting
Topic: Casino With- holding Tax
Replies: 5
Views: 128

Re: Casino With- holding Tax

As I said, wait for the explanation from IRS. In the meantime, the 1040NR and 1040 instructions describe how to document and report gambling income.

https://www.irs.gov/taxtopics/tc419
by nelsona
Sat Oct 17, 2020 5:51 pm
Forum: Canada / United States Tax & Accounting
Topic: Question about income source from NSERC postdoctoral fellowship
Replies: 14
Views: 256

Re: Question about income source from NSERC postdoctoral fellowship

Since the poster is a USC, there is no doubt that US tax applies, including state. Article XX, even if it applied to this income, is not available to USCs, by the savings clause. I'm not sure that it would be considered Govt service. From his further comments, it is not employment income, and is the...
by nelsona
Sat Oct 17, 2020 7:47 am
Forum: Canada / United States Tax & Accounting
Topic: Casino With- holding Tax
Replies: 5
Views: 128

Re: Casino With- holding Tax

Tes, you need to provide documentation of your gambling "costs" and wins -- if requested. This year, they requested them.
by nelsona
Fri Oct 16, 2020 12:56 pm
Forum: Canada / United States Tax & Accounting
Topic: Question about income source from NSERC postdoctoral fellowship
Replies: 14
Views: 256

Re: Question about income source from NSERC postdoctoral fellowship

Research grants are considered employment income. As you noted, to the extent that this is work performed in US, it should be reported there. To be safe, you would report the income on a Cdn non-resident return and then deduct it on the treaty line (25600) with the explanation that you are working i...