So you had a job in Canada while you lived in US? This income would be reported on your 1040, so you could use the CDn tax on that wage, as an FTC in that year. Or was this only in the year that you moved?
Your house sale is passive, so any built up CDn tax that you did not used can be added to the ...
Search found 18630 matches
- Fri Sep 12, 2025 12:52 pm
- Forum: Canada / United States Tax & Accounting
- Topic: How to use Foreign Tax Credit to offset US Tax on the same year for house sale
- Replies: 4
- Views: 774
- Thu Sep 11, 2025 1:02 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Sharing interest on a bank savings account?
- Replies: 1
- Views: 533
Re: Sharing interest on a bank savings account?
The rule for CRA is the income generated by a joint account is apportioned based on what was contributed by each party.
So, you need to know from which US accounts were funds DEPOSITED/TRANSFERRED to the Cdn bank: yours, the spouse's or a joint account. What happened before those transfers can be ...
So, you need to know from which US accounts were funds DEPOSITED/TRANSFERRED to the Cdn bank: yours, the spouse's or a joint account. What happened before those transfers can be ...
- Thu Sep 11, 2025 8:38 am
- Forum: Canada / United States Tax & Accounting
- Topic: How to use Foreign Tax Credit to offset US Tax on the same year for house sale
- Replies: 4
- Views: 774
Re: How to use Foreign Tax Credit to offset US Tax on the same year for house sale
You were given incorrect information.
For US, FTCs are to be used on the year they are incurred , subject to limitations, AND THEN can be carried forward up to 10 years, or carried back one year.
For Cdn taxes, non-business FTCs can be used ONLY in the year they were incurred.
So how have you ...
For US, FTCs are to be used on the year they are incurred , subject to limitations, AND THEN can be carried forward up to 10 years, or carried back one year.
For Cdn taxes, non-business FTCs can be used ONLY in the year they were incurred.
So how have you ...
- Thu Sep 04, 2025 10:13 pm
- Forum: Canada / United States Tax & Accounting
- Topic: transfer RRSP as non resident
- Replies: 3
- Views: 1292
Re: transfer RRSP as non resident
Indeed. As you say, it's the brokerage side of the house that *might* accept you.
- Wed Sep 03, 2025 4:44 pm
- Forum: Canada / United States Tax & Accounting
- Topic: transfer RRSP as non resident
- Replies: 3
- Views: 1292
Re: transfer RRSP as non resident
There are no laws or regulations that prevent such a transfer, HOWEVER many firms, especially banks, have made an internal policy to not accept a transfer fronts.m US reside
You would need to check with Cdn brokerage firms, as banks are unlikely.
You would need to check with Cdn brokerage firms, as banks are unlikely.
- Sun Aug 24, 2025 9:50 am
- Forum: Canada / United States Tax & Accounting
- Topic: What would happen if I sell my primary US home after becoming a Canadian tax resident?
- Replies: 2
- Views: 1166
Re: What would happen if I sell my primary US home after becoming a Canadian tax resident?
Assuming you do not begin renting it out after moving, your assessment of US taxes is correct, IF your overall gain is less that the $250K/500K exemption.
For Cdn purposes, your cost basis for the home is the value on the day you leave, so selling a few weeks/months after moving should result in ...
For Cdn purposes, your cost basis for the home is the value on the day you leave, so selling a few weeks/months after moving should result in ...
- Fri Aug 22, 2025 9:55 am
- Forum: Canada / United States Tax & Accounting
- Topic: Tax Advice for US residents sold Canada House last year
- Replies: 3
- Views: 1343
Re: Tax Advice for US residents sold Canada House last year
I know of no such form, in either US or Canada, and even if there was, I do not believe it would impact your taxes in year of sale.
- Wed Aug 20, 2025 3:51 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Tax Advice for US residents sold Canada House last year
- Replies: 3
- Views: 1343
Re: Tax Advice for US residents sold Canada House last year
As long s you have a good valuation from the time you left canada/began renting, the taxes are quite straight forward.
For Canada you get an extra year of principle residence exclusion in calculating your overall gain. (ie. if you left 6 years ago, you only count 5 years as taxable gain bases on ...
For Canada you get an extra year of principle residence exclusion in calculating your overall gain. (ie. if you left 6 years ago, you only count 5 years as taxable gain bases on ...
- Tue Aug 05, 2025 7:56 am
- Forum: Canada / United States Tax & Accounting
- Topic: Gifting stock from US to Canada
- Replies: 1
- Views: 1581
Re: Gifting stock from US to Canada
As a US resident, the gains on stocks -- even Cdn ones -- are not subject to Cdn taxation, so giving them to a Cdn resident, incurs no Cdn tax to them or you. Their cost basis becomes the market price on the day you gift them. Nothing for you to report in Canada.
- Sun Aug 03, 2025 8:38 pm
- Forum: Canada / United States Tax & Accounting
- Topic: issue filling out FBAR efile
- Replies: 2
- Views: 1270
Re: issue filling out FBAR efile
Mine worked in March
- Sat Jul 26, 2025 9:09 am
- Forum: Canada / United States Tax & Accounting
- Topic: Double taxed on cap gains?
- Replies: 4
- Views: 2691
Re: Double taxed on cap gains?
Assuming none of it is US real estate or resource investments, you should be able to -- either by using the treaty or by simply using foreign tax credits -- to avoid any US tax on this gain.
- Fri Jul 25, 2025 1:07 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Check list before leaving Canada
- Replies: 3
- Views: 3991
Re: Check list before leaving Canada
Despite having a house and spouse in canada, it is possible to become a "deemed" or "treaty non-resident", but only if you minimize/restrict your visits back to Canada, and rather have your spouse visit you. Barring that, you will be considered as having never left Canada, remaining a tax resident ...
- Tue Jul 22, 2025 11:11 am
- Forum: Canada / United States Tax & Accounting
- Topic: Combining 401(a) and 403(b) contributions on RC268
- Replies: 3
- Views: 4456
Re: Combining 401(a) and 403(b) contributions on RC268
All your contributions go in box 1.
- Tue Jul 22, 2025 11:10 am
- Forum: Canada / United States Tax & Accounting
- Topic: Combining 401(a) and 403(b) contributions on RC268
- Replies: 3
- Views: 4456
Re: Combining 401(a) and 403(b) contributions on RC268
You would report the total of both contributions.
They are both employer-sponsored plans, so qualify for inclusion on RC268.
They are both employer-sponsored plans, so qualify for inclusion on RC268.
- Sat Jul 19, 2025 2:06 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Spousal RRSP created by USC for non-USC spouse
- Replies: 2
- Views: 4870
Re: Spousal RRSP created by USC for non-USC spouse
It would be wise to include it on your FBAR as a jointly held account -- and your probably filing FBAR anyways -- since you do have a measure of control over it. Just like a joint bank account that you do not fund, I would not consider it one of your assets for FATCA purposes.