Search found 18625 matches

by nelsona
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: 1
Views: 166

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 ...
by nelsona
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: 262

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.
by nelsona
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: 262

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 ...
by nelsona
Tue Aug 05, 2025 7:56 am
Forum: Canada / United States Tax & Accounting
Topic: Gifting stock from US to Canada
Replies: 1
Views: 609

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.
by nelsona
Sun Aug 03, 2025 8:38 pm
Forum: Canada / United States Tax & Accounting
Topic: issue filling out FBAR efile
Replies: 1
Views: 285

Re: issue filling out FBAR efile

Mine worked in March
by nelsona
Sat Jul 26, 2025 9:09 am
Forum: Canada / United States Tax & Accounting
Topic: Double taxed on cap gains?
Replies: 4
Views: 1521

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.
by nelsona
Fri Jul 25, 2025 1:07 pm
Forum: Canada / United States Tax & Accounting
Topic: Check list before leaving Canada
Replies: 3
Views: 2916

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 ...
by nelsona
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: 3363

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.
by nelsona
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: 3844

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.
by nelsona
Fri Jul 18, 2025 8:56 am
Forum: Canada / United States Tax & Accounting
Topic: Determine Canada (Deemed) Non-resident
Replies: 17
Views: 10811

Re: Determine Canada (Deemed) Non-resident

To be a "deemed" non-resident, requires that you not merely "say" that you are more resident of US than canada, but prove it by the treaty.

I don't believe you can, from what you have described, Your center of vital interest, in my opinion, is where you spend time with your family. You spend NO ...
by nelsona
Thu Jul 17, 2025 5:08 pm
Forum: Canada / United States Tax & Accounting
Topic: Determine Canada (Deemed) Non-resident
Replies: 17
Views: 10811

Re: Determine Canada (Deemed) Non-resident

Does your spouse identify that she is married on her Cdn return, and does she report your US income on page one, for determining benefits?
by nelsona
Thu Jul 17, 2025 5:07 pm
Forum: Canada / United States Tax & Accounting
Topic: Determine Canada (Deemed) Non-resident
Replies: 17
Views: 10811

Re: Determine Canada (Deemed) Non-resident

I would opine that because you spend more time in canada than US, AND that your family lives in Canada, with whom you live, particularly since you do this year-after-year, you would be considered a resident of Canada, by the treaty tie-breakers.
by nelsona
Sun Jul 13, 2025 8:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Keeping Investing account open as non resident Canadian
Replies: 2
Views: 4096

Re: Keeping Investing account open as non resident Canadian

You can keep your TFSA with most brokerages, although there is little benefit for doing so while in US.

Your investment account cannot be managed while in US, as this violates SEC regulations, because Cdn brokerages cannot deal with US residents in non-sheltered accounts.
You are best off ...
by nelsona
Sat Jul 12, 2025 5:09 pm
Forum: Canada / United States Tax & Accounting
Topic: W-8Ben Part 2-#10
Replies: 4
Views: 13091

Re: W-8Ben Part 2-#10

It would be better if you could fix it, as it is impacting the performance of your IRA.

However, simply keep track of the Cdn tax withheld, and include it on your Cdn tax return along with any other withholding, so it isn't "lost".