Search found 16382 matches

by nelsona
Wed Jul 29, 2020 6:38 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian permanent resident working remotely for US company
Replies: 3
Views: 86

Re: Canadian permanent resident working remotely for US company

1. You should not have tp pay US taxes. However, unless you are working a sa contractor, you MUST be on a CDn payroll with this firm. 2. If you are an employee they MUST issue you a T4, as they MUST pay you as a Cdn employee, with CDn taxes, CPP, EI, etc., Otherwise you MUST be a contractor. 3. The ...
by nelsona
Mon Jul 27, 2020 7:37 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax planning while leaving Canada: investments, and house
Replies: 3
Views: 112

Re: Tax planning while leaving Canada: investments, and house

RRSPs are exempt from trust and PFIC reporting, so the only thing you would need to do in your RRSP is crystalize gains to give you a higher cost basis for future possible US tax. ETFs and mutuals held outside RRSP, like in TFSA are subject to PFIC and perhaps trust reporting, so can be problematic....
by nelsona
Mon Jul 27, 2020 7:03 pm
Forum: Canada / United States Tax & Accounting
Topic: CCA reporting on foreign rental property when returning to Canada
Replies: 2
Views: 73

Re: CCA reporting on foreign rental property when returning to Canada

If you need to use CCA, I would use the FMV when you arrive in Canada, since that will be the basis for tax in canada.
by nelsona
Mon Jul 27, 2020 10:09 am
Forum: Canada / United States Tax & Accounting
Topic: Tax planning while leaving Canada: investments, and house
Replies: 3
Views: 112

Re: Tax planning while leaving Canada: investments, and house

Since TFSa is treated as an an ordinary account in US, you might want to sell your winners, and keep your losers.

As to whether you should collapse the TFSA, that is a matter of debate, based on whether TFSA is viewed as a foreign trust or not.
by nelsona
Mon Jul 27, 2020 10:07 am
Forum: Canada / United States Tax & Accounting
Topic: Tax preparation questions for moving to California
Replies: 3
Views: 203

Re: Tax preparation questions for moving to California

You do NOT need to keep any ties in Canada or elsewhere on TN. It is not a tourist or student status!
You onlt need to leave when you are no longer on TN (or other valid status)>
by nelsona
Thu Jul 23, 2020 11:47 am
Forum: Canada / United States Tax & Accounting
Topic: Contributing to RRSP as US resident
Replies: 5
Views: 166

Re: Contributing to RRSP as US resident

Brokerage companies are forbidden from holding accounts for US residents, unless it is an RRSP. Forget that.
by nelsona
Wed Jul 22, 2020 11:41 am
Forum: Canada / United States Tax & Accounting
Topic: Contributing to RRSP as US resident
Replies: 5
Views: 166

Re: Contributing to RRSP as US resident

If you are concerned about keeping Cdn currency in your investments, there are Cdn firms that trade on US markets.
by nelsona
Wed Jul 22, 2020 8:06 am
Forum: Canada / United States Tax & Accounting
Topic: Contributing to RRSP as US resident
Replies: 5
Views: 166

Re: Contributing to RRSP as US resident

There is no tax law that prevents contributing to an RRSP while US resident. However, MOST RRSP firm will not deal with new clients fir an RRSP, and even fewer will accept new money from a US resident, by their own rules. There are also SEC regulations which scare off most firms. Also, since you wou...
by nelsona
Mon Jul 20, 2020 12:28 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual citizen (USA resident) owning condo/townhouse in Canada
Replies: 13
Views: 831

Re: Dual citizen (USA resident) owning condo/townhouse in Canada

In both canada an US you are reposnsible for renatl income to the extent that you own the property. You own 1/2, you report anf pay tax on half.
by nelsona
Mon Jul 20, 2020 12:26 pm
Forum: Canada / United States Tax & Accounting
Topic: Cottage in Canada for US residents
Replies: 3
Views: 304

Re: Cottage in Canada for US residents

Sorry, missed the "not" trenting. You would only need to report when you sell.
by nelsona
Fri Jul 17, 2020 6:45 pm
Forum: Canada / United States Tax & Accounting
Topic: apply for non-resident of Canada
Replies: 7
Views: 882

Re: apply for non-resident of Canada

No. Simply declare your departure daye on your return in the year you leave. If CRA doubts you, let them ask for NR73. From what you described, as I expalined before, you won't be making a treaty claim, but will be "simple" non-resident.
by nelsona
Fri Jul 17, 2020 6:41 pm
Forum: Canada / United States Tax & Accounting
Topic: No US Tax Owing Without Using FTC - Should I File FTC Anyway?
Replies: 3
Views: 173

Re: No US Tax Owing Without Using FTC - Should I File FTC Anyway?

It is not a bad idea to file the 1116's in any evnt, for carryforward purposes. You never know.
by nelsona
Fri Jul 17, 2020 6:39 pm
Forum: Canada / United States Tax & Accounting
Topic: Dissolve Canadian corporation before moving to the US?
Replies: 2
Views: 147

Re: Dissolve Canadian corporation before moving to the US?

Yes, it usually best to dissolve if there is no need for the corp while outside US. The income should be taken before going to US, as once in US, the income would be taxable in US, and there would not necessarily be a tax credit available for the dividend taken (and taxed) in canada.