Search found 15872 matches

by nelsona
Tue Jul 23, 2019 8:57 am
Forum: Canada / United States Tax & Accounting
Topic: Taxation of CPP and SS as USC Resident of Canada
Replies: 8
Views: 227

Re: Taxation of CPP and SS as USC Resident of Canada

Residency or citizenship does not impact eligibility for these programs. Residency affects taxation only.
by nelsona
Mon Jul 22, 2019 8:14 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 1116 & Software
Replies: 1
Views: 15

Re: Form 1116 & Software

They all do it correctly and produce the 10-year carryforward report.
by nelsona
Mon Jul 22, 2019 8:13 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Stocks in Roth IRA for Dividends
Replies: 1
Views: 14

Re: Canadian Stocks in Roth IRA for Dividends

1. No. The income in the Roth ois not reportable, so the there will be no dividend tax credit in any case.

There is no "income" to gross up.
by nelsona
Mon Jul 22, 2019 8:11 pm
Forum: Canada / United States Tax & Accounting
Topic: CPP, OAS, and US SC eligibility
Replies: 1
Views: 7

Re: CPP, OAS, and US SC eligibility

You will receive some SS, some CPP and some OAS, and it will be paid to you wherever you live.
How it is taxed will depend on the treaties between US, Canada and the country you live in.
Check back when your plans are more concrete.
by nelsona
Mon Jul 22, 2019 8:08 pm
Forum: Canada / United States Tax & Accounting
Topic: Taxation of CPP and SS as USC Resident of Canada
Replies: 8
Views: 227

Re: Taxation of CPP and SS as USC Resident of Canada

The treaty specifies that SS (and CPP/OAS) received by US citizens is not taxable in US, so they would file accordingly.
by nelsona
Mon Jul 15, 2019 11:33 am
Forum: Canada / United States Tax & Accounting
Topic: Renewing Ontario driver's license a significant tie?
Replies: 2
Views: 61

Re: Renewing Ontario driver's license a significant tie?

It would not be considered a significant tie, however you aren't entitled to an ON DL if you no longer live there.
by nelsona
Mon Jul 15, 2019 11:32 am
Forum: Canada / United States Tax & Accounting
Topic: USA Child Tax Credit Effect on Foreign Tax Credit
Replies: 3
Views: 70

Re: USA Child Tax Credit Effect on Foreign Tax Credit

He LIVES is Canada, per the terms of a commuter GC (which is not the same as a GC). So he must be a Cdn resident. He would need to move to US to be a US resident.
by nelsona
Wed Jul 10, 2019 8:47 am
Forum: Canada / United States Tax & Accounting
Topic: USA Child Tax Credit Effect on Foreign Tax Credit
Replies: 3
Views: 70

Re: USA Child Tax Credit Effect on Foreign Tax Credit

If the credit brings your US tax burden below your Cdn burden, it is correct that there is no overall benefit to taking the credit, but that could be said about many US tax breaks for Cdn residents. It is up to you at that point whether you want to give more to CRA or more to IRS. You should be focu...
by nelsona
Sat Jul 06, 2019 7:52 am
Forum: Canada / United States Tax & Accounting
Topic: Another 401(k) question...
Replies: 3
Views: 107

Re: Another 401(k) question...

… meant need have election filed.
by nelsona
Sat Jul 06, 2019 7:51 am
Forum: Canada / United States Tax & Accounting
Topic: Another 401(k) question...
Replies: 3
Views: 107

Re: Another 401(k) question...

Only your Roth and Roth401(k) accounts need to be reported.
by nelsona
Thu Jul 04, 2019 8:26 am
Forum: Canada / United States Tax & Accounting
Topic: 401K withholding rate for Canadian resident
Replies: 2
Views: 61

Re: 401K withholding rate for Canadian resident

Only "periodic" payments are entitled to the 15% withholding rate, as the company explained. So your lump sum should be withheld 20% (or 30% if under 59.5 yrs old) This is only withholding. At year end you can and should file a 1040NR and report the income on page 1 and get the true tax rate, and a ...
by nelsona
Fri Jun 28, 2019 7:06 am
Forum: Canada / United States Tax & Accounting
Topic: New immigrant moving to Canada from the US - 183 days CA residency?
Replies: 4
Views: 105

Re: New immigrant moving to Canada from the US - 183 days CA residency?

Whne moving to/from Canada the 183 days has no meaning. Your residency start/stop date is determined when you move, and you become/cease to be resident on that day. The 183 days is only important if if you are not resident at all in canad for the entire year, but spend 183 days or more in Canada (ma...
by nelsona
Tue Jun 25, 2019 7:16 am
Forum: Canada / United States Tax & Accounting
Topic: reporting thresholds when you are a non US residents
Replies: 6
Views: 131

Re: reporting thresholds when you are a non US residents

AS I said earlier, whether you are considered residing abroad only affects the threshold. Since you won't meet any of those tests for 2019, you will need to follow the married US resident thresholds.
by nelsona
Mon Jun 24, 2019 10:59 pm
Forum: Canada / United States Tax & Accounting
Topic: reporting thresholds when you are a non US residents
Replies: 6
Views: 131

Re: reporting thresholds when you are a non US residents

This form is filed every year whether or not you live in US, IF you meet the threshold for residents or non-resident, depending on your situation. If you've had sufficient specified assets in Canada in past years (RRSPs bank accounts, property, etc) you would have had to submit that form with your r...