Search found 18630 matches

by nelsona
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

Re: How to use Foreign Tax Credit to offset US Tax on the same year for house sale

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 ...
by nelsona
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 ...
by nelsona
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 ...
by nelsona
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.
by nelsona
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.
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: 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 ...
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: 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.
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: 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 ...
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: 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.
by nelsona
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
by nelsona
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.
by nelsona
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 ...
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: 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.
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: 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.