Search found 15433 matches

by nelsona
Mon Feb 11, 2019 11:41 am
Forum: Canada / United States Tax & Accounting
Topic: US/Canadian Dual Citizen Taxes
Replies: 1
Views: 83

Re: US/Canadian Dual Citizen Taxes

If you were a contractor, then you should not owe any tax in Canada. You may simply have to file a return reporting your gross earnings and then deducting them on line 256. This would be on a non-resident return.

You will of course report the income in US as self-employed.
by nelsona
Mon Feb 11, 2019 11:39 am
Forum: Canada / United States Tax & Accounting
Topic: one-time election required for Roth 401k?
Replies: 2
Views: 40

Re: one-time election required for Roth 401k?

And this election is to conform with the treaty, which protects Roth only to the extent that no "Cdn contribution" is made.
by nelsona
Mon Feb 11, 2019 11:38 am
Forum: Canada / United States Tax & Accounting
Topic: one-time election required for Roth 401k?
Replies: 2
Views: 40

Re: one-time election required for Roth 401k?

ALL Roths, whether they be self-funded, self-administered or company funded/administered, need to have a statement filed with CRA with the first tax return one files as a Cdn resident. No need to argue about angels on the head of a pin on this: https://www.canada.ca/en/revenue-agency/services/forms-...
by nelsona
Mon Feb 11, 2019 9:56 am
Forum: Canada / United States Tax & Accounting
Topic: How do I report the Sale of USA Personal Use Property
Replies: 7
Views: 73

Re: How do I report the Sale of USA Personal Use Property

And don't forget to add all the work he did to the cost basis for the US house, that should lower his tax bill
by nelsona
Mon Feb 11, 2019 9:55 am
Forum: Canada / United States Tax & Accounting
Topic: How do I report the Sale of USA Personal Use Property
Replies: 7
Views: 73

Re: How do I report the Sale of USA Personal Use Property

Not interest. Interest has to be re-sourced to Canada and claimed as FTC in US. CRA doesn't give credit for interest for US citizens.
So, only pension.
by nelsona
Sun Feb 10, 2019 11:03 pm
Forum: Canada / United States Tax & Accounting
Topic: How do I report the Sale of USA Personal Use Property
Replies: 7
Views: 73

Re: How do I report the Sale of USA Personal Use Property

Since it was personal use property, you cannot claim a loss in Canada, and since there was no gain, he cannot claim any IUS tax as credit.

He had three years to sell it after he left US to avoid US cap gains. Did he do it in time?
by nelsona
Sun Feb 10, 2019 11:12 am
Forum: Canada / United States Tax & Accounting
Topic: HOW TO FILE US TAX
Replies: 7
Views: 89

Re: HOW TO FILE US TAX

But once your family moves, you are no longer allowed 1040NR. You would be dual-status, so would most likely elect to file full year 1040 for that year.
by nelsona
Sun Feb 10, 2019 11:10 am
Forum: Canada / United States Tax & Accounting
Topic: US citizen lived in Canada for 6 months
Replies: 3
Views: 49

Re: US citizen lived in Canada for 6 months

So you will need to report the wages on a CDn return for the province your worked in, and use the taxes related (including EI and CPP contributions) as a credit on your US return.
by nelsona
Sat Feb 09, 2019 9:18 pm
Forum: Canada / United States Tax & Accounting
Topic: HOW TO FILE US TAX
Replies: 7
Views: 89

Re: HOW TO FILE US TAX

From a tax point of view, since you are filing 1040NR, are you able to use up all US/state tax, SS and Medicare on your CDn return?
If not, you shoukd consider using Article XXV(2) to further reduce your IRS tax.
by nelsona
Sat Feb 09, 2019 9:16 pm
Forum: Canada / United States Tax & Accounting
Topic: HOW TO FILE US TAX
Replies: 7
Views: 89

Re: HOW TO FILE US TAX

Your first question didn't ask about filing after you get GC, it asked about filing when applying for GC. Big difference. To answer your new question, yes, you *can* file 1040NR if you have GC and meet the treaty residency requirements for Canada. But even if you file 1040NR, because you have GC at ...
by nelsona
Sat Feb 09, 2019 9:08 pm
Forum: Canada / United States Tax & Accounting
Topic: collecting social security
Replies: 1
Views: 57

Re: collecting social security

Ignore anything this expert tells you.
by nelsona
Sat Feb 09, 2019 10:18 am
Forum: Canada / United States Tax & Accounting
Topic: HOW TO FILE US TAX
Replies: 7
Views: 89

Re: HOW TO FILE US TAX

and PLEASE NO ALL CAPITALS. IT"S ANNOYING
by nelsona
Sat Feb 09, 2019 10:18 am
Forum: Canada / United States Tax & Accounting
Topic: HOW TO FILE US TAX
Replies: 7
Views: 89

Re: HOW TO FILE US TAX

Until you have the GC, you have no worries. But until then, as long as your family is in Canada, and you visit them more than they visit you, you can clim to be CDn resident by treaty, and use 1040NR (and the special XXV(2) provision).

E
by nelsona
Fri Feb 08, 2019 6:19 pm
Forum: Canada / United States Tax & Accounting
Topic: FBAR Question
Replies: 6
Views: 100

Re: FBAR Question

FBAR applies to ALL your foreign accounts if the total of ALL your accounts is more than $10K US at any one moment in the year. So if you have 1 account that reached $9999 and three that each had only $1, you would need to report them all. as you exceeded $10K. I'll let your accountant figure out th...
by nelsona
Fri Feb 08, 2019 6:15 pm
Forum: Canada / United States Tax & Accounting
Topic: Pension/RRIF Passive on form 1116?
Replies: 13
Views: 7571

Re: Pension/RRIF Passive on form 1116?

Its the fact that they are pensions that make them gen limit.

Investments that are not pensions, are passive.
Curious as to where you are getting conflicting info.