Search found 15958 matches

by nelsona
Tue Nov 12, 2019 9:04 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Resident and US 401k holder
Replies: 2
Views: 27

Re: Canadian Resident and US 401k holder

There is no limit on how much you can withdraw, the withdrawals are treated as pension income. There will be withholding. It is always good to file to reduce the US tax, evn if the withholding is 15%. As long as it is a 401(K), you can split the income (and, now you can split the tax too(, with your...
by nelsona
Tue Nov 12, 2019 9:01 pm
Forum: Canada / United States Tax & Accounting
Topic: Sale of home by US spouse being sponsored for Canada PR
Replies: 1
Views: 15

Re: Sale of home by US spouse being sponsored for Canada PR

She would only need to report it if it is sold after she becomes Cdn tax resident. Even then, at most she would be taxed on the gain after her arrival in Canada, and could even clain that this was still her Principal residence. If any case, unless it takes a copule of years to sell, she should have ...
by nelsona
Mon Nov 11, 2019 3:12 pm
Forum: Canada / United States Tax & Accounting
Topic: Question re: self-employed tax in Canada after immigration to US
Replies: 12
Views: 316

Re: Question re: self-employed tax in Canada after immigration to US

The stipend is wages, so will not be exempt. The other income will be independent services, and you will need to meet the requirements of the regs mentioned earlier. Whenter or not you are exempted from withholding on these payment, you will have to file a Cdn tax return to prove this, and to get an...
by nelsona
Fri Nov 08, 2019 1:53 pm
Forum: Canada / United States Tax & Accounting
Topic: Question re: self-employed tax in Canada after immigration to US
Replies: 12
Views: 316

Re: Question re: self-employed tax in Canada after immigration to US

The stipend would be taxable in Canada, unless it is for less than C$10 for the entire year, in which case it too would be excludable from Cdn tax.
by nelsona
Fri Nov 08, 2019 1:44 pm
Forum: Canada / United States Tax & Accounting
Topic: Question re: self-employed tax in Canada after immigration to US
Replies: 12
Views: 316

Re: Question re: self-employed tax in Canada after immigration to US

the waiver (or more importantly, the exemption from tax) is what I was referring to in my earlier post. He may not meet the withholding waiver requirements by these tests, but should be able to exclude the income at tax time, based on the treaty.
by nelsona
Wed Nov 06, 2019 5:43 pm
Forum: Canada / United States Tax & Accounting
Topic: Question re: self-employed tax in Canada after immigration to US
Replies: 12
Views: 316

Re: Question re: self-employed tax in Canada after immigration to US

As you saw, this will depend on whether you have a permanent establishment (PE) that you will be working out of. If fact, if you do not have a PE, you may be absoleved of ALL Cdn taxes for that self-employment income. So, the question is, how will you be operating (no pun intended) as a physician in...
by nelsona
Mon Nov 04, 2019 9:39 am
Forum: Canada / United States Tax & Accounting
Topic: Selling Rental Condo
Replies: 1
Views: 158

Re: Selling Rental Condo

Your Cdn tax on they condo will not be as high as you think, because you benefit from the years it was your principal residence (plus 1 year), so your gains will only be about $90K between you. 45K would be your portion, and only $22K wouyld be your taxable portion. Your gains in US will be based on...
by nelsona
Mon Nov 04, 2019 9:34 am
Forum: Canada / United States Tax & Accounting
Topic: Question re: self-employed tax in Canada after immigration to US
Replies: 12
Views: 316

Re: Question re: self-employed tax in Canada after immigration to US

yes, your income in Canada, earned in Canada will still be taxed in Canada (and then in US), so you should continue to pay quarterly taxes as you are doing. OHIP will not be aof any help. CRA will say it is taxable, which it is.
by nelsona
Fri Nov 01, 2019 8:30 pm
Forum: Business & Personal Immigration to the United States
Topic: Planning on moving to the US in 2020
Replies: 3
Views: 252

Re: Planning on moving to the US in 2020

As you will learn next year, you have the option of filing a full year 1040 in your move year, which would likely save you quite a bit of US tax. Having the TFSA and its income on that return may diminish the advantage of filing full year joint 1040. Best to take care of this in the year before movi...
by nelsona
Fri Nov 01, 2019 8:26 pm
Forum: Canada / United States Tax & Accounting
Topic: Commuter definition
Replies: 1
Views: 156

Re: Commuter definition

Yes, anyone considered Cdn resident, but working in US is considered a commuter for RRSP purposes.

But, even with a spouse in Canada, you CAN be considered a treaty (deemed) non-resident, if you never or rarely visit your spouse, and they regularly visit you in uS instead.
by nelsona
Sat Oct 26, 2019 12:21 pm
Forum: Canada / United States Tax & Accounting
Topic: US Canada Dual Resident Tax planning
Replies: 3
Views: 196

Re: US Canada Dual Resident Tax planning

Your situation is not unique, there are 100's of posts that deal with these issues. Happy browsing.
by nelsona
Thu Oct 24, 2019 6:40 pm
Forum: Canada / United States Tax & Accounting
Topic: Returning Canadian citizen
Replies: 1
Views: 171

Re: Returning Canadian citizen

3, This doesn't apply to you. That is for non-residents spending too much time in Canada. You are simply returning to Canada in March, Period. 5. As long as your departure return was accepted previously, you will not be determined to never have left. Even if you had come back 6-9 months after leavin...
by nelsona
Mon Oct 21, 2019 11:53 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian with Canadian Employer working in USA
Replies: 1
Views: 184

Re: Canadian with Canadian Employer working in USA

Since your spouse is a US citizen, you certainly can file a 1040 joint with her to benefit from all the normal deductions, exemptions etc.
by nelsona
Tue Oct 15, 2019 8:58 am
Forum: Canada / United States Tax & Accounting
Topic: Question Regarding U.S. Foreign Tax Credit
Replies: 7
Views: 347

Re: Question Regarding U.S. Foreign Tax Credit

You don't really need to, but you could file an 8833 treaty claim just to explain, but I would not bother.