Search found 15910 matches

by nelsona
Sat Sep 14, 2019 4:57 pm
Forum: Canada / United States Tax & Accounting
Topic: 25% withholding non-resident
Replies: 1
Views: 34

Re: 25% withholding non-resident

The income would be subject to ordinary income tax, as reported on a return, not non-resident withholding tax.
by nelsona
Sat Sep 14, 2019 4:55 pm
Forum: Canada / United States Tax & Accounting
Topic: US Foreign Tax Credit
Replies: 2
Views: 56

Re: US Foreign Tax Credit

CPP and EI both are eligible. You use the taxes as determined on your Cdn return regardless of what was withheld or not during the year. This is the accrual method.
by nelsona
Sat Sep 14, 2019 2:16 pm
Forum: Canada / United States Tax & Accounting
Topic: RRSP contributions are not tax-deductible on US tax return
Replies: 2
Views: 60

Re: RRSP contributions are not tax-deductible on US tax return

You probably don't need to reduce your US tax, since you can use 2555 and 1116 to reduce your tax to zero even without any RRSP contribution.
Remember that you are not liable for SE tax portion in US, due to payimg into CPP in Canada.
by nelsona
Sat Sep 14, 2019 1:59 pm
Forum: Canada / United States Tax & Accounting
Topic: Help Tax Planning on becoming a non-resident with Complications
Replies: 13
Views: 217

Re: Help Tax Planning on becoming a non-resident with Complications

We,, you already said you are moving for work in October. So that would not be an accurate departure date. At minimum it would make your US wages taxable in Canada if you chose that later date.
by nelsona
Sat Sep 14, 2019 1:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Moving from US to Canada
Replies: 6
Views: 80

Re: Moving from US to Canada

So you need to decide where YOU want to live, and whether your spouse will live with you. That will determine how much change you need to make. You seem to be wanting to simply stay in US while she moves up to Canada.
by nelsona
Sat Sep 14, 2019 1:56 pm
Forum: Canada / United States Tax & Accounting
Topic: Moving from US to Canada
Replies: 6
Views: 80

Re: Moving from US to Canada

6. Be sure that your 401(k) management allows for CDn residents. MANY do not.
7. Doesn't matter.
by nelsona
Sat Sep 14, 2019 1:55 pm
Forum: Canada / United States Tax & Accounting
Topic: Moving from US to Canada
Replies: 6
Views: 80

Re: Moving from US to Canada

OK (don't use the quotes or cut and paste, just post your answers. 1. If you live and work in Canada, you need to be either on Cdn payroll set up, or be a contractor. 2. You could be considered non-resident, but your would have to severely limit your visits to Canada, with your spouse visiting you i...
by nelsona
Sat Sep 14, 2019 1:48 pm
Forum: Canada / United States Tax & Accounting
Topic: Selling RSUs before coming to Canada or after coming to Canada
Replies: 11
Views: 131

Re: Selling RSUs before coming to Canada or after coming to Canada

That's what I mean. Just post your new info. I know what I wrote.
by nelsona
Fri Sep 13, 2019 9:29 am
Forum: Canada / United States Tax & Accounting
Topic: Selling RSUs before coming to Canada or after coming to Canada
Replies: 11
Views: 131

Re: Selling RSUs before coming to Canada or after coming to Canada

What did I tell you about quotes. You did it anyway. Too confusing to read now.
by nelsona
Fri Sep 13, 2019 9:27 am
Forum: Canada / United States Tax & Accounting
Topic: Moving from US to Canada
Replies: 6
Views: 80

Re: Moving from US to Canada

So she would be the skilled worker in Canada? Otherwise you can't move to Canada under that program and work in US, no?
by nelsona
Thu Sep 12, 2019 8:46 pm
Forum: Canada / United States Tax & Accounting
Topic: Selling RSUs before coming to Canada or after coming to Canada
Replies: 11
Views: 131

Re: Selling RSUs before coming to Canada or after coming to Canada

Don't confuse the tax that was withheld when you vested (as a US resident) , with the 30% that might have been withheld had you been non-resident of US. They are not the same.
by nelsona
Thu Sep 12, 2019 8:43 pm
Forum: Canada / United States Tax & Accounting
Topic: Selling RSUs before coming to Canada or after coming to Canada
Replies: 11
Views: 131

Re: Selling RSUs before coming to Canada or after coming to Canada

Hard to read what you said (don't bother with quotes, etc, they don't help) , but remember that your exercise, while it may have been withheld at 30%, is merely the withholding. You still have to report the full $10 amount as income on your 2019 IRS return, and pay whatever tax is owed. What was wit...
by nelsona
Thu Sep 12, 2019 6:34 pm
Forum: Canada / United States Tax & Accounting
Topic: cashless exercise of stock option
Replies: 1
Views: 60

Re: cashless exercise of stock option

Exercising these options would be considered Cdn-source wages, requiring a Cdn tax return. The same income would be reported in US, with IRS giving credit for the Cdn taxes owed.

If the amount is less than C$10K, you can exempt these from Cdn taxes.
by nelsona
Thu Sep 12, 2019 6:31 pm
Forum: Canada / United States Tax & Accounting
Topic: Selling RSUs before coming to Canada or after coming to Canada
Replies: 11
Views: 131

Re: Selling RSUs before coming to Canada or after coming to Canada

In either case there would be the Cdn tax on the gains after arrival in Canada.
by nelsona
Thu Sep 12, 2019 6:29 pm
Forum: Canada / United States Tax & Accounting
Topic: Selling RSUs before coming to Canada or after coming to Canada
Replies: 11
Views: 131

Re: Selling RSUs before coming to Canada or after coming to Canada

Assuming you are not a US citizen of GC holder, your would have NO cap gains liability on shares that you have exercised, but waited to sell after leaving US. If you are a US taxpayer, you would have full tax liability, but would get credit on the US return for the Cdn tax. US doesn't "divvy" tax li...