Search found 18615 matches

by nelsona
Fri Jul 18, 2025 8:56 am
Forum: Canada / United States Tax & Accounting
Topic: Determine Canada (Deemed) Non-resident
Replies: 13
Views: 5152

Re: Determine Canada (Deemed) Non-resident

To be a "deemed" non-resident, requires that you not merely "say" that you are more resident of US than canada, but prove it by the treaty. I don't believe you can, from what you have described, Your center of vital interest, in my opinion, is where you spend time with your famil...
by nelsona
Thu Jul 17, 2025 5:08 pm
Forum: Canada / United States Tax & Accounting
Topic: Determine Canada (Deemed) Non-resident
Replies: 13
Views: 5152

Re: Determine Canada (Deemed) Non-resident

Does your spouse identify that she is married on her Cdn return, and does she report your US income on page one, for determining benefits?
by nelsona
Thu Jul 17, 2025 5:07 pm
Forum: Canada / United States Tax & Accounting
Topic: Determine Canada (Deemed) Non-resident
Replies: 13
Views: 5152

Re: Determine Canada (Deemed) Non-resident

I would opine that because you spend more time in canada than US, AND that your family lives in Canada, with whom you live, particularly since you do this year-after-year, you would be considered a resident of Canada, by the treaty tie-breakers.
by nelsona
Sun Jul 13, 2025 8:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Keeping Investing account open as non resident Canadian
Replies: 2
Views: 108

Re: Keeping Investing account open as non resident Canadian

You can keep your TFSA with most brokerages, although there is little benefit for doing so while in US. Your investment account cannot be managed while in US, as this violates SEC regulations, because Cdn brokerages cannot deal with US residents in non-sheltered accounts. You are best off liquidatin...
by nelsona
Sat Jul 12, 2025 5:09 pm
Forum: Canada / United States Tax & Accounting
Topic: W-8Ben Part 2-#10
Replies: 3
Views: 7532

Re: W-8Ben Part 2-#10

It would be better if you could fix it, as it is impacting the performance of your IRA.

However, simply keep track of the Cdn tax withheld, and include it on your Cdn tax return along with any other withholding, so it isn't "lost".
by nelsona
Tue Jul 08, 2025 9:13 am
Forum: Canada / United States Tax & Accounting
Topic: Step-up for rental and article XIII (7) of the treaty “at any time”
Replies: 4
Views: 3561

Re: Step-up for rental and article XIII (7) of the treaty “at any time”

I use 8833 to explain any treaty position I take, regardless of whether it is mandatory or not, and do not list any specific IRS code. Just keeps them from guessing.

Since you said we've discussed these issues before, I''ll leave it as that.
by nelsona
Mon Jul 07, 2025 1:50 pm
Forum: Canada / United States Tax & Accounting
Topic: Step-up for rental and article XIII (7) of the treaty “at any time”
Replies: 4
Views: 3561

Re: Step-up for rental and article XIII (7) of the treaty “at any time”

If you change the use of your former principal residence to a rental at some point after your move, you would only be able to step up the ACB for IRS purposes, if you also filed for change of use in Canada. Otherwise you have not met the requirement of XIII(7), in that there would be no "deemed...
by nelsona
Sat Jul 05, 2025 8:51 pm
Forum: Canada / United States Tax & Accounting
Topic: W-8Ben Part 2-#10
Replies: 3
Views: 7532

Re: W-8Ben Part 2-#10

As you probably know, the withholding tax is imposed by, and paid to, Canada, not US. Without the treaty, the tax would be 25%. At a minimum, if you refer to Article X.2(b) of the treaty, this should reduce the withholding to 15%. For Cdn stocks held in an IRA or other retirement account, that withh...
by nelsona
Wed Jun 25, 2025 5:47 pm
Forum: Canada / United States Tax & Accounting
Topic: TFSA Withdrawal/Distribution
Replies: 2
Views: 3174

Re: TFSA Withdrawal/Distribution

As you are aware, your TFSA, from a taxable account point of view is simply an investment account in the eyes of IRS, so the income you report arising from a withdrawal would simply be any gain/loss from the sale of the particular investment(s). Not too sure about the 3520, as I chose to not view th...
by nelsona
Thu Jun 12, 2025 9:53 am
Forum: Canada / United States Tax & Accounting
Topic: FTC income category for RRSP income
Replies: 8
Views: 8728

Re: FTC income category for RRSP income

RRSPs are pension income. Pension income is General.
by nelsona
Tue Jun 10, 2025 7:57 pm
Forum: Canada / United States Tax & Accounting
Topic: 401k pension splitting
Replies: 6
Views: 8128

Re: 401k pension splitting

There is absolutely NO requirement for the 401(k) income to be periodic, in order to be split.
by nelsona
Tue Jun 10, 2025 11:59 am
Forum: Canada / United States Tax & Accounting
Topic: 401k pension splitting
Replies: 6
Views: 8128

Re: 401k pension splitting

From an FTC point of view, US pensions are not subject to the 15% limit, and the early withdrawal penalty IS allowable along with the regular tax, even if this pushes you above 15%. This has been accepted by CRA for well over a decade. This was the resolution when many began "transferring"...
by nelsona
Sat Jun 07, 2025 9:49 am
Forum: Canada / United States Tax & Accounting
Topic: US house sale
Replies: 6
Views: 8453

Re: US house sale

She can sell from anywhere in the world.