Search found 18361 matches

by nelsona
Wed Jul 17, 2024 9:58 am
Forum: Canada / United States Tax & Accounting
Topic: What to do with Canadian Savings Acct living in US on TN?
Replies: 1
Views: 20

Re: What to do with Canadian Savings Acct living in US on TN?

The first question is why is it "making no interest"? Interest rates are relatively high right now.

Second, exchange rates don't really matter in your case. Is the CDn dollar going to go up? Who knows.

Bring the money to US, and invest it in your house, your Roth, whatever.
by nelsona
Mon Jul 15, 2024 6:51 pm
Forum: Canada / United States Tax & Accounting
Topic: US Estate Tax and the $60,000 treshold
Replies: 2
Views: 106

Re: US Estate Tax and the $60,000 treshold

A foreign person does not enjoy the same exemption as a US person, so do not rely on that.

However, since these assets will be deemed sold by CRA, regardless of what the executor does, the tax involved if any will be more than covered by his Cdn income tax. The treaty allows this.
by nelsona
Thu Jul 11, 2024 7:58 am
Forum: Canada / United States Tax & Accounting
Topic: Income tax for Canadian working for US company
Replies: 11
Views: 872

Re: Income tax for Canadian working for US company

Ok. Then you are fine. That had not been specified.
by nelsona
Wed Jul 10, 2024 6:20 pm
Forum: Canada / United States Tax & Accounting
Topic: Income tax for Canadian working for US company
Replies: 11
Views: 872

Re: Income tax for Canadian working for US company

hmp111,

You would need to ask a Cdn tax accountant, but generally, if you only have one client -- full-time -- CRA will treat you as an employee. Then you get into payroll taxes, etc. Just a word of caution for you to check out.
by nelsona
Wed Jul 10, 2024 5:15 pm
Forum: Canada / United States Tax & Accounting
Topic: Pennsylvania and RRSPs
Replies: 4
Views: 269

Re: Pennsylvania and RRSPs

California is the only state which taxes internal RRSP income, year over year.
by nelsona
Tue Jul 09, 2024 8:25 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian inheriting traditional IRA
Replies: 7
Views: 380

Re: Canadian inheriting traditional IRA

The credit would not be limited
by nelsona
Mon Jul 08, 2024 2:15 pm
Forum: Canada / United States Tax & Accounting
Topic: Pennsylvania and RRSPs
Replies: 4
Views: 269

Re: Pennsylvania and RRSPs

we have not heard of any RRSP issues regarding PA.
by nelsona
Fri Jul 05, 2024 5:54 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian inheriting traditional IRA
Replies: 7
Views: 380

Re: Canadian inheriting traditional IRA

Maybe. Non-residents with Non-effectively connected (NEC) that are being withheld correctly need not file a 1040NR. IRA income can be treated as non-connected. That applies to ALL non-residents. However, when it comes to Social security, one *might* have to file a 1040NR (at least schedule OI) to ac...
by nelsona
Fri Jul 05, 2024 9:05 am
Forum: Canada / United States Tax & Accounting
Topic: HST credit?
Replies: 2
Views: 315

Re: HST credit?

It is debatable whether HST is an allowable tax covered by the Treaty, since it is not "income tax". HST would have to be defined in the Income tax Act to be eligible. Regardless, if a US taxpayer is reporting their Cdn income on a 1040 and using foreign tax credit with Form 1116, their Cd...
by nelsona
Thu Jul 04, 2024 9:13 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian inheriting traditional IRA
Replies: 7
Views: 380

Re: Canadian inheriting traditional IRA

If you leave the IRA intact, you will be taxed on the withdrawals in US (15%) and you will also report the income in Canada (with credit given for the US tax). The IRA MUST be collapsed in 10 years.
If you take the IRA as a lump-sum, the US tax becomes 25%.
by nelsona
Tue Jul 02, 2024 12:18 pm
Forum: Canada / United States Tax & Accounting
Topic: Income tax for Canadian working for US company
Replies: 11
Views: 872

Re: Income tax for Canadian working for US company

Yes, but does our poster want to be an employee? It would appear not.
On the other hand, will CRA accept that he is self-employed under the conditions he describes?
by nelsona
Sun Jun 30, 2024 3:18 pm
Forum: Canada / United States Tax & Accounting
Topic: Income tax for Canadian working for US company
Replies: 11
Views: 872

Re: Income tax for Canadian working for US company

W-2 is for employers reporting wages. Doesn't apply to you,
W-8BEN i sufficient. If you were occasionally working in US, you would file a form 8233 with the client for that income.
by nelsona
Sat Jun 29, 2024 4:54 pm
Forum: Canada / United States Tax & Accounting
Topic: U.S. LPR working remotely in Canada Question
Replies: 2
Views: 290

Re: U.S. LPR working remotely in Canada Question

None. Since you are working for a US firm, and not at a particular office in Canada for such a short period of time, there are no Cdn tax implications.
by nelsona
Thu Jun 27, 2024 8:15 am
Forum: Canada / United States Tax & Accounting
Topic: TN visa worker Tax 2023 Letter from IRS
Replies: 3
Views: 286

Re: TN visa worker Tax 2023 Letter from IRS

Well, since it was only 9K, you are entitled to exempt the entire amount, by treaty, Article XV.2(a). You aren't entitled to any standard deduction. Other than that, I suppose there were lines on the 1040NR Schedule OI that you did not fill out. Btw, since you owed no income tax in US, you cannot cl...
by nelsona
Sun Jun 23, 2024 5:20 pm
Forum: Canada / United States Tax & Accounting
Topic: Locked-In RRSP
Replies: 6
Views: 1943

Re: Locked-In RRSP

Unless requested by CRA, one should generally NOT file NR73. However, in some provinces, to unlock a LIRA (never an RRSP), one must file an NR73 to prove non-residency. You would need to check the requirements for the jurisdiction which b=governs your LIRA.