Search found 18221 matches
- Sun Mar 17, 2024 4:58 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Tax Rresidency Status
- Replies: 1
- Views: 56
Re: Tax Rresidency Status
Residency is based on.... residence. What were your LIVING arrangements since Des 2022 in Canada and US. Your employment matters little.
- Sun Mar 17, 2024 4:54 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Citizen/US PR in California - Reporting TFSA/RRSP
- Replies: 1
- Views: 22
Re: Canadian Citizen/US PR in California - Reporting TFSA/RRSP
You report the income as if the RRSP was not tax-shetered, year after year.
You don;t report it in 3520 becuase RRSPs are specifically exempt. There is no monetary threshold for this.
You don;t report it in 3520 becuase RRSPs are specifically exempt. There is no monetary threshold for this.
- Sun Mar 17, 2024 4:52 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 1042S reporting on Schedule NEC
- Replies: 2
- Views: 42
Re: 1042S reporting on Schedule NEC
They are from US corps. 10% flat taxed.
- Fri Mar 15, 2024 8:35 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Cad-USA taxes on bank interest based on residency?
- Replies: 4
- Views: 77
Re: Cad-USA taxes on bank interest based on residency?
You will note that the statement Phil makes is under the heading of foreign tax credits.
- Fri Mar 15, 2024 8:34 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Cad-USA taxes on bank interest based on residency?
- Replies: 4
- Views: 77
Re: Cad-USA taxes on bank interest based on residency?
Neither ends up being taxed by IRS . however, by procedure both are reported, and then credit is taken by using form 1116: Cdn interest by a passive 1116, and US interest by a re-sourced by treaty 1116.
One cannot simply not report the income.
One cannot simply not report the income.
- Thu Mar 14, 2024 9:08 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Deemed disposition Canada Exit tax and foreign property
- Replies: 1
- Views: 54
Re: Deemed disposition Canada Exit tax and foreign property
Yes. You can at that time elect to have the property considered sold in US as well, to mesh the tax credits.
- Wed Mar 13, 2024 8:29 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Roth reporting
- Replies: 6
- Views: 173
Re: Roth reporting
Roth distributions ARE considered income -- foreign pension income. Then, the treaty allows you deduct that income on line 25600, which is the purpose of that line. Social security is treated similarly: you include ALL the income, and then deduct the 15% on line 25600. CRA wants to know your income ...
- Wed Mar 13, 2024 2:27 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US dividend stocks in TFSA
- Replies: 1
- Views: 70
Re: US dividend stocks in TFSA
It is very likely that the US stocks are issuing qualified dividends, which are not taxable in US unless you are in a very high tax bracket.
- Sun Mar 10, 2024 6:40 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Can CDN resident just file full-year 1040 instead of dual-status return?
- Replies: 7
- Views: 228
Re: Can CDN resident just file full-year 1040 instead of dual-status return?
Bank of Canada can generate average exchange rates based on almost any date range, so that is not a problem. Besides, you can use the average for the entire year. if you wish Not a big issue.
- Fri Mar 08, 2024 3:41 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Schedule B Trust Question and FBAR
- Replies: 3
- Views: 138
Re: Schedule B Trust Question and FBAR
If you have an RRSP, RRIF, etc, you should be ticking that box in any event. Ticking the box does not commit you to filing 3520, and since you have concluded it does not require 3520, there is no harm in ticking the box.
- Fri Mar 08, 2024 12:14 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Can CDN resident just file full-year 1040 instead of dual-status return?
- Replies: 7
- Views: 228
Re: Can CDN resident just file full-year 1040 instead of dual-status return?
You would need to explain yourself, and 8833 is the means. As FunTopic points out, there may be reasons that you should file dual. But they may be overridden by treaty.
- Fri Mar 08, 2024 12:11 pm
- Forum: Canada / United States Tax & Accounting
- Topic: First time US tax filing
- Replies: 3
- Views: 186
Re: First time US tax filing
The issue of commuter and first year taxes have been dealt with here ad infinitum. PLEASE research.
- Fri Mar 08, 2024 12:10 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canada foreign tax credit
- Replies: 1
- Views: 84
Re: Canada foreign tax credit
Well, you would only include US taxes on US-based income. Any US taxes paid on Cdn-source income would need to be handled on your US return, if applicable.
And it is Fed and state taxes as calculated on your tax returns (not simply the tax withheld) plus the FICA that was withheld.
And it is Fed and state taxes as calculated on your tax returns (not simply the tax withheld) plus the FICA that was withheld.
- Thu Mar 07, 2024 2:12 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Hsa
- Replies: 2
- Views: 90
Re: Hsa
The HSA is protected by the treaty, since it is set up primarily to provide employee benefits, thus is not taxable in Canada unless taxed in US.
Article XXI(2)
Article XXI(2)
- Wed Mar 06, 2024 1:28 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Living in US for 15 years - Just tuning into RRSP challenge!
- Replies: 8
- Views: 2337
Re: Living in US for 15 years - Just tuning into RRSP challenge!
No need to resurrect 10- year old posts.