Search found 16935 matches

by nelsona
Fri May 07, 2021 1:38 pm
Forum: Canada / United States Tax & Accounting
Topic: tax residency, Roth conversion, filing a one time treaty election
Replies: 7
Views: 690

Re: tax residency, Roth conversion, filing a one time treaty election

Yes, they can. And then Roth contributions would be considered "Canadian contributions" making your Roth internal income taxable in Canada year-by-year.
by nelsona
Thu May 06, 2021 2:59 pm
Forum: Canada / United States Tax & Accounting
Topic: Capital Gains on Foreign Currency
Replies: 1
Views: 77

Re: Capital Gains on Foreign Currency

They have the dsame concept, but I wouldn't worry about it, unless you make a huge purchase.
by nelsona
Thu May 06, 2021 2:57 pm
Forum: Canada / United States Tax & Accounting
Topic: Estate TOD?
Replies: 1
Views: 44

Re: Estate TOD?

RRSPs and such cannot be transferred to anyone other than a spouse on death. It will simply be cashed out (with 25% tax withheld) and the proceeds will become part of the estate. There is no TOD concept in canada, other than RRSP and principal residence, and only to a spouse. Everything else is deem...
by nelsona
Thu May 06, 2021 8:46 am
Forum: Canada / United States Tax & Accounting
Topic: US Citizen wants to keep W2 remote job in Canada
Replies: 5
Views: 169

Re: US Citizen wants to keep W2 remote job in Canada

Commuting to US, like 100's do in Windsor alone, is normal and legal. You pay tax in US (and SS and Medicare), and canada gives credit for the tax you paid in US on your Cdn return. The problem is LIVING and WORKING in Canada. CRA has made it very clear that this requires (in normal times, and if un...
by nelsona
Thu May 06, 2021 8:42 am
Forum: Canada / United States Tax & Accounting
Topic: US Capital Gain and taxation in Canada
Replies: 1
Views: 62

Re: US Capital Gain and taxation in Canada

Since this is business income, it will be taxed in US (if it were normal cap gains from investments, it would not).
Then it is also taxed in Canada, with Canada giving foreign tax credit for any US tax calculated on your US /Cal returns.
by nelsona
Wed May 05, 2021 9:50 pm
Forum: Canada / United States Tax & Accounting
Topic: US Citizen wants to keep W2 remote job in Canada
Replies: 5
Views: 169

Re: US Citizen wants to keep W2 remote job in Canada

Yes, it is not acceptable to CRA. Work performed in canada by a Cdn employee MUST be paid either as a contractor or as a Cdn payroll employee.
It cannot be W2
by nelsona
Wed May 05, 2021 2:53 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian citizen worked in USA and retiring in Philippines
Replies: 4
Views: 189

Re: Canadian citizen worked in USA and retiring in Philippines

... and since the question is on US Social Security, it SPECIFICALLY is only taxed in Canada for Cdn residents -- by treaty.
by nelsona
Tue May 04, 2021 8:38 pm
Forum: Canada / United States Tax & Accounting
Topic: W2 employee living in Canada: basic questions
Replies: 4
Views: 254

Re: W2 employee living in Canada: basic questions

Yes, 1000's of Cdns work for US-based firms. They either work as a contractor, corp-to-corp, or are on a Cdn payroll.
by nelsona
Tue May 04, 2021 8:36 pm
Forum: Canada / United States Tax & Accounting
Topic: 1040NR - IRS Refund Interest
Replies: 1
Views: 98

Re: 1040NR - IRS Refund Interest

It is not reportable.
by nelsona
Tue May 04, 2021 8:34 pm
Forum: Canada / United States Tax & Accounting
Topic: Working in US on TN for 10 years moving back to Canada
Replies: 9
Views: 406

Re: Working in US on TN for 10 years moving back to Canada

"Where an employee IS COVERED", implies, that he is currently covered, and then is sent out of country. In any event, as CRA explained in their covid-19 docs, an Cdn resident working as an employee in Canada MUST have Cdn payroll taxes withheld and transmitted by the employer . Covid is th...
by nelsona
Mon May 03, 2021 12:01 pm
Forum: Canada / United States Tax & Accounting
Topic: IRS on interest earned on RRSPs
Replies: 3
Views: 107

Re: IRS on interest earned on RRSPs

...including not ONLY interest...
by nelsona
Mon May 03, 2021 12:00 pm
Forum: Canada / United States Tax & Accounting
Topic: IRS on interest earned on RRSPs
Replies: 3
Views: 107

Re: IRS on interest earned on RRSPs

Income (including not interest, but also other internal distributions and gains generated by sales) from RRSP is not reportable to IRS, unless and until a withdrawal is made.
No form is needed for this specific purpose. Of course, it is reportable as FATCA, as you mentioned, as well as FBAR.
by nelsona
Mon May 03, 2021 11:02 am
Forum: Canada / United States Tax & Accounting
Topic: Working in US on TN for 10 years moving back to Canada
Replies: 9
Views: 406

Re: Working in US on TN for 10 years moving back to Canada

That applies to transfers (or secondments). This is a new hire.
by nelsona
Sun May 02, 2021 4:36 pm
Forum: Canada / United States Tax & Accounting
Topic: Working in US on TN for 10 years moving back to Canada
Replies: 9
Views: 406

Re: Working in US on TN for 10 years moving back to Canada

The residence takes precedence, for the purposes of payroll taxes (EI/CPP, or SS/Medicare), so for a "split" worker, the paytroll should be in home country.

For income taxes however, the number of days worked in each will determine the ratio of taxes.