Search found 17083 matches

by nelsona
Mon Aug 02, 2021 2:59 pm
Forum: Canada / United States Tax & Accounting
Topic: IRS on interest earned on RRSPs
Replies: 6
Views: 344

Re: IRS on interest earned on RRSPs

If that is all you have, then only FBAR is required.
Only California taxes internal RRSP income.
by nelsona
Sun Aug 01, 2021 7:33 pm
Forum: Business & Personal Immigration to the United States
Topic: L2 I-765/EAD questions
Replies: 1
Views: 177

Re: L2 I-765/EAD questions

Ask this at the L forum on immigration.com
by nelsona
Sun Aug 01, 2021 7:32 pm
Forum: Business & Personal Immigration to the United States
Topic: Apply TN visa
Replies: 1
Views: 125

Re: Apply TN visa

The border is best, as it avoids having to file and wait, and then have to get second approval at the border. If it took two hours at the border, they would probably have been denied by mail. immigration.com forum is better place for these Q's
by nelsona
Sun Aug 01, 2021 7:30 pm
Forum: Business & Personal Immigration to the United States
Topic: TN Visa - Management Consultant and Position Title
Replies: 1
Views: 481

Re: TN Visa - Management Consultant and Position Title

ask this on immigration.com forum, if you haven't already
by nelsona
Sun Aug 01, 2021 7:29 pm
Forum: Business & Personal Immigration to the United States
Topic: US & Canada declaration forms during AOS
Replies: 1
Views: 79

Re: US & Canada declaration forms during AOS

For the Cdn bank Simply state that you are a US resident. You are, regardless of when your AOS is complete, since you are living in US legally.

Remember not to leave until you get your EAD/AP.


For US bank, you should now file a W-9, as a US person for tax purposes. W8-BEN no longer applies to you.
by nelsona
Sun Aug 01, 2021 4:25 pm
Forum: Canada / United States Tax & Accounting
Topic: Brokerage account address
Replies: 2
Views: 103

Re: Brokerage account address

It is based on where you live. States have different ways of dealing with part-year residents.

You must always keep your brokerages up-to-date on where you live so that they can adhere to correct state regulations when dealing with you.
by nelsona
Thu Jul 29, 2021 11:41 am
Forum: Canada / United States Tax & Accounting
Topic: How to report RESP principal withdraw in US tax return?
Replies: 1
Views: 91

Re: How to report RESP principal withdraw in US tax return?

An RESP is an ordinary account in US, so report any income that the account generates while you are a US taxpayer, including any triggered by selling investments. Whether you withdraw funds or not.
Report interest dividends and gains where they would be reported on 1040 (schedule B and D)
by nelsona
Wed Jul 28, 2021 6:50 pm
Forum: Canada / United States Tax & Accounting
Topic: Line 10400 Other Employment Income
Replies: 9
Views: 327

Re: Line 10400 Other Employment Income

In US the year of income and year of taxation do not have to match like in Canada, so there will be an opportunity to use the tax you pay now later, but within 10 years. If that doesn't work for you. you may consider NOT deferring compensation, since it is not benefitting you at all, as you are not ...
by nelsona
Wed Jul 28, 2021 2:03 pm
Forum: Canada / United States Tax & Accounting
Topic: Line 10400 Other Employment Income
Replies: 9
Views: 327

Re: Line 10400 Other Employment Income

Box 5 is merely the convenient way of determining gross wages, since there is no ceiling on what is subject to Medicare tax, and it includes all the items I mentioned earlier. Salary deferral, unless under a plan prescribed by CRA is taxable in the year it is EARNED, not paid out. I doubt that your ...
by nelsona
Wed Jul 28, 2021 1:53 pm
Forum: Canada / United States Tax & Accounting
Topic: Line 10400 Other Employment Income
Replies: 9
Views: 327

Re: Line 10400 Other Employment Income

If box 5 is your gross wages, ALL your wages with NOTHING taken off, then this is what is to be reported as income to CRA. Any reduction to this amount has to be accounted for elsewhere on your Cdn tax return.
by nelsona
Tue Jul 27, 2021 4:09 pm
Forum: Canada / United States Tax & Accounting
Topic: Line 10400 Other Employment Income
Replies: 9
Views: 327

Re: Line 10400 Other Employment Income

This goes back to the difference in W-2 and T4s in terms of deductions. In US, if something from your wages is deductible, the IRS simply has the employer reduce the taxable wages right off the bat. In Canada, CRA requires that you actually take the deduction on a later line (medical, union dues, pe...
by nelsona
Tue Jul 27, 2021 2:42 pm
Forum: Canada / United States Tax & Accounting
Topic: Line 10400 Other Employment Income
Replies: 9
Views: 327

Re: Line 10400 Other Employment Income

These are all elective deferrals or contributions to retirement plans, which lower your Box 1 amount for US purposes. But these are not deductible from salary in canada. Retirement contributions should be deducted on the same line as your RRSP contributions, once you fill form RC268, to detrmine the...
by nelsona
Tue Jul 27, 2021 2:37 pm
Forum: Canada / United States Tax & Accounting
Topic: Line 10400 Other Employment Income
Replies: 9
Views: 327

Re: Line 10400 Other Employment Income

Maybe for the benefit of others, you could n=mention what each of these boxes represent.
by nelsona
Mon Jul 26, 2021 10:06 am
Forum: Canada / United States Tax & Accounting
Topic: RPP Contributions
Replies: 10
Views: 2493

Re: RPP Contributions

The key in that rev proc is the following: SECTION 3. SCOPE For purposes of this revenue procedure, the term “Canadian retirement plan” means any trust, company, organization, or other arrangement that is within the scope of Article XVIII(7) of the Convention THAT is what makes RPP's protected. Than...
by nelsona
Sun Jul 25, 2021 7:04 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian moved to US on TN visa - tax questions
Replies: 8
Views: 224

Re: Canadian moved to US on TN visa - tax questions

That advice was for those who take care of this before moving. You didn't, so you are on the hook for the gains when you sell (not transfer). Remember that Cdn mutual funds cannot be held in US, so if you have those you will have to sell.