Search found 18221 matches

by nelsona
Sun Mar 17, 2024 4:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax Rresidency Status
Replies: 1
Views: 61

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.
by nelsona
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: 23

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.
by nelsona
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.
by nelsona
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: 79

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.
by nelsona
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: 79

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.
by nelsona
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.
by nelsona
Wed Mar 13, 2024 8:29 pm
Forum: Canada / United States Tax & Accounting
Topic: Roth reporting
Replies: 6
Views: 175

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 ...
by nelsona
Wed Mar 13, 2024 2:27 pm
Forum: Canada / United States Tax & Accounting
Topic: US dividend stocks in TFSA
Replies: 1
Views: 71

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.
by nelsona
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: 233

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.
by nelsona
Fri Mar 08, 2024 3:41 pm
Forum: Canada / United States Tax & Accounting
Topic: Schedule B Trust Question and FBAR
Replies: 3
Views: 140

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.
by nelsona
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: 233

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.
by nelsona
Fri Mar 08, 2024 12:11 pm
Forum: Canada / United States Tax & Accounting
Topic: First time US tax filing
Replies: 3
Views: 187

Re: First time US tax filing

The issue of commuter and first year taxes have been dealt with here ad infinitum. PLEASE research.
by nelsona
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.
by nelsona
Thu Mar 07, 2024 2:12 pm
Forum: Canada / United States Tax & Accounting
Topic: Hsa
Replies: 2
Views: 91

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)