Search found 16998 matches

by nelsona
Sun Jun 20, 2021 10:20 am
Forum: Canada / United States Tax & Accounting
Topic: 8938 instead of 8621 for canadian etf?
Replies: 1
Views: 71

Re: 8938 instead of 8621 for canadian etf?

I believe it is the other way 'round: If you are required to report report PFICs on 8621, you then do not have to report them on 8938.
Any cap gains need to be reported on 1040 whether or not you are required to file 8621, ie. transferring the gains determined on 8621 to your 1040.
by nelsona
Sat Jun 19, 2021 9:10 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian non-resident with US green card
Replies: 7
Views: 471

Re: Canadian non-resident with US green card

No ned. You could tell them so that they can use you more easily in a cross border situation, but from a tax point of view it absolutely doesn't matter.
by nelsona
Sat Jun 19, 2021 9:09 am
Forum: Canada / United States Tax & Accounting
Topic: Moving back to Canada, can I buy a house beforehand from the U.S.?
Replies: 1
Views: 74

Re: Moving back to Canada, can I buy a house beforehand from the U.S.?

You can of course buy a house in Canad anytime you wish. Being a Cdn citizen you will avoid any of the non-resident "taxes" that some provinces have put in place to curb foreign buyers, so that is not a worry, However, the banks, all of them, must get a 35% down payment (instead of the 5% ...
by nelsona
Sat Jun 19, 2021 9:06 am
Forum: Canada / United States Tax & Accounting
Topic: RRSP Taxation in New Jersey (NJ)
Replies: 2
Views: 73

Re: RRSP Taxation in New Jersey (NJ)

Yes, there was mention in the past of something in NJ, but that has never come to pass. Assume that the NJ treats the income as the IRS does.
by nelsona
Fri Jun 18, 2021 8:24 am
Forum: Canada / United States Tax & Accounting
Topic: FTC with CERB and foreign earned income exclusion
Replies: 3
Views: 174

Re: FTC with CERB and foreign earned income exclusion

sory, just to correct myself, since the earned income was excluded, the entire US tax is related to the CERB income reported, so all is eligible for FTC. Why none is being credited would need to look at how the income was reduced on 1116.
by nelsona
Wed Jun 16, 2021 11:07 am
Forum: Canada / United States Tax & Accounting
Topic: Third Party Valuation before moving from US to Canada?
Replies: 2
Views: 153

Re: Third Party Valuation before moving from US to Canada?

Well, it isn't as complicated as you make it sound. Everything you own (that could be taxed if sold) gets reset for Cdn tax purposes when you move to Canada. So, for stocks, mutual funds etc, it is simply the FMV on the day you move. For other things, such as real property or business property, you ...
by nelsona
Tue Jun 15, 2021 9:38 pm
Forum: Canada / United States Tax & Accounting
Topic: FTC with CERB and foreign earned income exclusion
Replies: 3
Views: 174

Re: FTC with CERB and foreign earned income exclusion

Don't forget that the standard deduction is also prorated over the income.
by nelsona
Tue Jun 15, 2021 8:20 pm
Forum: Canada / United States Tax & Accounting
Topic: FTC with CERB and foreign earned income exclusion
Replies: 3
Views: 174

Re: FTC with CERB and foreign earned income exclusion

The maximum entitled FTC would be 6.25: 12,500/20,000 x 10.
by nelsona
Mon Jun 14, 2021 2:55 pm
Forum: Canada / United States Tax & Accounting
Topic: Social Security Calculation
Replies: 4
Views: 353

Re: Social Security Calculation

SS has nothing to do with taxes. it is based on work performed in US. Since you won't be working in US, no SS contributions.
by nelsona
Mon Jun 14, 2021 2:53 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax gain harvesting in a TFSA for a US citizen CA resident
Replies: 5
Views: 370

Re: Tax gain harvesting in a TFSA for a US citizen CA resident

As witgh any investment account, you jeep track of the costs and the proceeds. The only difference is the costs/proceeds are in USD on that dya(s) they occur, and you need to track long-term an short-term gains.
by nelsona
Thu Jun 10, 2021 6:30 pm
Forum: Canada / United States Tax & Accounting
Topic: Applicatin
Replies: 11
Views: 552

Re: Applicatin

Yes, the IRS wants there money throughout the year. Not so for CRA, which was your question.
by nelsona
Thu Jun 10, 2021 8:19 am
Forum: Canada / United States Tax & Accounting
Topic: Applicatin
Replies: 11
Views: 552

Re: Applicatin

Have you considered simply splitting your 401(k) as part of the settlement? Transfer (in US) to her as part of a settlement, and there is no immediate tax hit.
Or do you need these funds to buy her out?
by nelsona
Thu Jun 10, 2021 8:17 am
Forum: Canada / United States Tax & Accounting
Topic: Applicatin
Replies: 11
Views: 552

Re: Applicatin

pension splitting is only a Cdn thing (thus the reference to CRA).

CRA will 'demand' their taxes when you file your return in the spring. Since this will be a one time tax hit, there will be no penalty for underestimated withholding, nor any request from CRA for installments until you file.