Search found 17225 matches

by nelsona
Wed Dec 01, 2021 7:24 pm
Forum: Canada / United States Tax & Accounting
Topic: LIRA unlocking and RRSP tax calculation
Replies: 2
Views: 23

Re: LIRA unlocking and RRSP tax calculation

As to letting IRS know how much of a persona; RRSP is taxable, once you determine it, you put it on the OENSION line of your 1040, gross and net.
by nelsona
Wed Dec 01, 2021 3:44 pm
Forum: Canada / United States Tax & Accounting
Topic: LIRA unlocking and RRSP tax calculation
Replies: 2
Views: 23

Re: LIRA unlocking and RRSP tax calculation

1. LIRA unlocking requires that you withdraw the LIRA, so it becomes part of that years income. LIRAs/ since they come from company plans, are 100% taxable in US. There is no non-taxable portion, unlike private persoanl RRSPs/RRIFs. So, if you have a persoanl RRSP, DO NOT mix in any LIRA money if at...
by nelsona
Tue Nov 30, 2021 4:29 pm
Forum: Canada / United States Tax & Accounting
Topic: Stocks & Primary Residence Sale in Green Card Emigration Year
Replies: 2
Views: 30

Re: Stocks & Primary Residence Sale in Green Card Emigration Year

Any investments they hold the day theu move will be deemed sold by canada (and US) that day. So whether they sell before or not will have little impact taxwise. Their primary residence will not be taxed in Canada for a year after they move, and will only be taxed in US if it grows by $250K after the...
by nelsona
Mon Nov 29, 2021 11:10 am
Forum: Canada / United States Tax & Accounting
Topic: RSP - Withdraw only the cost basis?
Replies: 2
Views: 43

Re: RSP - Withdraw only the cost basis?

Technically you can. There are three ways to divvy the taxable portion on a withdrawal. As long as you consistently use one of them for all RRSP/RRIF withdrawals You can: 1. Proportionally balance the taxable and non-taxable amount of the withdrawal. This balances the US tax with CDn tax each year y...
by nelsona
Sun Nov 28, 2021 10:41 am
Forum: Canada / United States Tax & Accounting
Topic: Transferring RRSP While Non-Resident
Replies: 17
Views: 214

Re: Transferring RRSP While Non-Resident

i was able to transfer without going to Canada nor having to go to an affiliated branch in US.

It can be done remotely.
by nelsona
Sat Nov 27, 2021 4:25 pm
Forum: Canada / United States Tax & Accounting
Topic: Transferring RRSP While Non-Resident
Replies: 17
Views: 214

Re: Transferring RRSP While Non-Resident

A little history for you folks: Back in late 90's SEC stated that RRSP trading was not permitted. This applied nationwide. The RRSP industry lobbied HARD for a couple of years, first on the SEC, which eventually issued an order permitting trading, but required each state SEC to come up with some for...
by nelsona
Sat Nov 27, 2021 1:24 pm
Forum: Canada / United States Tax & Accounting
Topic: Transferring RRSP While Non-Resident
Replies: 17
Views: 214

Re: Transferring RRSP While Non-Resident

Depending on your age, I would consider converting to RRIF, and taking out 10% per year. This will reuce the Cdn tax (which is the predominant tax you will pay; the US tax will be much less on top of it).
by nelsona
Sat Nov 27, 2021 1:22 pm
Forum: Canada / United States Tax & Accounting
Topic: RRSP withdrawals for non-residents
Replies: 1
Views: 38

Re: RRSP withdrawals for non-residents

1. First off, NO withdrawals from RRSPs qualify for periodic. Only withdrawls from RRIFs qualify. To be periodic, the withdrawals must be less than 10% of the previous year-end value. So, roughly, the first 10K per year once you cpnvert to RRIF. 2. Yes, and you have been essentially putting your bro...
by nelsona
Fri Nov 26, 2021 10:52 pm
Forum: Canada / United States Tax & Accounting
Topic: Transferring RRSP While Non-Resident
Replies: 17
Views: 214

Re: Transferring RRSP While Non-Resident

BMO is correct that a very few number of states have restrictions. But when you call TD ask them if it is because you are in OR, or is it general. If they say general, you are talking to the wrong person. Ask for someone that deals with US clients. "Selling and maintaining cash" is essenti...
by nelsona
Fri Nov 26, 2021 5:18 pm
Forum: Canada / United States Tax & Accounting
Topic: Transferring RRSP While Non-Resident
Replies: 17
Views: 214

Re: Transferring RRSP While Non-Resident

i was non-residengt when I opened mine. You need to get the right agent. Tell them you are TRANSFERRING an RRSP, not simply opening one.
by nelsona
Thu Nov 25, 2021 1:35 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Non-resident contributed to 401k
Replies: 6
Views: 126

Re: Canadian Non-resident contributed to 401k

You could file dual-status. We''ll look at that in the spring. I think your initial questions have been answered.
by nelsona
Tue Nov 23, 2021 4:24 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Non-resident contributed to 401k
Replies: 6
Views: 126

Re: Canadian Non-resident contributed to 401k

You are a Cdn non-resident. You are a US tax resident. However, the IRS system wants you to be resident for a certain number of days before they allow you to file a resident 1040 tax return (this doesn't matter for CDns, because of the treaty). In any event, you will have the choice to file 3 differ...
by nelsona
Tue Nov 23, 2021 9:57 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian Non-resident contributed to 401k
Replies: 6
Views: 126

Re: Canadian Non-resident contributed to 401k

First, you are NOT a Cdn resident based on your post. You left to live and work on July 8th and that is your departure date. You file a regular return for your proving, but as an EMIGRANT, with a departure date on page 1. Cdns go by the tax treaty when it comes to residence, and once you live and wo...
by nelsona
Sun Nov 21, 2021 6:25 pm
Forum: Canada / United States Tax & Accounting
Topic: Remote work for US Corporation
Replies: 6
Views: 104

Re: Remote work for US Corporation

If you work as a contractor living in canada, the self-employed income you would earn from the US firm would not be taxed in US, so long as you spent less than half your time in US. It would only be taxed in canada. Technically one cannot be an employee of the US entity and both live AND work physic...
by nelsona
Sun Nov 21, 2021 6:21 pm
Forum: Canada / United States Tax & Accounting
Topic: Remote work for US Corporation
Replies: 6
Views: 104

Re: Remote work for US Corporation

No. Since you are a resident of Canada, you would need to establish tax residency elsewhere before CRA would accept that you are Cdn non-resident.

Besides, regardless of where you live or don't live, at a minimum you would pay tax to the country/state/province where the work is being performed.