Search found 17564 matches

by nelsona
Tue May 17, 2022 12:46 pm
Forum: Canada / United States Tax & Accounting
Topic: Transfer to TFSA - potential double taxation???
Replies: 2
Views: 20

Re: Transfer to TFSA - potential double taxation???

This transaction (and the proportion of your CDn income tax) goes in with all your other foreign passive income and tax that you report on your US taxes each year via form 1116 (passive). Hopefully, in the year you sell that stock within your TFSA (with no Cdn tax) you will have sufficient build up ...
by nelsona
Tue May 17, 2022 10:43 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian inherits U.S. assets where Estate Tax has been paid
Replies: 3
Views: 26

Re: Canadian inherits U.S. assets where Estate Tax has been paid

I could see this in the context of a US person, or perhaps for US tax on US real estate. But for a Cdn person and Cdn taxation, their inheritance comes free and clear, and you start from zero, with the value it had when you inherit it. So their is no banck taxes owed later, so no need for any credit...
by nelsona
Tue May 17, 2022 8:08 am
Forum: Canada / United States Tax & Accounting
Topic: Transfer to TFSA - potential double taxation???
Replies: 2
Views: 20

Re: Transfer to TFSA - potential double taxation???

What you describe is correct.
So, you need to report the taxes paid on a 1116 in the year you [ay it, even if there is no income, and you get to carryforward that tax for 10 years.

Make sure you actually sell the stock within 10 years.
by nelsona
Mon May 16, 2022 3:07 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian inherits U.S. assets where Estate Tax has been paid
Replies: 3
Views: 26

Re: Canadian inherits U.S. assets where Estate Tax has been paid

It is a credit on the DECEASED's Cdn taxes, not the inheritor, since they have no tax to pay. Why would you be showing a taxable Cap gain in canada on that inheritance? The credit would only work for, say a US citizen living (and dying) in canada. Then the estate tax could be used as a credit agains...
by nelsona
Sun May 15, 2022 7:59 pm
Forum: Canada / United States Tax & Accounting
Topic: PFIC Reporting Requirement
Replies: 1
Views: 39

Re: PFIC Reporting Requirement

You do not need to file the PFIC form. However you do need to treat the ETF as a PFIC, making whatever election you choose, and reporting the income in accord with that election.
by nelsona
Sat May 14, 2022 1:02 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax implications for renting office space in the US on TN visa
Replies: 1
Views: 38

Re: Tax implications for renting office space in the US on TN visa

Because you are establishing a "fixed base:" in US, you will need to pay US (and state) income tax on the earnings from this. If you were-self employed, and working from Canada, you would not have to pay US tax. You will have to pay US tax, but will get credit for these taxes when you repo...
by nelsona
Sat May 14, 2022 1:00 pm
Forum: Canada / United States Tax & Accounting
Topic: Keeping US securities when immigrating to Canada
Replies: 2
Views: 56

Re: Keeping US securities when immigrating to Canada

You will need to transfer these to a CDn brokerage. This should not be a problem' this will not trigger any cap gains, as you will not need to sell. You would not be able to keep US mutual funds. It is never advisable to fake an address. When you move, for Cdn tax purposes, you get a new cost basis ...
by nelsona
Fri May 13, 2022 9:23 am
Forum: Canada / United States Tax & Accounting
Topic: Working From Canada remotely for US Company and Payroll in US
Replies: 3
Views: 68

Re: Working From Canada remotely for US Company and Payroll in US

This would be a Cdn agency. There would be no tax in US, since you would be living and working in Canada.
by nelsona
Thu May 12, 2022 10:31 pm
Forum: Canada / United States Tax & Accounting
Topic: Working From Canada remotely for US Company and Payroll in US
Replies: 3
Views: 68

Re: Working From Canada remotely for US Company and Payroll in US

No. you would be a CDn resident working in Canada. Would require CDn payroll or agent.
by nelsona
Thu May 12, 2022 10:30 pm
Forum: Canada / United States Tax & Accounting
Topic: US Resident buying Canadian Property to rent to family
Replies: 3
Views: 84

Re: US Resident buying Canadian Property to rent to family

I'm pretty sure that these credits are only available to residents. You won't be filing provincial tax returns for this income.
by nelsona
Thu May 12, 2022 8:18 am
Forum: Canada / United States Tax & Accounting
Topic: US Resident buying Canadian Property to rent to family
Replies: 3
Views: 84

Re: US Resident buying Canadian Property to rent to family

No. Once you have established foreign residency, such a property -- even one that you keep solely for yourself -- would not make you resident, since by treaty, you meet all the requirements of US vs. Cdn residency. You would need to be wary of US gift tax, so make sure you are not giving them the pr...
by nelsona
Tue May 10, 2022 9:23 am
Forum: Canada / United States Tax & Accounting
Topic: Deemed disposition of primary residence - moving from CAN to US
Replies: 1
Views: 50

Re: Deemed disposition of primary residence - moving from CAN to US

First off, there is no deemed disposition of your Primary residence (or any other Cdn real estate) 1. You will however want to have an evaluation done, to establish future US and Cdn taxation. 2. The better your evaluation, the more confidence CRA and IRS will have. Yoru broker can assist you in tha...
by nelsona
Mon May 09, 2022 8:52 am
Forum: Canada / United States Tax & Accounting
Topic: Working from the US for a Canadian client on E-1S status
Replies: 1
Views: 48

Re: Working from the US for a Canadian client on E-1S status

ISince she will live in US, \t is always better to have the income come to the corporation where you live, as this will avoid Cdn taxation altogether.
by nelsona
Fri May 06, 2022 7:05 pm
Forum: Canada / United States Tax & Accounting
Topic: US Social Security deposit to US vs Canadian bank
Replies: 2
Views: 221

Re: US Social Security deposit to US vs Canadian bank

SSA will deposit to foreign banks; it may be best to simply set up a US denominated account or as was suggested, a TD account in US linked to a CDn one, Royal may have the same arrangement. Its always handy to have a US account and credit card when in US. https://www.ssa.gov/pubs/EN-05-10137.pdf htt...
by nelsona
Thu May 05, 2022 6:22 pm
Forum: Canada / United States Tax & Accounting
Topic: Canada CRA Departure Date
Replies: 1
Views: 46

Re: Canada CRA Departure Date

So, for 2021 you are considered an EMIGRANT of Canada, and you indicated this by entering a departure date on your return. Technically you will only be considered non-resident for 2022. Your CPA was correct about your salary, however ALL income received before June 1 must be reported on your Cdn ret...