Search found 18546 matches

by nelsona
Fri Feb 14, 2025 11:16 am
Forum: Canada / United States Tax & Accounting
Topic: Capital gains calculation on currency conversion.
Replies: 2
Views: 44

Re: Capital gains calculation on currency conversion.

If you traded US dollars for CDN dollars, there is no CG on the US side, as the USD had the same "value" the day you received it as the day you sold it: 1 USD.

Only foreign currency (from the point of view of the taxing entity) can give rise to cap gain or loss.
by nelsona
Wed Feb 12, 2025 11:39 am
Forum: Canada / United States Tax & Accounting
Topic: Defined Benefit Non Contributory Pension Plan Payments
Replies: 3
Views: 218

Re: Defined Benefit Non Contributory Pension Plan Payments

CPP OAS and your pension are not accounts which you control. Do you have any BANK or INVESTMENT accounts? If not, the answer is no for FBAR. They are not considered trusts either.

Please do not ask for further answers to your questions. I read your post and answer accordingly.
by nelsona
Tue Feb 11, 2025 5:14 pm
Forum: Canada / United States Tax & Accounting
Topic: US tax software that allows e-filing from Canada
Replies: 16
Views: 6391

Re: US tax software that allows e-filing from Canada

Don't worry about the posts.

I have always used online.....
by nelsona
Tue Feb 11, 2025 3:43 pm
Forum: Canada / United States Tax & Accounting
Topic: Defined Benefit Non Contributory Pension Plan Payments
Replies: 3
Views: 218

Re: Defined Benefit Non Contributory Pension Plan Payments

Your pension income goes on the pension line of 1040, not any other income line. As you said the income is General for 1116 purposes. And althougn your CPP and OAS (which go on the social security line) are not taxed in canada, they are CDn-sourced, so can be included on your 1116 as well. Then you ...
by nelsona
Tue Feb 11, 2025 3:39 pm
Forum: Canada / United States Tax & Accounting
Topic: US tax software that allows e-filing from Canada
Replies: 16
Views: 6391

Re: US tax software that allows e-filing from Canada

How about just reading the responses.
by nelsona
Mon Feb 10, 2025 8:38 pm
Forum: Canada / United States Tax & Accounting
Topic: Confusion about the "immigration date" in Client Data Enquiry
Replies: 5
Views: 861

Re: Confusion about the "immigration date" in Client Data Enquiry

I would not worry about this. Nothing that CRA would be able to do with this information in any event.

Simply filing your newcomer return with return date of dd/11/24, and follow the steps of a newcomer. You might not be able to efail in any event due to part-year return, but again, no worry.
by nelsona
Fri Feb 07, 2025 10:19 am
Forum: Canada / United States Tax & Accounting
Topic: TN visa worker Tax 2023 Letter from IRS
Replies: 7
Views: 3272

Re: TN visa worker Tax 2023 Letter from IRS

Of course. Legally paid/owed FICA.

However, will IRS really refund the FICA related to his exempted work (ie. work performed in Canada)? I've not heard of that outcome.
by nelsona
Thu Feb 06, 2025 10:25 pm
Forum: Canada / United States Tax & Accounting
Topic: FEIC vs FTC & capital gains from currency conversion
Replies: 5
Views: 1388

Re: FEIC vs FTC & capital gains from currency conversion

You are correct. It is switching back that needs permission.
by nelsona
Thu Feb 06, 2025 10:22 pm
Forum: Canada / United States Tax & Accounting
Topic: CrossBorderCommuter IRA LumpSum 1040NR
Replies: 1
Views: 609

Re: CrossBorderCommuter IRA LumpSum 1040NR

IRAs can be considered connected. You choose whichever is least tax. Then use that tax towards your foreign tax credit on the Cdb side.
by nelsona
Thu Feb 06, 2025 6:54 pm
Forum: Canada / United States Tax & Accounting
Topic: FEIC vs FTC & capital gains from currency conversion
Replies: 5
Views: 1388

Re: FEIC vs FTC & capital gains from currency conversion

No, it only applies to earned income, in your case wages. FTC applies to all other incomes. In fact, if your wages exceed the annual FEIE limit, you get to use FTC on the excess. So it is never simply one or the other. Now, it might be, that to reduce your US tax to only the 15% or less on US divide...
by nelsona
Thu Feb 06, 2025 1:26 pm
Forum: Canada / United States Tax & Accounting
Topic: FEIC vs FTC & capital gains from currency conversion
Replies: 5
Views: 1388

Re: FEIC vs FTC & capital gains from currency conversion

Since FEIE doesn't apply to interest, dividends and cap gains, you can still use FEIE for your wages, and passive 1116 for your interest, and cap gains, which are considered CDn-sourced. Your US dividends are only to be taxed at 15%, which I suspect you are being taxed less than that in US.
by nelsona
Thu Feb 06, 2025 10:54 am
Forum: Canada / United States Tax & Accounting
Topic: Tax Residency & ITIN Questions: Canada & USA – Need Advice!
Replies: 2
Views: 920

Re: Tax Residency & ITIN Questions: Canada & USA – Need Advice!

You ae considered to have become a deemed non-resident with a departure date from Canada on January 14, 2024. No need to close any accounts. You will be considered non-resident. For 2024, you will file as an EMIGRANT, reporting only your income from BEFORE that date, along with any other requirement...
by nelsona
Wed Feb 05, 2025 1:43 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual Canada-US Tax Residency Situation
Replies: 1
Views: 500

Re: Dual Canada-US Tax Residency Situation

Since he is not staying full-time in US (given the low number of days per year), while he can choose to file a US tax return as a resident if it results in lower taxes than a non-resident, it will not definitely NOT him a Cdn non-resident. He must avoid frequent regular visits to Canada. So,. as of ...