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.
Search found 18546 matches
- Fri Feb 14, 2025 11:16 am
- Forum: Canada / United States Tax & Accounting
- Topic: Capital gains calculation on currency conversion.
- Replies: 2
- Views: 44
- Thu Feb 13, 2025 9:35 am
- 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
This is a non-issue
- Wed Feb 12, 2025 11:40 am
- 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
It is TEN YEARS AGO.
- 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.
Please do not ask for further answers to your questions. I read your post and answer accordingly.
- 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.....
I have always used online.....
- 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 ...
- 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.
- 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.
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.
- 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.
However, will IRS really refund the FICA related to his exempted work (ie. work performed in Canada)? I've not heard of that outcome.
- 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.
- 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.
- 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...
- 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.
- 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...
- 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 ...