Search found 17306 matches

by nelsona
Sat Jan 22, 2022 10:50 am
Forum: Canada / United States Tax & Accounting
Topic: Canada Resident status
Replies: 3
Views: 41

Re: Canada Resident status

As I said, you have a home in US. Ownership is certainly not required.
by nelsona
Fri Jan 21, 2022 8:52 pm
Forum: Canada / United States Tax & Accounting
Topic: Canada Resident status
Replies: 3
Views: 41

Re: Canada Resident status

Yes, you would be considered a deemed non-resident, by virtue of the treaty clause on Residence, by which you are deemed to be US resident, since -- although you have the residential ties in Canada (a home and family in Canada) to make you Cdn resident -- you ALSO meet US tax residency requirements ...
by nelsona
Thu Jan 20, 2022 2:12 pm
Forum: Canada / United States Tax & Accounting
Topic: US Resident Alien moved to Canada
Replies: 3
Views: 79

Re: US Resident Alien moved to Canada

The 1040 portion contains all world income until the date you leave.
The same info is then included in your 1040NR, which is your official return for the year, you fill in whatever is required to establish your right to file 1040NR (treaty, etc).
by nelsona
Wed Jan 19, 2022 2:51 pm
Forum: Canada / United States Tax & Accounting
Topic: Investment Accounts in US
Replies: 1
Views: 33

Re: Investment Accounts in US

Whether or not you rescind GC, your ability to keep a US non-retirement account is entirely up to your broker's license and willingness to keep you.

Yours would appear to be licensed, so it is between the two of you if you want to keep the account.
by nelsona
Tue Jan 18, 2022 9:50 am
Forum: Business & Personal Immigration to the United States
Topic: TFSA and Capital Gains. Please Help.(Canadian moved to USA)
Replies: 2
Views: 585

Re: TFSA and Capital Gains. Please Help.(Canadian moved to USA)

you need to post this on the tax forum BUT MUCH SHORTER POST.
by nelsona
Mon Jan 17, 2022 8:04 pm
Forum: Canada / United States Tax & Accounting
Topic: Deemed disposition of US rental condo
Replies: 5
Views: 56

Re: Deemed disposition of US rental condo

Not so much the treaty, but that Rev Proc that I mentioned. Of course, it is likely that the US tax won't fully cover your Cdn tax, that is normal
by nelsona
Mon Jan 17, 2022 5:29 pm
Forum: Canada / United States Tax & Accounting
Topic: Deemed disposition of US rental condo
Replies: 5
Views: 56

Re: Deemed disposition of US rental condo

Not really. Credits are based on the tax return you prepare, not when you send it in, so there is no timing involved. Of course you do need to do both without any foreign tax credits, before you can actually determine the credit.
by nelsona
Mon Jan 17, 2022 2:28 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 1116 with Tuition Tax Credits from Canada
Replies: 5
Views: 68

Re: Form 1116 with Tuition Tax Credits from Canada

How were you remunerated in US? AS an employee (w-2) or as a contractor (1099). The fact that you stayed 7 months instead of 6 might be a problem, because although you never becae a US resident, your income may be considered US-sourced, and this they will get the full tax for it, and there will be n...
by nelsona
Mon Jan 17, 2022 2:22 pm
Forum: Canada / United States Tax & Accounting
Topic: Deemed disposition of US rental condo
Replies: 5
Views: 56

Re: Deemed disposition of US rental condo

In this rare case of a Cdn emigrant owning US taxable property, there is a procedure (IRS REv. Proc 2010-19) which governs. The US will always get the full tax for this property, so any tax credit must be on the Cdn side. You will report the deemed disposition in Canada, but ALSO on your US tax retu...
by nelsona
Mon Jan 17, 2022 10:17 am
Forum: Canada / United States Tax & Accounting
Topic: Form 1116 with Tuition Tax Credits from Canada
Replies: 5
Views: 68

Re: Form 1116 with Tuition Tax Credits from Canada

So, you aren't really a US resident, by treaty
by nelsona
Sun Jan 16, 2022 10:15 am
Forum: Canada / United States Tax & Accounting
Topic: Form 1116 with Tuition Tax Credits from Canada
Replies: 5
Views: 68

Re: Form 1116 with Tuition Tax Credits from Canada

sorry, just to be clear, you do NOT get any credit
by nelsona
Sun Jan 16, 2022 10:11 am
Forum: Canada / United States Tax & Accounting
Topic: Form 1116 with Tuition Tax Credits from Canada
Replies: 5
Views: 68

Re: Form 1116 with Tuition Tax Credits from Canada

the treatment of those credits is correct. You pay no tax in canada so you cannot claim any in US this year. If you have credits from previous years or from next year you can use them.

But, I need to ask, how are you considered a US resident and based in canada?
by nelsona
Fri Jan 14, 2022 2:48 pm
Forum: Canada / United States Tax & Accounting
Topic: Receive prior year self-employed income in 2022
Replies: 12
Views: 115

Re: Receive prior year self-employed income in 2022

Btw, until you actually report business income in the US, you haven't "chosen" ANY accounting method, so there is nothing to "change". The first year you report US income, ie. 2022, will be year one of your business in terms of IRS.
by nelsona
Fri Jan 14, 2022 2:48 pm
Forum: Canada / United States Tax & Accounting
Topic: Receive prior year self-employed income in 2022
Replies: 12
Views: 115

Re: Receive prior year self-employed income in 2022

Btw, until you actually report business income in the US, you haven't "chosen" ANY accounting method, so there is nothing to "change". The first year you report US income, ie. 2022, will be year one of your business in terms of IRS.