Search found 17692 matches

by nelsona
Fri Sep 23, 2022 2:05 pm
Forum: Canada / United States Tax & Accounting
Topic: Giving up GC and staying permanently in Canada
Replies: 3
Views: 91

Re: Giving up GC and staying permanently in Canada

When you give up GC, you have forms that the US consulate will want you to file.
That, and IRS forms will let them know.
by nelsona
Fri Sep 23, 2022 2:04 pm
Forum: Canada / United States Tax & Accounting
Topic: Resident Status in Canada
Replies: 5
Views: 115

Re: Resident Status in Canada

1. No
2. No
Why are you asking about something that occurred 13 years ago. You're not and have never been a tax resident of Canada.

Move on.
by nelsona
Thu Sep 22, 2022 6:50 pm
Forum: Canada / United States Tax & Accounting
Topic: Resident Status in Canada
Replies: 5
Views: 115

Re: Resident Status in Canada

Bo. only your RESIDENCE s a primary ties, and you wee not Canada long enough.
Why are you wondering about this? You di not fullfill any of your Landed Immigrant requirements.
by nelsona
Thu Sep 22, 2022 6:47 pm
Forum: Canada / United States Tax & Accounting
Topic: RIF lump-sum withdrawal for part-year resident
Replies: 5
Views: 69

Re: RIF lump-sum withdrawal for part-year resident

The TAXABLE portion is the $20K of growth. So whatever the value is when you become taxable un US again (either Jan 1 2022, or, if you file dual status, the value on the first day of your 1040 portion) minus 20K is the NON-taxable portion, that ratio becomes NT/FMV becomes the ratio for the withdraw...
by nelsona
Wed Sep 21, 2022 5:44 pm
Forum: Canada / United States Tax & Accounting
Topic: RIF lump-sum withdrawal for part-year resident
Replies: 5
Views: 69

Re: RIF lump-sum withdrawal for part-year resident

no. first, the 15% will be a flat withholding as a US resident. One does not file two Cdn returns, even if using 217 while leaving Canada (you are thinking that it is like the US 1040/1040NR -- it is not). The 217-eligible income portion will just be added to your return, and, like I said, it won't ...
by nelsona
Wed Sep 21, 2022 10:32 am
Forum: Canada / United States Tax & Accounting
Topic: Resident Status in Canada
Replies: 5
Views: 115

Re: Resident Status in Canada

You were NEVER a tax resident of Canada.
by nelsona
Wed Sep 21, 2022 10:31 am
Forum: Canada / United States Tax & Accounting
Topic: RIF lump-sum withdrawal for part-year resident
Replies: 5
Views: 69

Re: RIF lump-sum withdrawal for part-year resident

The Cdn tax will be lower if you take it after leaving. It will only be 15%. I'm quite sure your marginal rate in Canada is more than 15%.

The tax in US regardless of how you file will be less than 15%, so nothing to worry about there.
by nelsona
Tue Sep 20, 2022 9:00 am
Forum: Canada / United States Tax & Accounting
Topic: dual-status year in US
Replies: 8
Views: 158

Re: dual-status year in US

I would file an 8833 referring to the non-discrimination clause XXV. You are not subject to most of what is in Pub 519.
by nelsona
Fri Sep 16, 2022 4:44 am
Forum: Canada / United States Tax & Accounting
Topic: Converting Canadian defined contribution retirement plan
Replies: 2
Views: 100

Re: Converting Canadian defined contribution retirement plan

Nothing that I know of. While living in Canada your pension monies will be taxed a maximum 15% in US at the time you take the income out of the pension realm (which will be covered by your Cdn tax). If you live in US, your Cdn pensions will be taxed at15% which will be credited on your US taxes. Wha...
by nelsona
Tue Sep 13, 2022 8:31 pm
Forum: Canada / United States Tax & Accounting
Topic: dual-status year in US
Replies: 8
Views: 158

Re: dual-status year in US

You can probably remove the GICs from the TFSA and put them in an ordinary account. The TFSA is merely a box in which you put investments. Even reporting TFSA income from the whole year will still be better than filing dual-status. I don't know of many situations where dual-status is advantageous fo...
by nelsona
Tue Sep 13, 2022 12:54 pm
Forum: Canada / United States Tax & Accounting
Topic: dual-status year in US
Replies: 8
Views: 158

Re: dual-status year in US

I think you meant that your wife can choose to have YOU be a resident for the entire year, and file jointly. Yes. In fact YOU can choose this independent of your spouse, because you are Canadian. No need for her to make a special election. The treaty allows it. There are advantages for both of you i...
by nelsona
Mon Sep 12, 2022 9:00 pm
Forum: Canada / United States Tax & Accounting
Topic: dual-status year in US
Replies: 8
Views: 158

Re: dual-status year in US

Dual-status returns need to be mailed.
by nelsona
Mon Sep 12, 2022 8:59 pm
Forum: Canada / United States Tax & Accounting
Topic: dual-status year in US
Replies: 8
Views: 158

Re: dual-status year in US

Yes, if you CHOOSE to file dual-status, you file a 1040NR and a 1040. But, take care as to what you mean by 'becoming resident'. Unless you are getting a green card, to be resident for IRS purposes, you need to meet the Substantial Presence test, for 2022. If you do not meet that, you do not have to...
by nelsona
Mon Sep 12, 2022 9:03 am
Forum: Canada / United States Tax & Accounting
Topic: Living in USA while owning/mortgaging a home in canada
Replies: 1
Views: 81

Re: Living in USA while owning/mortgaging a home in canada

Any income (or loss) generated by the property must be split between the owners, and reported both in canada and US. In Canada rental income is reported by a non-resident on a 216 return, and tax must be withheld and remitted monthly (your mother can do this). Although you getting some of this prope...
by nelsona
Thu Sep 08, 2022 5:54 pm
Forum: Canada / United States Tax & Accounting
Topic: Foreign Trust Question on Schedule B
Replies: 10
Views: 4631

Re: Foreign Trust Question on Schedule B

2012 question, followed by two recent spam posts