Search found 16991 matches

by nelsona
Tue Jun 15, 2021 9:38 pm
Forum: Canada / United States Tax & Accounting
Topic: FTC with CERB and foreign earned income exclusion
Replies: 2
Views: 31

Re: FTC with CERB and foreign earned income exclusion

Don't forget that the standard deduction is also prorated over the income.
by nelsona
Tue Jun 15, 2021 8:20 pm
Forum: Canada / United States Tax & Accounting
Topic: FTC with CERB and foreign earned income exclusion
Replies: 2
Views: 31

Re: FTC with CERB and foreign earned income exclusion

The maximum entitled FTC would be 6.25: 12,500/20,000 x 10.
by nelsona
Mon Jun 14, 2021 2:55 pm
Forum: Canada / United States Tax & Accounting
Topic: Social Security Calculation
Replies: 4
Views: 231

Re: Social Security Calculation

SS has nothing to do with taxes. it is based on work performed in US. Since you won't be working in US, no SS contributions.
by nelsona
Mon Jun 14, 2021 2:53 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax gain harvesting in a TFSA for a US citizen CA resident
Replies: 5
Views: 296

Re: Tax gain harvesting in a TFSA for a US citizen CA resident

As witgh any investment account, you jeep track of the costs and the proceeds. The only difference is the costs/proceeds are in USD on that dya(s) they occur, and you need to track long-term an short-term gains.
by nelsona
Thu Jun 10, 2021 6:30 pm
Forum: Canada / United States Tax & Accounting
Topic: Applicatin
Replies: 11
Views: 468

Re: Applicatin

Yes, the IRS wants there money throughout the year. Not so for CRA, which was your question.
by nelsona
Thu Jun 10, 2021 8:19 am
Forum: Canada / United States Tax & Accounting
Topic: Applicatin
Replies: 11
Views: 468

Re: Applicatin

Have you considered simply splitting your 401(k) as part of the settlement? Transfer (in US) to her as part of a settlement, and there is no immediate tax hit.
Or do you need these funds to buy her out?
by nelsona
Thu Jun 10, 2021 8:17 am
Forum: Canada / United States Tax & Accounting
Topic: Applicatin
Replies: 11
Views: 468

Re: Applicatin

pension splitting is only a Cdn thing (thus the reference to CRA).

CRA will 'demand' their taxes when you file your return in the spring. Since this will be a one time tax hit, there will be no penalty for underestimated withholding, nor any request from CRA for installments until you file.
by nelsona
Wed Jun 09, 2021 6:33 am
Forum: Canada / United States Tax & Accounting
Topic: Social Security Calculation
Replies: 4
Views: 231

Re: Social Security Calculation

Once you move to Canada, your Social Security account is essentially frozen, since you cannot make any contributions. You now will be participating in the Cdn CPP system, which is entirely separate.
by nelsona
Wed Jun 09, 2021 6:28 am
Forum: Canada / United States Tax & Accounting
Topic: Social Security Calculation
Replies: 4
Views: 231

Re: Social Security Calculation

US always uses US dollars. But I'm wondering why they would need any Cdn information?

Social Security contributions are only made on work done in US.

Why are you asking the question?
by nelsona
Tue Jun 08, 2021 5:48 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual Citizen - W2 possible if commuting?
Replies: 2
Views: 236

Re: Dual Citizen - W2 possible if commuting?

The firm need not establish a "presence"; they could simply set you up through an agent or payroll firm.

As to "how much" time you have to spend in US to be considered "commuting" vs. living and working in Canada, that is a grey area.
by nelsona
Mon Jun 07, 2021 8:15 am
Forum: Canada / United States Tax & Accounting
Topic: Moving to the US, buying Canadian Property
Replies: 5
Views: 337

Re: Moving to the US, buying Canadian Property

By treaty, once you move to US to live and work, with any dependents, you will be considered US tax resident and Cdn tax non-resident, even with a non-arm's length rental, or even if you keep the house for yourself. Those rules about not having a place to live, and arm's length, etc do not apply whe...
by nelsona
Sat Jun 05, 2021 10:04 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Summer home - Income taxes?
Replies: 3
Views: 197

Re: Canadian Summer home - Income taxes?

You would really need to be working for those 6 months before any Cdn tax liability would kick in. Without Cdn clients, or a business premise, occasional work done in Canada would not create a permanent establishment.
by nelsona
Sat Jun 05, 2021 9:33 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Summer home - Income taxes?
Replies: 3
Views: 197

Re: Canadian Summer home - Income taxes?

Even if spending more than 6 months, since you have those strong ties, you would not be either factual or deemed resident of Canada. the 183 day limit does not apply to treaty countries with a Residency article, like US/Canada.
by nelsona
Sat Jun 05, 2021 9:31 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual Canadian & U.S Residency Question
Replies: 1
Views: 204

Re: Dual Canadian & U.S Residency Question

Yes, a Cdn resident can ALWAYS file a US resident tax return, if it is beneficial. For citizenship remember that it is not merely tax residence that counts, it is days of physical presence in canada that allows you to apply for Cdn citizenship or not.