Search found 18241 matches

by nelsona
Wed Mar 27, 2024 4:32 pm
Forum: Canada / United States Tax & Accounting
Topic: NR7 timing
Replies: 1
Views: 21

Re: NR7 timing

Be careful. If you received this payment in ONE withdrawal, you were correctly withheld. Hope you didn't goof on your withdrawal request. To get the 15%, you must FIRST make withdrawals that total less than 10% of your Beginning of year value. Then, if you need more, all withdrawals that put you ove...
by nelsona
Tue Mar 26, 2024 9:31 pm
Forum: Canada / United States Tax & Accounting
Topic: CPP Disability Child Benefit as Non-Resident of Canada
Replies: 3
Views: 58

Re: CPP Disability Child Benefit as Non-Resident of Canada

Reread what I asked" If it was NOT taxable when you lived in canada (I presume you have had this type of income in the past) then it is not if you are in US. If it WAS taxable in Canada, then it is taxable in US the same wat that particular type of income. You will need to figure out how SS Dis...
by nelsona
Tue Mar 26, 2024 2:52 pm
Forum: Canada / United States Tax & Accounting
Topic: CPP Disability Child Benefit as Non-Resident of Canada
Replies: 3
Views: 58

Re: CPP Disability Child Benefit as Non-Resident of Canada

Article XVIII.5(b) would apply in this case IF the that benefit would not be taxable in Canada when you lived there.

Was it?

If not, it is not taxable in US either.

If it was, then it would fall under the taxation rules for Social Security Disability payments.
by nelsona
Tue Mar 26, 2024 12:06 pm
Forum: Canada / United States Tax & Accounting
Topic: IRA to RRSP transfer
Replies: 3
Views: 68

Re: IRA to RRSP transfer

Correct. For this type of transfer to work, you must have a good income in Canada.
by nelsona
Tue Mar 26, 2024 12:04 pm
Forum: Canada / United States Tax & Accounting
Topic: When To Report Form 8833 To IRS
Replies: 4
Views: 130

Re: When To Report Form 8833 To IRS

the penalty for not filing 8833 is only for a very limited types of elections, which this isn't one of them.
by nelsona
Tue Mar 26, 2024 12:03 pm
Forum: Canada / United States Tax & Accounting
Topic: US dividend stocks in TFSA
Replies: 4
Views: 140

Re: US dividend stocks in TFSA

Sorry, not going to read this. Hope you can figure it out. Next year start thinking about this in December
by nelsona
Mon Mar 25, 2024 8:06 am
Forum: Canada / United States Tax & Accounting
Topic: Question for RESP income report
Replies: 3
Views: 81

Re: Question for RESP income report

So report those "incomes". Or ask the trustee for better documentation.
by nelsona
Mon Mar 25, 2024 8:04 am
Forum: Canada / United States Tax & Accounting
Topic: IRA to RRSP transfer
Replies: 3
Views: 68

Re: IRA to RRSP transfer

Pension income from US, since it was not periodic, is NOT limited to the 15%, so the Cdn form should not be limiting your US tax,
by nelsona
Mon Mar 25, 2024 8:02 am
Forum: Canada / United States Tax & Accounting
Topic: Form 1116
Replies: 1
Views: 97

Re: Form 1116

CPP/OAS/SS are simply excluded from reporting on your 1040. So there is no need for any 1116 for these items, since there is no US tax to recover.
by nelsona
Mon Mar 25, 2024 8:00 am
Forum: Canada / United States Tax & Accounting
Topic: When To Report Form 8833 To IRS
Replies: 4
Views: 130

Re: When To Report Form 8833 To IRS

1. It should have been included on your 2021 1040 (if you chose to file a 1040 that year), or definitely on 2022 return.
2. As the Rev Proc points out, the treaty article is XIII(7).
by nelsona
Sun Mar 24, 2024 9:37 am
Forum: Canada / United States Tax & Accounting
Topic: Optimal Strategy to withdraw from large RRSPs as Non-Residents.
Replies: 2
Views: 70

Re: Optimal Strategy to withdraw from large RRSPs as Non-Residents.

Your 25% tax (or 15%) from RRIF will never be lower if you move back to Canada, no matter how slowly you withdraw the funds, unless that is your only source of low income, which, by judging from your current income, is very unlikely. Converting to a RRIF gives you the lowest Cdn tax, and will likely...
by nelsona
Sat Mar 23, 2024 10:30 pm
Forum: Canada / United States Tax & Accounting
Topic: Question for RESP income report
Replies: 3
Views: 81

Re: Question for RESP income report

Just like any non-sheltered account, you need to report the income events (interest and dividends) as well as any cap gains or loss events which occur during the year. It is not sufficient to look at the value from year to year. You could have a loss in value but still incur taxable interest dividen...
by nelsona
Sat Mar 23, 2024 10:05 am
Forum: Canada / United States Tax & Accounting
Topic: Do I need to report stocks dividends on 1040NR if withholding already applied?
Replies: 4
Views: 396

Re: Do I need to report stocks dividends on 1040NR if withholding already applied?

Not every return can be efiled.

You could create a 1042-S slip but I beleive this requires a code of the slip.

Mail it in.
by nelsona
Fri Mar 22, 2024 5:46 pm
Forum: Canada / United States Tax & Accounting
Topic: Question about T2209-Att (Other eligible foreign income line)
Replies: 4
Views: 100

Re: Question about T2209-Att (Other eligible foreign income line)

It seems like only the software has changed. Your T4 and W2 are correct, and very helpful to you. If you need to just subtract the W2 income from the T4 income and put that on the wage line, and the W2 income on the other wage line, if that satisfies the software.