Search found 17129 matches

by nelsona
Tue Sep 21, 2021 12:36 pm
Forum: Canada / United States Tax & Accounting
Topic: RRSP loss reporting
Replies: 3
Views: 63

Re: RRSP loss reporting

No. You have to report the gross and taxable (0) income on the pension line of your 1040. 5a and b.
by nelsona
Tue Sep 21, 2021 9:51 am
Forum: Canada / United States Tax & Accounting
Topic: Timing the Return to the US
Replies: 1
Views: 52

Re: Timing the Return to the US

You still have to file a departure return regardless of how many days you spent in Canada in that year. The one thing you would be looking for is that you move away before getting any US-sourced income, so that you do not have to report this on your final CDn return.
by nelsona
Tue Sep 21, 2021 8:33 am
Forum: Canada / United States Tax & Accounting
Topic: RRSP loss reporting
Replies: 3
Views: 63

Re: RRSP loss reporting

If this is the last of your RRSPs, you can claim it as a terminal loss, but this would require a itemizing your deductions.

For the withdrawal you report the gross value as the amount you withdrew and the taxable portion as 0.
by nelsona
Sun Sep 19, 2021 7:41 am
Forum: Canada / United States Tax & Accounting
Topic: CRA Supplemental Guidance, section VII cross-border workers
Replies: 21
Views: 1652

Re: CRA Supplemental Guidance, section VII cross-border workers

From Day 1, CRA has asked US employers to obtain waivers for their employees "stuck" in canada. Has your form done this?
by nelsona
Sun Sep 19, 2021 7:38 am
Forum: Canada / United States Tax & Accounting
Topic: CRA Supplemental Guidance, section VII cross-border workers
Replies: 21
Views: 1652

Re: CRA Supplemental Guidance, section VII cross-border workers

Your question requires a crystal ball. When calling CRA, if you should evn bother, make sure you speak with International desk, no other telephlunkies will know what you are talking about. You should be looking into some other form of remuneration, because there is no restrictions for you to go to U...
by nelsona
Sun Sep 19, 2021 7:35 am
Forum: Canada / United States Tax & Accounting
Topic: W2 employee living in Canada: basic questions
Replies: 9
Views: 2075

Re: W2 employee living in Canada: basic questions

PEO is the way to go, if you do not wish to be a contractor.
by nelsona
Sun Sep 19, 2021 7:33 am
Forum: Canada / United States Tax & Accounting
Topic: deemed disposition for former principal residence
Replies: 3
Views: 119

Re: deemed disposition for former principal residence

There isn't any deemed diposition on CDn real esate when you leave, but you will want a solid Fair-market evaluation, for use both in the future cpa gains calculation for CRA when you sell, and for use on your US tax, should you convert to a rental.
by nelsona
Fri Sep 10, 2021 8:20 pm
Forum: Canada / United States Tax & Accounting
Topic: Deemed Disposition Timing And Tax
Replies: 12
Views: 2689

Re: Deemed Disposition Timing And Tax

you would pay tax on your CDn departure return on the $20 cap gain.

You would then get $10 cap loss to be used on your US return.
by nelsona
Wed Sep 08, 2021 3:06 pm
Forum: Canada / United States Tax & Accounting
Topic: Spousal reporting FBAR
Replies: 6
Views: 1978

Re: Spousal reporting FBAR

.. which covers her own accounts.
by nelsona
Wed Sep 08, 2021 3:06 pm
Forum: Canada / United States Tax & Accounting
Topic: Spousal reporting FBAR
Replies: 6
Views: 1978

Re: Spousal reporting FBAR

That is not my interpretation, I believe this to mean if she had other joint accounts with other persons. She simply needs a separate FinCen for herself.
by nelsona
Wed Sep 08, 2021 9:50 am
Forum: Canada / United States Tax & Accounting
Topic: Deemed Disposition Timing And Tax
Replies: 12
Views: 2689

Re: Deemed Disposition Timing And Tax

Yes. It will be under a different paragraph of the Rev Proc.
by nelsona
Wed Sep 08, 2021 9:48 am
Forum: Canada / United States Tax & Accounting
Topic: Spousal reporting FBAR
Replies: 6
Views: 1978

Re: Spousal reporting FBAR

https://www.fincen.gov/filing-spouse

One spouse is designated, by you, and kept in your files.

Before FInCEN, under the old FBAR, even this was not necessary.
by nelsona
Wed Sep 08, 2021 9:45 am
Forum: Canada / United States Tax & Accounting
Topic: Spousal reporting FBAR
Replies: 6
Views: 1978

Re: Spousal reporting FBAR

If you file a joint tax return, you only need to file 2 FBARs: One for the primary filer(choose one) which would include individual and joint accounts, and one for the spouse, reporting individual accounts. Nothing more is needed. Who "found this out for you", since it has been as describe...
by nelsona
Tue Sep 07, 2021 5:07 pm
Forum: Canada / United States Tax & Accounting
Topic: 401 k contributions for a 50+ years old Canadian cross border worker
Replies: 1
Views: 1360

Re: 401 k contributions for a 50+ years old Canadian cross border worker

CRA will allow you to deduct upto your RRSP limit. Any excess will not be deductible or carried forward, but will not be considered as excess contributions.

You continue to report an RC268.