Search found 11 matches

by rdneu56
Wed Mar 23, 2005 4:59 pm
Forum: Canada / United States Tax & Accounting
Topic: FTC on Canadian Taxes
Replies: 1
Views: 3064

FTC on Canadian Taxes

I have seen this topic addressed in various posts. Here is what I understand from those posts: CDN federal income tax is usable for US FTC CDN provincial income tax is usable for US FTC EI is usable for US FTC CPP may be usable for US FTC, if one applies the tax treaty Is this correct? What was the ...
by rdneu56
Sat Mar 19, 2005 10:36 pm
Forum: Canada / United States Tax & Accounting
Topic: 1040 Head of Household
Replies: 1
Views: 2936

1040 Head of Household

I saw in IRS Pub 54 that someone with an alien spouse and an unmarried child that lives with him can file as head of a household, if he is paying for more than 50% of the cost of that household. For the purpose of the US tax return that someone is considered unmarried. Now let’s say the alien spouse...
by rdneu56
Fri Mar 18, 2005 11:13 am
Forum: Canada / United States Tax & Accounting
Topic: Company stock options
Replies: 1
Views: 2987

Company stock options

I am a US Citizen working in Canada for a privately help Canadian company. I will likely receive stock options from my company this year. As the company is privately held there is no market for its shares, which may change if it goes public or is acquired by another company. Do I have to report the ...
by rdneu56
Mon Mar 14, 2005 7:05 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 2555 Questions
Replies: 4
Views: 4859

Alas, I get it now. I shall never be free - just a slave to the Infernal Revenue Service
by rdneu56
Mon Mar 14, 2005 12:29 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 2555 Questions
Replies: 4
Views: 4859

But what about vacation time? The IRS could argue that I get paid during my vacation in the USA. So do I have include vacation time as well?
by rdneu56
Mon Mar 14, 2005 10:30 am
Forum: Canada / United States Tax & Accounting
Topic: Form 2555 Questions
Replies: 4
Views: 4859

Form 2555 Questions

I meet the bona fide residence test, being a CDN PR etc. I am salaried employee of a Canadian company. My occupation takes me to the USA for a few days every now and again. The instructions for form 2555 are confusing to me regarding whether I have to apportion part of my Canadian salary as US incom...
by rdneu56
Sun Mar 13, 2005 2:15 pm
Forum: Canada / United States Tax & Accounting
Topic: CDN and US tax returns for “multi-citizen” family
Replies: 6
Views: 5774

Having to use FEIE is potentially bad news for me as I am not sure whether I meet the bona fide residence test or the physical presence test. I became a CDN PR on 08/30/03, but I took an extended trip with my family from 12/03/2003 to 01/15/2004 (43 days) to Europe to visit my mother. On the return ...
by rdneu56
Fri Mar 11, 2005 10:05 pm
Forum: Canada / United States Tax & Accounting
Topic: CDN and US tax returns for “multi-citizen” family
Replies: 6
Views: 5774

I found information on the interchangeablility of FEIE and FTC in Pub. 54 page 19: "Once you choose to exclude your foreign earned income, that choice remains in effect for that year and all later years unless you revoke it." On page 20 it goes on: "You can revoke your choice for any ...
by rdneu56
Mon Feb 28, 2005 7:08 am
Forum: Canada / United States Tax & Accounting
Topic: keeping 401k and IRA after moving to canada
Replies: 53
Views: 30106

I am afraid you are doing this a little late. You should have done this before you left the US, it would have been a lot easier. At any rate, you have to call around to find a US institution that is willing to let you manage your accounts from Canada. There aren't very many that will let you do that...
by rdneu56
Sun Feb 27, 2005 10:43 pm
Forum: Canada / United States Tax & Accounting
Topic: CDN and US tax returns for “multi-citizen” family
Replies: 6
Views: 5774

Nelson - thank you for your comments. The decision to surrender GC has nothing to do with taxation. The last time we traveled through the US we were hasseled because we have a Canadian address (customs form) and my wife was a GC holder - 3 hours delay and a missed connection. Filing for a re-entry p...
by rdneu56
Sun Feb 27, 2005 7:39 pm
Forum: Canada / United States Tax & Accounting
Topic: CDN and US tax returns for “multi-citizen” family
Replies: 6
Views: 5774

CDN and US tax returns for “multi-citizen” family

My wife, minor daughter and I moved to Canada in August 2003. My daughter is a dual citizen – US and Canada. My wife is Canadian citizen and held a US green card until she surrendered it in July of 2004 and received form I-407 as a receipt. She did not have the US green card long enough to “qualify”...