Search found 16 matches
- Fri Dec 01, 2023 2:21 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Munis in TFSA
- Replies: 0
- Views: 56883
Munis in TFSA
Dual US/Canadian citizen residing in Quebec-Canada. For many years I have avoided TFSA since they would end up being taxed in the US and there would be no benefit to their tax free status in Canada. BUT....!!! I just saw an interesting posting from someone in a similar situation that caught my atten...
- Thu Dec 26, 2019 3:52 pm
- Forum: Canada / United States Tax & Accounting
- Topic: What happens to our RRSPs if we move back to the US?
- Replies: 17
- Views: 11615
Re: What happens to our RRSPs if we move back to the US?
PS happy holidays!
- Thu Dec 26, 2019 3:44 pm
- Forum: Canada / United States Tax & Accounting
- Topic: What happens to our RRSPs if we move back to the US?
- Replies: 17
- Views: 11615
Re: What happens to our RRSPs if we move back to the US?
Ten years have passed. I am no longer a temporary resident in Canada. I have dual citizenship in US and Canada. I just opened a TFSA and deposited the max--$63,500. But I just came across this posting from 10 years ago and realize that while Canada will not tax the annual earnings--the US will! And....
- Thu Mar 22, 2018 3:07 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Foreign Tax Credit on Self-Employment Income.
- Replies: 4
- Views: 3630
Nelsona, Thank you so much for your reply! I thought FTC could not be applied against my self-employment income tax because Turbo-Tax was not allowing it. AND when I researched I found this article: https://www.goldinglawyers.com/will-the-foreign-tax-credit-reduce-my-self-employment-tax/ I will expl...
- Tue Mar 20, 2018 3:15 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Serbinski & Turbo Tax
- Replies: 0
- Views: 8368
Serbinski & Turbo Tax
I worked with your firm years ago and the experience was a positive one. I stopped because my business activity decreased. But now it is increasing, and I just posted a topic regarding Foreign Tax Credit on Self-Employment Income. My question is: do you work with any clients who do all of their init...
- Tue Mar 20, 2018 3:08 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Foreign Tax Credit on Self-Employment Income.
- Replies: 4
- Views: 3630
Foreign Tax Credit on Self-Employment Income.
I am a citizen of the US and Canada, residing full-time in Quebec Canada. I used to have a Quebec corporation where I earned income from general management services. I paid myself through the corporation and I was able to avoid double taxation by taking the foreign tax credit on my US return. I closed the company several years ago. In 2017 I started earning income from general management services again. But this time I was paid directly, not through a corporation. I am preparing my 2017 US Tax returns and am surprised to see that the foreign tax credit “generally does not†reduce my US taxable liability from the self-employment income I receive. "Generally does not??" Rats!
Is there anything I can do? It’s about $35K in income, resulting in a tax bill in Canada for about $4,500 and another tax bill in the US for $4,500. I hate to have to double pay! I anticipate my fee income will also increase this year, to $60K, and perhaps more in the future. So, I might be best to open a corporation again. I also think I might, again, need your assistance in future tax prep as this is becoming complicated again.
Thanks for your reply!
Jeff
Is there anything I can do? It’s about $35K in income, resulting in a tax bill in Canada for about $4,500 and another tax bill in the US for $4,500. I hate to have to double pay! I anticipate my fee income will also increase this year, to $60K, and perhaps more in the future. So, I might be best to open a corporation again. I also think I might, again, need your assistance in future tax prep as this is becoming complicated again.
Thanks for your reply!
Jeff
- Wed Dec 09, 2015 5:10 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Question regarding NY State 529 College Savings Plan
- Replies: 2
- Views: 2330
Question regarding NY State 529 College Savings Plan
I have two NY State 529 NY State Tax Deferred College Savings Accounts. One is in my name and my son is the beneficiary. The other is in my spouse’s name and my daughter is the beneficiary. Question: Can we make withdrawals from the account for which my daughter is the beneficiary and use those fu...
- Wed Jun 24, 2015 7:45 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 529 College Savings Distributions / Tax Returns for Children
- Replies: 6
- Views: 3745
I have no issue with filing Canadian income taxes for kids. Just trying to understand why I am being advised to do so. I have an email to Mark and Stephen to discuss re-engaging you. If I do, I will address this issue in detail as it appears it will not be so simple to resolve on this forum. In the ...
- Wed Jun 24, 2015 1:37 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 529 College Savings Distributions / Tax Returns for Children
- Replies: 6
- Views: 3745
I made a mistake. I was advised that my children should be filing CANADIAN tax returns. Again, they have never had this requirement before. I'm told if I will be taking some sort of credit for them, that they have to file this Canadian return. It would be a nil return since they have no income. Does...
- Mon Jun 22, 2015 5:37 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 529 College Savings Distributions / Tax Returns for Children
- Replies: 6
- Views: 3745
529 College Savings Distributions / Tax Returns for Children
1) I am a US citizen and a Canadian resident. I have a NY 529 College Savings Plan. As one of my children are about to attend University and I have eligible expenses, I am about to make my first withdrawal. I noticed that I have the opportunity to have the distribution made to me (the owner) or to m...
- Thu Jan 15, 2009 5:52 pm
- Forum: Canada / United States Tax & Accounting
- Topic: What happens to our RRSPs if we move back to the US?
- Replies: 17
- Views: 11615
- Thu Jan 15, 2009 4:31 pm
- Forum: Canada / United States Tax & Accounting
- Topic: What happens to our RRSPs if we move back to the US?
- Replies: 17
- Views: 11615
- Thu Jan 15, 2009 2:31 pm
- Forum: Canada / United States Tax & Accounting
- Topic: What happens to our RRSPs if we move back to the US?
- Replies: 17
- Views: 11615
- Thu Jan 15, 2009 1:33 pm
- Forum: Canada / United States Tax & Accounting
- Topic: What happens to our RRSPs if we move back to the US?
- Replies: 17
- Views: 11615
- Thu Jan 15, 2009 11:41 am
- Forum: Canada / United States Tax & Accounting
- Topic: What happens to our RRSPs if we move back to the US?
- Replies: 17
- Views: 11615