As a dual citizen living in Canada, I am curious about the pros/cons of Netfiling my Canadian taxes?
Obviously, I would not be able to attach my 1040 to justify some tax credits on US passive income. Does it make sense to stick with paper filing?
Search found 73 matches
- Sat Mar 26, 2011 11:05 am
- Forum: Canada / United States Tax & Accounting
- Topic: Filing Electronically
- Replies: 9
- Views: 7369
- Sun Feb 20, 2011 12:47 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Form to declare Roth
- Replies: 6
- Views: 4705
- Thu Nov 18, 2010 9:04 am
- Forum: Canada / United States Tax & Accounting
- Topic: worldwide taxation?
- Replies: 7
- Views: 5067
- Mon Nov 15, 2010 9:59 pm
- Forum: Canada / United States Tax & Accounting
- Topic: worldwide taxation?
- Replies: 7
- Views: 5067
- Mon Nov 08, 2010 9:51 am
- Forum: Canada / United States Tax & Accounting
- Topic: CAN - US Treaty (Capital Gains and Dividends)
- Replies: 9
- Views: 6297
- Mon Nov 08, 2010 8:46 am
- Forum: Canada / United States Tax & Accounting
- Topic: CAN - US Treaty (Capital Gains and Dividends)
- Replies: 9
- Views: 6297
What you're saying seems to be somewhat different than what is happening in my case. Perhaps different Canadian brokers handle the situation of dual/American citizens differently. I hold a US stock in a Canadian taxable brokerage account. They send me 2 forms each year for these dividends: a T5 show...
- Sun Nov 07, 2010 10:28 am
- Forum: Canada / United States Tax & Accounting
- Topic: CAN - US Treaty (Capital Gains and Dividends)
- Replies: 9
- Views: 6297
Thanks for clarifying. I was pretty sure there was some US tax liability on the US dividends. What does the taxpayer have to do to prove the US tax (from the US dividends) on their Canadian return? Obviously, there is no withholding tax for these dividends itemized on a T5 or 1099. Do you just inclu...
- Sat Nov 06, 2010 1:51 pm
- Forum: Canada / United States Tax & Accounting
- Topic: CAN - US Treaty (Capital Gains and Dividends)
- Replies: 9
- Views: 6297
I think I am confused by your comment that your US tax is effectively reduced to zero. You would still need to send some money to the IRS for the US dividends, right? It's just that the US tax is then recovered on your Canadian return. So, for example, if your overall tax rate on the 1040 is 13% and...
- Mon Oct 11, 2010 10:49 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Taking stab at 3520, -A for TFSA
- Replies: 157
- Views: 214558
- Sun Oct 03, 2010 7:29 pm
- Forum: Canada / United States Tax & Accounting
- Topic: New CRA rules for Roth IRAs
- Replies: 9
- Views: 5673
New CRA rules for Roth IRAs
Please see the technical news bulletin from the CRA regarding Roth IRAs at [url]http://www.cra-arc.gc.ca/E/pub/tp/itnew ... s-43-e.pdf[/url]
Looks like Canadians with Roths need to make a 1-time election by April 15, 2011.
This seems to be good news as it offers some clarity.
Looks like Canadians with Roths need to make a 1-time election by April 15, 2011.
This seems to be good news as it offers some clarity.
- Mon Jul 26, 2010 9:02 am
- Forum: Canada / United States Tax & Accounting
- Topic: Taking stab at 3520, -A for TFSA
- Replies: 157
- Views: 214558
- Sat Jul 24, 2010 11:39 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Taking stab at 3520, -A for TFSA
- Replies: 157
- Views: 214558
Wow! Dude, where were you 3 months ago when I was filling in these forms? You have done a great job from what I can tell (although I'm no expert). There are a couple things that I think you may have handled better (more correct?) than I did. I pulled out my forms and compared them to what you did. W...
- Sun Jun 20, 2010 3:03 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Confusing letter from the IRS re: forms 1040x & 8891
- Replies: 2
- Views: 3336
- Sat Jun 12, 2010 11:21 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US Source income while on business in US (Meals, lodging)
- Replies: 10
- Views: 6913
- Tue May 04, 2010 9:07 pm
- Forum: Canada / United States Tax & Accounting
- Topic: TurboTax and Form 1116
- Replies: 9
- Views: 7694