Search found 50 matches

by MIKE2000Z28
Wed May 27, 2015 6:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Sasketchewan pension plan and IRS?
Replies: 2
Views: 965

[quote="nelsona"]They fall under the treaty protection because the are arrangements "operated exclusively to prrovide pension, retirement, or employee benefits" I don't know of any reporting requirements for these other than the ones that are currently in force for RRSPs,, ie FATCA and FBAR. As to H...
by MIKE2000Z28
Tue May 26, 2015 7:58 am
Forum: Canada / United States Tax & Accounting
Topic: How do I know if a TFSA is a "Trust"?
Replies: 1
Views: 743

Re: How do I know if a TFSA is a "Trust"?

[quote="MaxPwr905"]As a Dual US/CDN citizen I've always operated under the assumption that all TFSA's are "Trusts" as far as IRS was concerned -and not wanting to deal with 3520 reporting have avoided using one. Now I read that if a TFSA is not a 'trust' then at least for US tax purposes it would be...
by MIKE2000Z28
Mon May 25, 2015 8:49 pm
Forum: Canada / United States Tax & Accounting
Topic: Changes coming to RRSP reporting
Replies: 25
Views: 11690

[quote="victoriaguy"]I had an accountant confide share a document with me wherein an IRS official admitted it would likely be difficult for an IRS agent to issue penalties for not filing 3520's for a TFSA as the IRS has not issued any guidance on that. I don't have it handy just now as I'm travellin...
by MIKE2000Z28
Mon May 25, 2015 3:42 pm
Forum: Canada / United States Tax & Accounting
Topic: Changes coming to RRSP reporting
Replies: 25
Views: 11690

I have been racking my brain over this but i really read the irs document and if you read the reporting it says for eligible individuals or not you don't need to report anything until you take a distribution, but once your rrsp gets big enough they will know about it through form 114. Form 8938 seem...
by MIKE2000Z28
Mon May 25, 2015 12:43 pm
Forum: Canada / United States Tax & Accounting
Topic: Sasketchewan pension plan and IRS?
Replies: 2
Views: 965

Sasketchewan pension plan and IRS?

I am an American citizen living in Canada as a PR. Now i used to file form 8891, but now that is no longer the case and i have been filing US returns since i moved here in 2004. I am repaying my home buyers plan and i put my contribution in the Saskatchewan Pension plan. Is it considered under the u...
by MIKE2000Z28
Wed Feb 05, 2014 8:04 pm
Forum: Canada / United States Tax & Accounting
Topic: New Tax agreement signed today?
Replies: 8
Views: 2448

New Tax agreement signed today?

Do the exemptions mean anything to us who are Americans living in Canada. Does it mean we can have a TFSA and RESP?
by MIKE2000Z28
Sat Jun 01, 2013 12:59 pm
Forum: Canada / United States Tax & Accounting
Topic: RRSP question with twist.
Replies: 1
Views: 1095

RRSP question with twist.

I am a US citizen living in Canada and 1 1/2 years ago i emptied my rrsps for the HBP. So i don't have any rrsps at this time(My repayment is starting back in 2014). When i open a new RRSP account and i get to line 6a and 6b. My first declaration was in 2007 when i opened my first rrsp, so do i say ...
by MIKE2000Z28
Wed Sep 19, 2012 9:32 am
Forum: Canada / United States Tax & Accounting
Topic: RESP's and possible tax implications for dual citizen child
Replies: 17
Views: 7971

I'm in the same boat. I'm an American citizen with a Canadian PR married to a Canadian citizen. We just had a baby last year and i have to register her at the consulate and go through the procedures for US citizenship. Nelsona, am i correct in assuming my wife can open an RESP for our daughter who w...
by MIKE2000Z28
Wed May 30, 2012 12:35 am
Forum: Canada / United States Tax & Accounting
Topic: Finishing up US taxes. Need a clarification reg. the HBP?
Replies: 16
Views: 5051

I used to have a TFSA the first year it was out and then closed it because of all the requirements. I only have my wages and this one time HBP withdrawl. So what line do i put the deferred income on? For each of the RRSPs i used, i added up all the line 7bs and got the $1500. Do i just leave those a...
by MIKE2000Z28
Tue May 29, 2012 8:40 pm
Forum: Canada / United States Tax & Accounting
Topic: Finishing up US taxes. Need a clarification reg. the HBP?
Replies: 16
Views: 5051

So on my 1040. I added the 1500 as taxable in line 16b but it gets added to my income. So is that 1500 excluded as well. I mean the 1040 says it is. What is the taxable threshold by the way?
by MIKE2000Z28
Tue May 29, 2012 2:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Finishing up US taxes. Need a clarification reg. the HBP?
Replies: 16
Views: 5051

around 40k of wages and withdrew around 20k for the home buyers plan. The combined deferred income from the plan is around 1500 or so. Thats the situation.
by MIKE2000Z28
Tue May 29, 2012 5:11 am
Forum: Canada / United States Tax & Accounting
Topic: Finishing up US taxes. Need a clarification reg. the HBP?
Replies: 16
Views: 5051

So Nelsona, i should ditch the 2555ez form and use the 1116 form for this year and then i can mitigate the tax on the 1500 bucks?
by MIKE2000Z28
Mon May 28, 2012 3:55 pm
Forum: Canada / United States Tax & Accounting
Topic: Finishing up US taxes. Need a clarification reg. the HBP?
Replies: 16
Views: 5051

I always did it by hand. Which turbotax version do i have to pay for? I hope it has form 1116 for dummies or im screwed. I always used the 2555ez form because i had no other income besides wages. I just took a HBP distribution and the gains are only $2000.
by MIKE2000Z28
Mon May 28, 2012 3:27 pm
Forum: Canada / United States Tax & Accounting
Topic: Finishing up US taxes. Need a clarification reg. the HBP?
Replies: 16
Views: 5051

So anyway not to pay taxes? I thought i was in the clear. Like i read in one of your other posts, i don't trust to pay anyone to do it properly. Well the 8891 says to put these numbers on 16a/b on your 1040. So i did that and it got added as income. Do i file a 1116 for the rrsp withdrawl seperately?
by MIKE2000Z28
Sun May 27, 2012 7:37 pm
Forum: Canada / United States Tax & Accounting
Topic: Finishing up US taxes. Need a clarification reg. the HBP?
Replies: 16
Views: 5051

Finishing up US taxes. Need a clarification reg. the HBP?

I have reread certain threads about the reporting of the HBP. However do i add the 20k on line 16a on the 1040? I added the $2400 all 3 rrsp plans made as cumulative gains(they were all fixed GIC accounts)on line 16b. I use the 2555ez form as well. I am just stuck on this part because i thought you ...