Search found 52 matches

by MIKE2000Z28
Wed Jan 08, 2020 5:32 pm
Forum: Canada / United States Tax & Accounting
Topic: Resp for dual national child
Replies: 6
Views: 1315

Re: Resp for dual national child

Thanks Nelsona, i thought that was the case. I put my wife as a NRA on my 1040. I just file myself.
by MIKE2000Z28
Wed Jan 08, 2020 6:06 am
Forum: Canada / United States Tax & Accounting
Topic: Resp for dual national child
Replies: 6
Views: 1315

Resp for dual national child

I'm an American living in Canada married to a Canadian. We have one child who is going to be a dual national once I file the paperwork. Is it possible for my wifes grandmom to open up a Resp and contribute to it and my daughter would just report the income on a 1040 when she turns 18? She would prob...
by MIKE2000Z28
Wed May 27, 2015 6:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Sasketchewan pension plan and IRS?
Replies: 2
Views: 1075

[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: 850

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: 12440

[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: 12440

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: 1075

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: 2655

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: 1189

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: 8520

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: 5357

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: 5357

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: 5357

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: 5357

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: 5357

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.