Search found 29 matches

by gandotra
Sat Feb 27, 2010 10:04 pm
Forum: Canada / United States Tax & Accounting
Topic: RESP Reporting on Form 3520A
Replies: 1
Views: 3058

RESP Reporting on Form 3520A

I am not sure if the Form 3520 A is necessary to be filled up and reported to IRS every year. I have been working in USA since May 2004 but maintained RESP Contributions since year 2005 for 2 kids living in Canada.

There is no income from this Foreign Trust distributed to me at this point of time ...
by gandotra
Sat Feb 27, 2010 9:45 pm
Forum: Canada / United States Tax & Accounting
Topic: Unused 401(K)/IRA Contributions prior to Year 2009
Replies: 1
Views: 2357

Unused 401(K)/IRA Contributions prior to Year 2009

In the light of US-Canada Fifth Protocol Treaty signed on Dec 15, 2008 where in RRSP and 401(K)/IRA Contributions are to be mutually recognized -Can a Factual Resident of Canada (with Dual Residence Status in USA) claim the unused prior years 401(K)/IRA Contributions in lieu of RRSPs on Year 2009 ...
by gandotra
Sat Feb 27, 2010 8:51 pm
Forum: Canada / United States Tax & Accounting
Topic: Unused 401(K)/IRA Contributions prior to Year 2009
Replies: 0
Views: 3862

Unused 401(K)/IRA Contributions prior to Year 2009

In the light of US-Canada Fifth Protocol Treaty signed on Dec 15, 2008 where in RRSP and 401(K)/IRA Contributions are to be mutually recognized -Can a Factual Resident of Canada (with Dual Residence Status in USA) claim the unused prior years 401(K)/IRA Contributions in lieu of RRSPs on Year 2009 ...
by gandotra
Mon Feb 23, 2009 8:37 pm
Forum: Canada / United States Tax & Accounting
Topic: 401(K)/IRA Deductions in Candian Tax Return
Replies: 38
Views: 21069

Misspelt : Para 24 Pub IT 221 of CRA
by gandotra
Mon Feb 23, 2009 8:26 pm
Forum: Canada / United States Tax & Accounting
Topic: 401(K)/IRA Deductions in Candian Tax Return
Replies: 38
Views: 21069

Nelson;

That makes me laugh.. and I was wondering why you are getting agitated!!

Please note when I was talking about NR 73 I was talking in context with information provided to CRA in the year 2004 and that sentence I agree to some extent is misleading as what I wrote was about informing CRA on ...
by gandotra
Mon Feb 23, 2009 7:14 pm
Forum: Canada / United States Tax & Accounting
Topic: 401(K)/IRA Deductions in Candian Tax Return
Replies: 38
Views: 21069

Please read entie post carefully before responding/commenting. Once you do that you will find that I have been consistent through out in explaining the situation.

The only comment I have for you is that you quotes were incorrect. Anyways your inputs were invaluable and are appreciated. Thanks for ...
by gandotra
Sun Feb 22, 2009 2:17 pm
Forum: Canada / United States Tax & Accounting
Topic: 401(K)/IRA Deductions in Candian Tax Return
Replies: 38
Views: 21069

I think you did not read my previos statement :

What I said was :

Quote
For years 2005/6/7/8 I never filed another NR73. So the trigerring factor ( for change in situation) could be that my World Income base shifted from Canada to USA ( in 2005) and I should be granted DNR wef Jan 01, 2005 for ...
by gandotra
Sat Feb 21, 2009 4:37 pm
Forum: Canada / United States Tax & Accounting
Topic: 401(K)/IRA Deductions in Candian Tax Return
Replies: 38
Views: 21069

Clarification to your statement:

For Year 2004 : I reported Income from USA ( for period in between May 24- Dec 31 2004) on Form 1040 to IRS and in Canada I reported Employment Insurance Income (Received from Revenue Canada from Jan 01 to uptill May 22, 2004) + US Income ( in CD) on T1 General i.e ...
by gandotra
Fri Feb 20, 2009 7:59 pm
Forum: Canada / United States Tax & Accounting
Topic: 401(K)/IRA Deductions in Candian Tax Return
Replies: 38
Views: 21069

- For the year 2004 for which NR73 was filed I had to report world Income in Canada as determined by IRS and CRA at that time and that was a true statement for the year 2004 ( ie. I did not report world income in USA) as for the first 4.7 months I was on Employment Insurance in Canada.

- So I guess ...
by gandotra
Fri Feb 20, 2009 5:44 pm
Forum: Canada / United States Tax & Accounting
Topic: 401(K)/IRA Deductions in Candian Tax Return
Replies: 38
Views: 21069

- CRA are the one who asked me to fill NR 73.

- Second sentence regarding NR 73 : What I stated here was that DETAILED REVIEW OF NR 73 WAS NEVER REQUESTED BY ME".

- In fact I never questioned determination of being Factual Resident uptill recently when I have read your response to the threads on ...
by gandotra
Thu Feb 19, 2009 11:55 pm
Forum: Canada / United States Tax & Accounting
Topic: 401(K)/IRA Deductions in Candian Tax Return
Replies: 38
Views: 21069

-I gave up my driving licence in October 2004.

- The letter from CRA says Sub : Residency Status for the 2004 Tax Year.

- I do come to Toronto but sometimes the gaps are more than 3 months eg recently Aug - Nov 2008 I could not travel outside US due to pending renewal of travel document ( Form I ...
by gandotra
Thu Feb 19, 2009 9:12 pm
Forum: Canada / United States Tax & Accounting
Topic: 401(K)/IRA Deductions in Candian Tax Return
Replies: 38
Views: 21069

Second triggering factor could be that nature of my job in the deteriorating economy and struggling auto sector became more stable in year 2005 and I have maintained/or advanced my position with Ford Motor Company making my economic ties stronger with USA and I started the green card process based ...
by gandotra
Thu Feb 19, 2009 8:55 pm
Forum: Canada / United States Tax & Accounting
Topic: 401(K)/IRA Deductions in Candian Tax Return
Replies: 38
Views: 21069

Another fact on Form NR 73 I want to point out is that It was filled to Determine Residency status for the Tax Year 2004.

As I recall now after checking the form thorouhly that the fact I filled Form NR 73 was : I was asked to fill that up by CRA ( filed on April 06, 2005 to determine how to file ...
by gandotra
Thu Feb 19, 2009 8:28 pm
Forum: Canada / United States Tax & Accounting
Topic: 401(K)/IRA Deductions in Candian Tax Return
Replies: 38
Views: 21069

Based on what I have understood from your previous comments declaring myself DNR since 2005 does help me a lot. It would save me more than 20 K in back taxes.

The difference is due to the deductions I take on Sch A of Form 1040 for the Canadian Mortgage Interest Payment plus I can still keep the ...
by gandotra
Thu Feb 19, 2009 8:17 pm
Forum: Canada / United States Tax & Accounting
Topic: 401(K)/IRA Deductions in Candian Tax Return
Replies: 38
Views: 21069

Based on what I have understood from your previous comments declaring myself DNR since 2005 does help me a lot. It would save me more than 20 K in back taxes.

The difference is due to the deductions I take on Sch A of Form 1040 for the Canadian Mortgage Interest Payment plus I can still keep the ...