Search found 33 matches

by SergeP
Thu Aug 24, 2017 6:33 pm
Forum: Canada / United States Tax & Accounting
Topic: 15% tax rate on pensions
Replies: 11
Views: 3531

I filed 1040NR. Received a tax refund from IRS and claimed FTC on T1 for the payed US tax. Now CRA requested a whole bunch of additional documents to accept this FTC. My advice is to keep all your records available as it seems that the FTC is a sure flag for a CRA review.
by SergeP
Mon Feb 27, 2017 8:35 pm
Forum: Canada / United States Tax & Accounting
Topic: 15% tax rate on pensions
Replies: 11
Views: 3531

Thank you for pointing out to the form W8-ECI. My pension manager requested the form W8BEN before that withdrawal. This seems not correct as my pension is certainly a "effectively connected income". It is a surprise that such a large pension fund as TIIA-CREF does not know about the W8-ECI. I will c...
by SergeP
Wed Feb 22, 2017 9:59 am
Forum: Canada / United States Tax & Accounting
Topic: 15% tax rate on pensions
Replies: 11
Views: 3531

Unfortunately I do not have enough Canadian income to claim this size FTC. May be I can file a joint 1040 (my spouse is a USC) and be treated as a US resident to get a lower tax rate? I am not sure though that my form 1042-s can be used as 1099 in this case. Could you elaborate about "connected page...
by SergeP
Tue Feb 21, 2017 4:34 pm
Forum: Canada / United States Tax & Accounting
Topic: 15% tax rate on pensions
Replies: 11
Views: 3531

15% tax rate on pensions

XVII 2(a) says that pensions sourced in the US will be taxed at 15% by the US if the recipient is a Canadian resident. I am a Canadian with 25K income from my 403(b) plan. I was taxed at 30% by the plan holder (TIAA-CREF) because it was a lump-sum withdrawal but not a periodic one. This income is re...
by SergeP
Thu Feb 16, 2017 2:12 pm
Forum: Canada / United States Tax & Accounting
Topic: Social Security payments
Replies: 0
Views: 466

Social Security payments

Does anyone have experience in receiving SS payments to a Canadian bank? I have a BMO US$ account but was told that it can not be used for direct deposit from US. May be any other bank in Canada? Thank you.
by SergeP
Fri Jan 27, 2017 11:31 am
Forum: Canada / United States Tax & Accounting
Topic: Filing 1040NR.
Replies: 6
Views: 1505

There is a Free File Software list on the IRS e-file site. One of the listed software, OLT.com, has 1040 NR option for filing US taxes. There are certain limits for its use like your income and your age. I have not tried it yet but may do this year.
by SergeP
Tue Jan 17, 2017 12:15 pm
Forum: Canada / United States Tax & Accounting
Topic: FTC in 1040NR
Replies: 1
Views: 491

FTC in 1040NR

USC is living in Canada with a Canadian spouse (he returned his GC when we moved back to Canada from US). For the last 2 years in Canada we were filing MFJ to US. The only our income from US is 403 retirement annuity. This 403 was funded when we lived and worked in US. This year my spouse is going t...
by SergeP
Thu Jan 12, 2017 4:35 pm
Forum: Canada / United States Tax & Accounting
Topic: what date to use for VAL on RRSP withdrawals
Replies: 6
Views: 772

thank you and sorry for this confusion. Digging exact data from 2003 may be hard. At least my all annual RRSP contributions can be found at my CRA account.
by SergeP
Thu Jan 12, 2017 12:38 pm
Forum: Canada / United States Tax & Accounting
Topic: what date to use for VAL on RRSP withdrawals
Replies: 6
Views: 772

thank you. Could you explain why either May 15 2014 or Jan 1 2014 is used here? My understanding is that only actual profit in the RRSP is subjected to U.S. tax when one start making withdrawals. I moved to US in 2003 and returned to Canada in 2014. During this 11 years US taxes on my RRSP were defe...
by SergeP
Wed Jan 11, 2017 4:30 pm
Forum: Canada / United States Tax & Accounting
Topic: what date to use for VAL on RRSP withdrawals
Replies: 6
Views: 772

what date to use for VAL on RRSP withdrawals

There was a formula provided on this site to calculate a US taxable income on RRS/RIF withdrawals for a USC living in Canada. There is VAL number in that formula which is a total RRSP/RIF value before starting withdrawals. I moved to Canada from US on May 15 2014. But I started periodical RIF withdr...
by SergeP
Sun Sep 06, 2015 7:05 pm
Forum: Canada / United States Tax & Accounting
Topic: 1040 for Canadian
Replies: 7
Views: 1686

Could you tell why I cannot claim FTC on 1040? Is it true for both of us, me and my spouse (USC)? In my calculations for a <15% tax I used FTC in our joint 1040. Thank you.
by SergeP
Fri Sep 04, 2015 3:03 pm
Forum: Canada / United States Tax & Accounting
Topic: 1040 for Canadian
Replies: 7
Views: 1686

No, I am not a GC holder now (sent it back to US consulate). It looks like for every year I have to check what option is better for us (joint or NR for me). There is one thing about filing a joint return with a USC spouse that is not clear. According 1040 and 519, a non-resident can file 1040 this w...
by SergeP
Thu Sep 03, 2015 5:35 pm
Forum: Canada / United States Tax & Accounting
Topic: 1040 for Canadian
Replies: 7
Views: 1686

Thank you for your reply. I am not USC. The reason I need to file US tax return is to get a refund for overpaid taxes. I contacted my 401 fund and they told me that a minimum 15% tax will be withhold for a non-US citizen. If my income , for example, 30K then an effective fed+province (Ontario) tax r...
by SergeP
Wed Sep 02, 2015 7:26 pm
Forum: Canada / United States Tax & Accounting
Topic: 1040 for Canadian
Replies: 7
Views: 1686

1040 for Canadian

My wife is a USC, I am a Canadian. Recently,we moved to Canada after living ~10 years in US. Before that we always filed a joint 1040. Can we simply continue filing a similar joint 1040 from Canada (we both have a 401/IRA income)? Do I need to file to IRS some kind of note about my non-resident US s...
by SergeP
Mon Feb 02, 2015 5:52 pm
Forum: Canada / United States Tax & Accounting
Topic: Managing IRA from Canada
Replies: 1
Views: 664

Managing IRA from Canada

Hi all. I know that this topic was discussed before. But may be there is a new info on brokerages that can hold IRA funds for Canadian residents. I moved to Canada and CapitalOne ShareBuilder is asking me to transfer my IRA funds to another brokerage. I have a relatively small IRA and plan to withdr...