Search found 79 matches
- Wed Apr 17, 2024 12:21 pm
- Forum: Canada / United States Tax & Accounting
- Topic: NR7 timing
- Replies: 9
- Views: 2364
Re: NR7 timing
Can I use this 25% paid tax for my FTC when filing 1040?
- Wed Apr 17, 2024 12:18 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Can exclude OAS/CPP payments from reporting?
- Replies: 5
- Views: 660
Re: Can exclude OAS/CPP payments from reporting?
No, I have not sold the property yet. Just investigating what should be done next year.
- Tue Apr 16, 2024 11:31 am
- Forum: Canada / United States Tax & Accounting
- Topic: NR7 timing
- Replies: 9
- Views: 2364
Re: NR7 timing
Is this 25% tax final or I can still reduce it to 15% by filing NR-7-R form next year? Also, if I cannot reduce this 25% tax, can I at least claim this full amount as my FTC when filing to US or only 15% is allowed?
- Tue Apr 16, 2024 11:27 am
- Forum: Canada / United States Tax & Accounting
- Topic: Can exclude OAS/CPP payments from reporting?
- Replies: 5
- Views: 660
Re: Can exclude OAS/CPP payments from reporting?
Thank you very much. It sounds that if I do not have any capital gain I may not need to file the Canadian return at all.
- Mon Apr 15, 2024 2:20 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Can exclude OAS/CPP payments from reporting?
- Replies: 5
- Views: 660
Can exclude OAS/CPP payments from reporting?
After 2 years being an US tax resident, I am going to sell my Canadian home. I will need to pay a Canadian tax on any capital gain from this sale. Because the home prices in my area stayed flat for the last two years, I will not have any capital gain. My understanding is that anyway I must file T1 r...
- Thu Mar 28, 2024 6:45 pm
- Forum: Canada / United States Tax & Accounting
- Topic: NR7 timing
- Replies: 9
- Views: 2364
Re: NR7 timing
Just one withdrawal.
- Thu Mar 28, 2024 10:50 am
- Forum: Canada / United States Tax & Accounting
- Topic: NR7 timing
- Replies: 9
- Views: 2364
Re: NR7 timing
Thank you for your reply. Yes, I made a mistake requesting more than 10% from RIF. I do not plan to request more withdrawals this year. So, will need to wait until 2025 to get a refund from CRA.
- Wed Mar 27, 2024 12:15 pm
- Forum: Canada / United States Tax & Accounting
- Topic: NR7 timing
- Replies: 9
- Views: 2364
NR7 timing
I am a non-resident of Canada. In 2024 I received a RIF payment that exceeds 10% of my RIF balance. The bank withheld 25% tax. I know that I can recover some of this tax by filing a NR7-R form. Should I wait with this form until the next year or I can file it this year? On this NR7 form there is a p...
- Tue Mar 19, 2024 4:09 pm
- Forum: Canada / United States Tax & Accounting
- Topic: filing under section 217
- Replies: 10
- Views: 1637
Re: filing under section 217
When using filing under section 217, should I, besides RIF, also include my CPP/OAS payments in my Canadian income? Per US/Canada tax treaty, the OAS/CPP is taxed only in the US for US residents (same as bank interest). Maybe I should include CPP/OAS only in my world income?
- Tue Mar 19, 2024 4:07 pm
- Forum: Canada / United States Tax & Accounting
- Topic: filing under section 217
- Replies: 10
- Views: 1637
Re: filing under section 217
When using filing under section 217, should I, besides RIF, also include my CPP/OAS payments in my Canadian income? Per US/Canada tax treaty, the OAS/CPP is taxed only in the US for US residents (same as bank interest). Maybe I should include CPP/OAS only in my world income?
- Tue Mar 19, 2024 4:07 pm
- Forum: Canada / United States Tax & Accounting
- Topic: filing under section 217
- Replies: 10
- Views: 1637
Re: filing under section 217
When using filing under section 217, should I, besides RIF, also include my CPP/OAS payments in my Canadian income? Per US/Canada tax treaty, the OAS/CPP is taxed only in the US for US residents (same as bank interest). Maybe I should include CPP/OAS only in my world income?
- Fri Feb 02, 2024 5:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Departure date from Canada - what date to use
- Replies: 4
- Views: 522
Re: Departure date from Canada - what date to use
Is the statement "not to be taxed for up to two years from departure date" (on home sale) correct? Isn't it one year for Canada?
- Wed Jan 31, 2024 12:12 pm
- Forum: Canada / United States Tax & Accounting
- Topic: filing under section 217
- Replies: 10
- Views: 1637
Re: filing under section 217
You are absolutely correct about my FTC note. Thank you for your help.
- Tue Jan 30, 2024 12:33 pm
- Forum: Canada / United States Tax & Accounting
- Topic: filing under section 217
- Replies: 10
- Views: 1637
Re: filing under section 217
I think this disparity is because I pay my Canadian tax on the full amount of RIF but I report on my 1040 only a taxable portion of my RIF (~20%). Therefore the ratio of Canadian income to total income is very small. My effective federal tax rate (relative to the total income) is ~7.5%. In your firs...
- Sun Jan 28, 2024 4:02 pm
- Forum: Canada / United States Tax & Accounting
- Topic: filing under section 217
- Replies: 10
- Views: 1637
Re: filing under section 217
Thank you for reminding me that filing under section 217 should result only in taxation of my income from Canadian sources. The federal tax is adjusted to this part of my income at the very end of the T1 form, after the Section 217 tax adjustment calculated in the Part 2 of Schedule C. My FTC in US ...