Search found 72 matches

by SergeP
Wed Mar 27, 2024 12:15 pm
Forum: Canada / United States Tax & Accounting
Topic: NR7 timing
Replies: 1
Views: 18

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...
by SergeP
Tue Mar 19, 2024 4:09 pm
Forum: Canada / United States Tax & Accounting
Topic: filing under section 217
Replies: 10
Views: 651

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?
by SergeP
Tue Mar 19, 2024 4:07 pm
Forum: Canada / United States Tax & Accounting
Topic: filing under section 217
Replies: 10
Views: 651

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?
by SergeP
Tue Mar 19, 2024 4:07 pm
Forum: Canada / United States Tax & Accounting
Topic: filing under section 217
Replies: 10
Views: 651

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?
by SergeP
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: 361

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?
by SergeP
Wed Jan 31, 2024 12:12 pm
Forum: Canada / United States Tax & Accounting
Topic: filing under section 217
Replies: 10
Views: 651

Re: filing under section 217

You are absolutely correct about my FTC note. Thank you for your help.
by SergeP
Tue Jan 30, 2024 12:33 pm
Forum: Canada / United States Tax & Accounting
Topic: filing under section 217
Replies: 10
Views: 651

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...
by SergeP
Sun Jan 28, 2024 4:02 pm
Forum: Canada / United States Tax & Accounting
Topic: filing under section 217
Replies: 10
Views: 651

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 ...
by SergeP
Tue Jan 23, 2024 3:57 pm
Forum: Canada / United States Tax & Accounting
Topic: filing under section 217
Replies: 10
Views: 651

filing under section 217

I am a a US tax- resident. My income is mostly from SS and 401. CPP and RIF make a much smaller part of my income. As a non-resident of Canada my only tax obligation is a 15% tax on my RIF income (withheld automatically by the bank). CRA states that if I want to get a refund on a part of this tax, I...
by SergeP
Sun Oct 29, 2023 5:10 pm
Forum: Canada / United States Tax & Accounting
Topic: US tax on selling property in Canada
Replies: 3
Views: 3923

Re: US tax on selling property in Canada

No progress in this matter. I am still keeping this house in Canada as my vacation home.
by SergeP
Thu Mar 23, 2023 9:34 am
Forum: Canada / United States Tax & Accounting
Topic: deemed disposition for former principal residence
Replies: 12
Views: 5401

Re: deemed disposition for former principal residence

Thank you for answering. Yes, I filed a non-resident US tax return during those year in Canada.
by SergeP
Wed Mar 22, 2023 5:12 pm
Forum: Canada / United States Tax & Accounting
Topic: deemed disposition for former principal residence
Replies: 12
Views: 5401

Re: deemed disposition for former principal residence

I purchased the house in 2010 when I was a US resident. I rented it for 4 years. I moved back to Canada in 2014 and converted the house from a rental to my principal (with capital gain/loss reported to CRA). In 2022 I moved to US and became a US tax resident. I still have this house (vacant). If I s...
by SergeP
Mon Mar 06, 2023 12:32 pm
Forum: Canada / United States Tax & Accounting
Topic: reporting TFSA interest in 1040
Replies: 6
Views: 1815

reporting TFSA interest in 1040

I became a US tax resident in 2022. I still did not close all my TFSA accounts because they were invested in GICs. As IRS does not recognize Canadian TFSA I have to add the interest from these GICs to 1040. What would be the best way to show this income in 1040. Obviously I do not have any T5 slips ...
by SergeP
Thu Jan 12, 2023 1:31 pm
Forum: Canada / United States Tax & Accounting
Topic: deemed disposition for former principal residence
Replies: 12
Views: 5401

Re: deemed disposition for former principal residence

Do you mean the 250K limit (or 500K for married) in the capital gain?
by SergeP
Tue Jan 10, 2023 8:37 pm
Forum: Canada / United States Tax & Accounting
Topic: deemed disposition for former principal residence
Replies: 12
Views: 5401

Re: deemed disposition for former principal residence

If I do not convert this house to a rental and will sell it in a few years, what cost base should I use for the US tax, the house price at the time I become a US resident (2022) or the house price at the time I purchased it (2010)? It was my principal residence from 2014 to 2022.