Serbinski Accounting Firms

passed = past

Ugh. Been that kind of day!

Thanks, Expat. It's passed 60 days, and I had needed the funds immediately, so that's already water under the bridge.

nelsona, rather than starting a new thread, I'm reviving this one, as it's the same topic. Previously, you wrote: "After you determine your US tax rate on that income (it won't be the 20% flat that was deducted, it will probably be less), you will use this as your foreign tax credit on your Cdn...

Thanks again. The two-way foreign tax credit situation does my head in, but you've pointed me in the right direction. I wish there was a sfwr package that was adept at cross-border taxes.

Thanks, Nelson, that makes sense.

Now, when I do that--apply the foreign tax credit on the Canadian side--it does not in any way reduce what I can claim going the other way (IRS) for my Canadian-sourced income, right? Since my accrued tax will be the same, that is. I hope that's correct.

I'm a US citizen / PR living in Canada since 2007. Have used the foreign tax credit to good effect with the IRS, so far. This year will be more complicated, I think. I left behind a 401(a); originally had no intention of touching it, but I had extenuating circumstances come up, and I have cashed it ...