Don't hold your breath on treaty changes... Many people and groups have been screaming about these issues for years. The others:
RESP // 529 equal treatment
TFSA // Roth equal treatment
It should be doable since they somehow managed to (mostly) equal treat RRSP // Trad IRA.
Search found 137 matches
- Wed Apr 26, 2023 3:56 pm
- Forum: Canada / United States Tax & Accounting
- Topic: PFIC enforcement
- Replies: 4
- Views: 1351
- Fri Apr 21, 2023 5:11 pm
- Forum: Canada / United States Tax & Accounting
- Topic: PFIC enforcement
- Replies: 4
- Views: 1351
Re: PFIC enforcement
Happy to hear that I'm not the only one wondering this. And you'll be happy to know that you're not alone in terms of it's super complicated to keep track of all this stuff and I really don't know why I'm doing it and it's just a huge waste of time and stress every year. Can I hear you about things ...
- Sun Apr 16, 2023 3:47 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Can I Claim a Foreign Tax Credit on US Tax Return for Cdn Tax Paid on US Sourced Income?
- Replies: 15
- Views: 5919
Re: Can I Claim a Foreign Tax Credit on US Tax Return for Cdn Tax Paid on US Sourced Income?
I have about 9000 in total dividends and only 5500 are qualified. Why do you ask?
- Sun Apr 16, 2023 12:50 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Can I Claim a Foreign Tax Credit on US Tax Return for Cdn Tax Paid on US Sourced Income?
- Replies: 15
- Views: 5919
Re: Can I Claim a Foreign Tax Credit on US Tax Return for Cdn Tax Paid on US Sourced Income?
I've searched high and low and cannot find any information on whether dividends in my US based brokerage could be re-sourced to Canada. It would simplify things for returns if I could. I already re-source the interest income and its super helpful. Dual citizen US/CAN Current Tax home : CAN Anyone kn...
- Sun Apr 02, 2023 3:51 pm
- Forum: Canada / United States Tax & Accounting
- Topic: PFIC enforcement
- Replies: 4
- Views: 1351
PFIC enforcement
Let me start by saying I absolutely follow all the rules and dutifully file my PFIC forms every single year. I choose only ETFs that produce the annual information statement which is a requirement to be able to use the QEF election. Following this approach is actually not that bad in terms of how di...
- Mon May 16, 2022 11:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Transfer to TFSA - potential double taxation???
- Replies: 2
- Views: 2500
Transfer to TFSA - potential double taxation???
Dual US/ Canada citizen residing in Canada. In 2019 I bought 1000 shares of an ETF in canadian brokerage account in for total of $46,000 In 2021 I transferred these shares to a TFSA when they were worth $65,000. Transfer to TFSA is a deemed disposition so capital gain of $19,000 (65000-46000) was re...
- Fri Apr 22, 2022 12:48 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Question about reporting and paying 1099-DIV taxes
- Replies: 5
- Views: 1532
Re: Question about reporting and paying 1099-DIV taxes
nelsona wrote: > FYI, Cdn residents -- even US citizens -- are to be serviced by US brokers; > violates Cdn securities regs. One needs to transfer the assets to Cdn > broker, or one licensed in both countries. > > 1, Of course, You must report world income in both countries. > 2. Foreign dividends d...
- Tue Apr 19, 2022 5:05 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Question about reporting and paying 1099-DIV taxes
- Replies: 5
- Views: 1532
Re: Question about reporting and paying 1099-DIV taxes
To clarify did you mean to say "are NOT to be serviced by US brokers"? Rest of the answer was great thanks.
- Tue Apr 19, 2022 1:46 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Question about reporting and paying 1099-DIV taxes
- Replies: 5
- Views: 1532
Question about reporting and paying 1099-DIV taxes
Dual US / Canadian citizen Resident in Canada US Brokerage account that is paying dividends throughout the year and there is a 1099-DIV for Questions: 1) I assume all dividends get reported on both US and Canadian tax returns 2) Do "qualified dividends" get reported differently on the Cana...
- Sat Jun 19, 2021 6:45 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 8938 instead of 8621 for canadian etf?
- Replies: 1
- Views: 995
8938 instead of 8621 for canadian etf?
So I've read that once you hit a certain threshold then form 8938 is required. Also read that once it's required you can use it to declare the existence of a PFIC. Couple obvious questions immediately come to mind for my situation where I have a canadian ETF in an unregistered account. 1) Does this ...
- Tue Mar 01, 2016 9:05 am
- Forum: Canada / United States Tax & Accounting
- Topic: Report a 1099-G (past year tax refund) on canadian return?
- Replies: 2
- Views: 2674
- Sun Feb 28, 2016 11:51 am
- Forum: Canada / United States Tax & Accounting
- Topic: Report a 1099-G (past year tax refund) on canadian return?
- Replies: 2
- Views: 2674
Report a 1099-G (past year tax refund) on canadian return?
I filed in US, California, and Canada last year (2014) and received a refund from California in 2015. It was reported in 2015 on a 1099-G. Do I have to report the amounts in the 1099-G on my Canadian return for 2015?
- Wed Apr 29, 2015 1:26 pm
- Forum: Canada / United States Tax & Accounting
- Topic: CCA on US Rental Property
- Replies: 15
- Views: 8506
- Fri Apr 10, 2015 2:04 pm
- Forum: Canada / United States Tax & Accounting
- Topic: deemed disposition question
- Replies: 4
- Views: 2742
- Fri Apr 10, 2015 10:50 am
- Forum: Canada / United States Tax & Accounting
- Topic: deemed disposition question
- Replies: 4
- Views: 2742