Search found 137 matches

by lanman2000
Wed Apr 26, 2023 3:56 pm
Forum: Canada / United States Tax & Accounting
Topic: PFIC enforcement
Replies: 4
Views: 1351

Re: PFIC enforcement

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.
by lanman2000
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 ...
by lanman2000
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...
by lanman2000
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...
by lanman2000
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...
by lanman2000
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...
by lanman2000
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.
by lanman2000
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...
by lanman2000
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 ...
by lanman2000
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

Ok that's what I thought. No this amount was not included in the foreign taxes paid on last years Canadian return. Exactly... It was never considered foreign tax and so it can't be considered income like it is on US federal where it was used on schedule A. I totally get it.

Thx
by lanman2000
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?
by lanman2000
Wed Apr 29, 2015 1:26 pm
Forum: Canada / United States Tax & Accounting
Topic: CCA on US Rental Property
Replies: 15
Views: 8506

[quote="nelsona"]I think lanman got some weird cpa with bad advice.[/quote] The CPA is the one that owns this forum. I was able to explain myself fully and used some of what you said too to push for it to be changed and he did it. He did mention however that the premise may not be agreed t...
by lanman2000
Fri Apr 10, 2015 2:04 pm
Forum: Canada / United States Tax & Accounting
Topic: deemed disposition question
Replies: 4
Views: 2742

I see it now. It wasn't in the list on the form but in subsection 128 1(10) of the income tax act the list is longer and it specifies "foreign retirement arrangement".

Thanks again
by lanman2000
Fri Apr 10, 2015 10:50 am
Forum: Canada / United States Tax & Accounting
Topic: deemed disposition question
Replies: 4
Views: 2742

Fantastic. Thanks. I searched online and couldn't find any guidance on if IRAs were exempt from deemed disposition. Where is it?