Search found 38 matches

by skoper
Sun Apr 30, 2017 5:09 pm
Forum: Canada / United States Tax & Accounting
Topic: Foreign property insurance policy included in T1135?
Replies: 1
Views: 1019

Foreign property insurance policy included in T1135?

Does homeowner's insurance have to be included in Sec 6 of T1135? Nearly any discussion about insurance and T 1135 is in regards to life insurance policies. If so, does anyone know how to determine the cost of this policy?
by skoper
Sun Apr 30, 2017 2:34 pm
Forum: Canada / United States Tax & Accounting
Topic: Form T1135 and insurance policies
Replies: 11
Views: 2661

[quote="tony"]I did ammended but it was late. I will argue that I want to get relief from the penalty of 2500. But, still confused how to argue that based on the case of: http://decision.tcc-cci.gc.ca/tcc-cci/decisions/en/item/30735/index.do If anyone knows, please let me know, I know some of them w...
by skoper
Wed Apr 26, 2017 9:43 pm
Forum: Canada / United States Tax & Accounting
Topic: Filing for year returning to Canada
Replies: 11
Views: 1604

I've had no income since returning, and significant tuition credits to use up, so was in no rush.
by skoper
Wed Apr 26, 2017 4:55 pm
Forum: Canada / United States Tax & Accounting
Topic: Filing for year returning to Canada
Replies: 11
Views: 1604

July 2015
by skoper
Wed Apr 26, 2017 4:15 pm
Forum: Canada / United States Tax & Accounting
Topic: Filing for year returning to Canada
Replies: 11
Views: 1604

Thanks for the insights nelsona. Because I filed for a full 1040 in the US during my departure year, I indicated full year income on a US rental property. I had an IRS tax refund in total (although it was reduced due to the net income generated on US rental...so I was fully taxed on this property). ...
by skoper
Wed Apr 26, 2017 4:00 pm
Forum: Canada / United States Tax & Accounting
Topic: Specific reporting costs in T1135
Replies: 10
Views: 2387

[quote="SM"]I noticed one of your other recent posts from the other day about arriving to Canada. If this relates to that situation, keep in mind that the T1135 is NOT required in the first year of your arrival to Canada.[/quote] Yes this is a concern of mine right now. I actually arrived back in Ca...
by skoper
Wed Apr 26, 2017 12:03 am
Forum: Canada / United States Tax & Accounting
Topic: 8840 / 8833 Forms
Replies: 4
Views: 1059

[quote="adeboloj"]Thank you for your response, then I would assume that these forms are to be filed ONLY when I meet the presence test - in the U.S more than 183 days and i still claim a closer connection to a country that has treaty agreement with United States. Thanks[/quote] File 8840 if for exam...
by skoper
Tue Apr 25, 2017 10:10 pm
Forum: Canada / United States Tax & Accounting
Topic: Specific reporting costs in T1135
Replies: 10
Views: 2387

any thoughts on this?
by skoper
Sun Apr 23, 2017 1:46 pm
Forum: Canada / United States Tax & Accounting
Topic: Specific reporting costs in T1135
Replies: 10
Views: 2387

Specific reporting costs in T1135

1) For foreign assets such as real estate, how are you guys interpreting "Maximum cost amt in 2016"? Should it always be the cost of acquisition? Should it be adjusted every year for CCA? Should FX be taken into account throughout the year to reflect maximum cost in CAD? 2) For shares of non-residen...
by skoper
Thu Apr 20, 2017 12:02 pm
Forum: Canada / United States Tax & Accounting
Topic: Filing for year returning to Canada
Replies: 11
Views: 1604

[quote="nelsona"]As well, if you have a Roth you need to submit the Roth statement. And to entitle you to any benefits you may be eligible for (GST, CCTB, etc). It is never a god idea not to file.[/quote] I do have a Roth. The statement you're referring to is to make a one-time irrevocable election ...
by skoper
Wed Apr 19, 2017 7:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Filing for year returning to Canada
Replies: 11
Views: 1604

Filing for year returning to Canada

Canadian returned to Canada from US after 5 years on TN in July, electing to file full year 1040 (no need for 2555 as no Canadian wages earned after July). Do I still file for Cdn taxes starting in July?
by skoper
Wed Apr 19, 2017 9:11 am
Forum: Canada / United States Tax & Accounting
Topic: Questions on claiming US rental income for Canadian
Replies: 3
Views: 992

Thanks nelsona, all understood.

For the first year on CCA, does the half-year rule apply in this case?
by skoper
Tue Apr 18, 2017 12:33 am
Forum: Canada / United States Tax & Accounting
Topic: Questions on claiming US rental income for Canadian
Replies: 3
Views: 992

Questions on claiming US rental income for Canadian

Hi there, I own US rental property which I bought when I was working in the US under a TN in 2013. This will be my first time filing for full years in Canada and US as Canadian tax resident. My plan is as follows: 1) File 1040NR, and claim US-Canada Treaty Clause XXIV in Schedule OI. Question: Is th...
by skoper
Sat Jan 02, 2016 4:01 pm
Forum: Canada / United States Tax & Accounting
Topic: Cdn business investment losses as US resident
Replies: 0
Views: 1304

Cdn business investment losses as US resident

Hi there, if I am US tax resident, and bought shares in a Canadian private corporation, and lost the entire investment, am I able to claim this against US taxable income? Also, if I was a partner in a general business partnership (Ontario) as a US tax resident, can I offset operating losses against ...
by skoper
Tue Jun 30, 2015 1:04 am
Forum: Canada / United States Tax & Accounting
Topic: Returning to Canada - impact on investments and real estate?
Replies: 7
Views: 2368

Hi, just to get back to this, so what happens to a stock that I sell let's say 4 months after re-entering Canada and establishing tax residency, but bought 4 years earlier while in the US? When does the IRS collect on the majority of the cap gains the occured let's say while I was in the US?