Search found 15 matches
- Sun Apr 01, 2018 9:23 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Transtition Tax : 965
- Replies: 0
- Views: 7381
Transtition Tax : 965
Anyone else terrified by the Transition Tax and GILTI implemented in the December tax reform in the US. If you are an american citizen with a CFC in Canada then all the retained earnings from 1986 onward are now being confiscated by the IRS at a 17% rate. That is, the shareholder is liable for that ...
- Tue Jan 19, 2016 3:09 pm
- Forum: Business & Personal Immigration to the United States
- Topic: How to pay for US passport renewal
- Replies: 1
- Views: 8851
How to pay for US passport renewal
Crazy issue. I sent a personal $USD check with my passport renewal by mail. The office responded with a form letter that they need a check or money order drawn on a "US Bank". On the phone the agent suggested that would be a bank headquartered in the US ??? i.e. not TD There are virtually ...
- Thu May 28, 2015 5:05 pm
- Forum: Canada / United States Tax & Accounting
- Topic: TFSA is NOT a foreign trust
- Replies: 2
- Views: 4064
TFSA is NOT a foreign trust
[url]http://www.skltax.com/tfsa-us-tax-classification/[/url] See the article at the link. From the article: A TFSA is generally assumed – incorrectly – to be a foreign trust for US tax purposes that requires the filing of a form 3520, Annual Return to Report Transactions With Foreign Trusts and ...
- Fri May 22, 2015 12:30 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Best way to get a Social Security Number
- Replies: 1
- Views: 2259
- Thu May 21, 2015 6:06 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Best way to get a Social Security Number
- Replies: 1
- Views: 2259
Best way to get a Social Security Number
Practically, what it the best way for a US Citizen living in Toronto to get a SSN - she has documentation.
The first appointment at the consulate is in mid June. Is it faster/easier to go to Niagara Falls and walk in to a SS office?
Anyone know?
The first appointment at the consulate is in mid June. Is it faster/easier to go to Niagara Falls and walk in to a SS office?
Anyone know?
- Thu May 21, 2015 5:40 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RESP reporting
- Replies: 4
- Views: 3580
Thank you That is unfortunate but not totally unexpected. But no 3520A is required as the trust is not owned by a US citizen. Getting fancy, is it fair to say that the reporting obligation only exists while the beneficiary is getting grants and/or investment income during years 1 and 2 but not while...
- Wed May 20, 2015 10:20 am
- Forum: Canada / United States Tax & Accounting
- Topic: RESP reporting
- Replies: 4
- Views: 3580
RESP reporting
The RESP is controlled by my Canadian-only wife. My daughter is dual. The daughter, received income from the RESP for school. Daughter will report the income on the 1040NR.
Does the daughter need to file a 3520?
Does the daughter need to file a 3520?
- Tue Jun 24, 2014 5:15 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Bad news about the "Net Investment Income Tax"
- Replies: 19
- Views: 13353
I hear you on the W-9. To your point it will have the added benefit of stopping the withholding tax. Even though it is a joint account with my NRA wife I will claim all of the assets in the account so that she does not have to file with USA. I also have investments in a foreign controlled corporatio...
- Wed Jun 18, 2014 2:46 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Bad news about the "Net Investment Income Tax"
- Replies: 19
- Views: 13353
I understand what you are saying, up to now I am fairly sure that I have always claimed total withholding tax which is stated on the T3/T5. After all, there is a a box for it! Of course that does not mean that the CRA would accept it under scrutiny. Of course, your answer implies that there are year...
- Mon Jun 16, 2014 6:27 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Bad news about the "Net Investment Income Tax"
- Replies: 19
- Views: 13353
Thanks for your input. I think I see what the problem is here. I have a W8 BEN on file with the broker and I should have a W-9 for us citizens. Presumably, having a w-9 triggers the issuance of a 1099 that can go on line 62 as tax withheld. Do you know if that is the case. Do you think the tax would...
- Sun Jun 15, 2014 9:26 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Bad news about the "Net Investment Income Tax"
- Replies: 19
- Views: 13353
- Fri Jun 13, 2014 10:31 am
- Forum: Canada / United States Tax & Accounting
- Topic: Bad news about the "Net Investment Income Tax"
- Replies: 19
- Views: 13353
Having just sent off a cheque to the IRS for $600 resulting from f8960 - they have my attention: Are withholding taxes paid on US-based investments (ETFs) applicable anywhere on the form? (Of course I take the ftc - but withholding is paid to the US) Do you think that those taxes paid to the US can ...
- Mon Nov 09, 2009 3:19 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Renunciation
- Replies: 20
- Views: 15633
I am a Dual citizen and business owner living in Canada (40+ years). Can anyone give me a good reason not to renounce my US Citizenship? Aside from the opportunity to work in the US, what other benefits do i derive from being a us citizen. The drawbacks in terms of tax hassle and potential liability...
- Wed Sep 23, 2009 7:07 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Basic requirement - for US Citizen in Canada
- Replies: 3
- Views: 3354
- Wed Sep 23, 2009 11:13 am
- Forum: Canada / United States Tax & Accounting
- Topic: Basic requirement - for US Citizen in Canada
- Replies: 3
- Views: 3354
Basic requirement - for US Citizen in Canada
I am a dual citizen who has lived in canada all my adult life. I am self employed with a corporation entirely owned by me. It is in Canada exclusively. Presumably what i need to file is: 1040 With the 8891 for each RRSP - I have to calc undistributed income type. FBAR schedule to Detroit (not tax pe...