Search found 15 matches

by marcharry
Sun Apr 01, 2018 9:23 pm
Forum: Canada / United States Tax & Accounting
Topic: Transtition Tax : 965
Replies: 0
Views: 5755

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 ...
by marcharry
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: 8778

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 ...
by marcharry
Thu May 28, 2015 5:05 pm
Forum: Canada / United States Tax & Accounting
Topic: TFSA is NOT a foreign trust
Replies: 2
Views: 4026

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 ...
by marcharry
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: 2237

Yup. No appt necessary in Niagara
by marcharry
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: 2237

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?
by marcharry
Thu May 21, 2015 5:40 pm
Forum: Canada / United States Tax & Accounting
Topic: RESP reporting
Replies: 4
Views: 3522

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...
by marcharry
Wed May 20, 2015 10:20 am
Forum: Canada / United States Tax & Accounting
Topic: RESP reporting
Replies: 4
Views: 3522

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?
by marcharry
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: 13243

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...
by marcharry
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: 13243

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...
by marcharry
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: 13243

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...
by marcharry
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: 13243

[quote="nelsona"]Som background plese: Who is withholding the funds and for what purpose?[/quote] Withholding tax of 15% is applied to interest and dividends of US domiciled securities - in this case Exchange Traded Funds. This is applied by the broker (Waterhouse) and remitted to the IRS....
by marcharry
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: 13243

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 ...
by marcharry
Mon Nov 09, 2009 3:19 pm
Forum: Canada / United States Tax & Accounting
Topic: Renunciation
Replies: 20
Views: 15554

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...
by marcharry
Wed Sep 23, 2009 7:07 pm
Forum: Canada / United States Tax & Accounting
Topic: Basic requirement - for US Citizen in Canada
Replies: 3
Views: 3332

[quote="nelsona"]For 8891, you should simply defer taxation. You will not have to determine type of income.
[/quote]

thx very much.

i see what you mean, check the deferral box and I don't have to complete question 10. Not sure why my tax preparer did not do that last year.
by marcharry
Wed Sep 23, 2009 11:13 am
Forum: Canada / United States Tax & Accounting
Topic: Basic requirement - for US Citizen in Canada
Replies: 3
Views: 3332

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...