Search found 14 matches
- Wed Aug 31, 2011 5:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: dual citizen now living back in usa-tax nightmare
- Replies: 10
- Views: 5033
When you talk about 'severing ties' I assume that you are not trying to renounce your recently acquired Canadian citizenship but am unclear exactly what you might be referring to. Regarding your charitable donations issue, I assume you bought into one of these tax credits schemes that seemed too goo...
- Tue Aug 30, 2011 12:39 pm
- Forum: Canada / United States Tax & Accounting
- Topic: FBAR penalties and soft disclosure
- Replies: 16
- Views: 14700
- Tue Aug 30, 2011 12:35 pm
- Forum: Canada / United States Tax & Accounting
- Topic: OVDI FBAR penalty experience?
- Replies: 7
- Views: 5861
tsanaha raises an excellent point that has caused confusion for many, and potential aggravation in the future. OVDI is **NOT** for individuals with no underreported tax liabilities in the US. As tsanaha has pointed out, you are needlessly subjecting yourself to potential penalties if you have no und...
- Tue Aug 30, 2011 12:28 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Credit card accounts and FBAR?
- Replies: 7
- Views: 5372
- Tue Aug 30, 2011 12:26 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Late FBAR filings vs. Late Tax filing - letters and matching
- Replies: 4
- Views: 4933
Coffeepucks: give some indication of why you were unaware. For example: I am a US citizen who has resided in Canada from the age of ten. I have never worked in the US nor had any significant residential or financial ties there. Until the recent media attention regarding FBAR disclosures, I was not a...
- Thu Dec 24, 2009 1:49 pm
- Forum: Canada / United States Tax & Accounting
- Topic: keeping a house in Canada
- Replies: 4
- Views: 2816
nelsona is correct, but to expand a little bit: - you can request to have the non-resident tax withholdings apply to NET rental income (otherwise would apply to GROSS rental income) -- a competent Canadian tax advisor can instruct you on how to do this. - the fact that you're asking the question now...
- Thu Dec 24, 2009 1:27 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Revaluation at year end
- Replies: 4
- Views: 3815
- Mon Dec 21, 2009 5:20 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Joint ownership of Cdn property
- Replies: 4
- Views: 4081
To your first question, yes, she will declare 100% of the rental income, etc. How certain costs (e.g. property taxes) are funded is entirely up to you. If you were so inclined to fund/gift half the property taxes from your personal bank account, the trust structure does not prevent this from happeni...
- Mon Dec 21, 2009 5:10 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Revaluation at year end
- Replies: 4
- Views: 3815
Very good question. Please note that this applies to income transactions (e.g. payables, receivables, inventory -- *NOT* capital assets, investments, etc.). Tax requirements are as follows: - Exchanges gains or losses may be accounted for on a realized *OR* accrual basis. - Practice adopted must be ...
- Mon Dec 21, 2009 5:02 pm
- Forum: Canada / United States Tax & Accounting
- Topic: What is the Canadian Equivalent to US 1099?
- Replies: 2
- Views: 6296
Technically, the payments described would fall under T4A reporting. The threshold amount for T4A reporting is (I believe) $500 in the calendar year. Most businesses do not file T4A's for payments to independent contractors and, in my experience, I've never seen a business penalized for non-complianc...
- Thu Oct 22, 2009 1:58 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US Citizen Working in Canada
- Replies: 2
- Views: 2503
sounds like your US employer/client is billing the Canadian customer, and you bill the US company...correct? From the information provided it would seem that YOU do not have to file any Canadian income tax returns, as pointed out by elsona. The US company (your employer/client) will have to file a C...
- Tue Oct 13, 2009 11:13 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Commissions
- Replies: 4
- Views: 3396
- Tue Oct 13, 2009 11:10 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Joint ownership of Cdn property
- Replies: 4
- Views: 4081
you may want to consider a trust agreement whereby title to the property is owned jointly with all benefits of ownership falling to your sister. not to quote fees for a lawyer, but you could probably have the appropriate trust agreements drawn up for around $1,000. the benefit here would be, primari...
- Tue Oct 13, 2009 7:07 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Commissions
- Replies: 4
- Views: 3396
Ken, are you a Canadian or American? Paid by a Canadian or American enterprise? Probably irrelevant, as you will want to obtain professional advice either way. For example, in Canada, your first concern will be all options available to you in setting up the corporation, especially with respect to cu...