Search found 19 matches
- Tue Nov 30, 2021 12:29 am
- Forum: Canada / United States Tax & Accounting
- Topic: RSP - Withdraw only the cost basis?
- Replies: 2
- Views: 918
Re: RSP - Withdraw only the cost basis?
Thanks for the quick reply! Regarding the three options you mentioned - it sounds like how much taxable vs. non-taxable you want to withdraw is basically just determined by changing the gross amount and taxable portion on the pension line then? It sounds like it's basically up to oneself to keep tra...
- Mon Nov 29, 2021 2:02 am
- Forum: Canada / United States Tax & Accounting
- Topic: RSP - Withdraw only the cost basis?
- Replies: 2
- Views: 918
RSP - Withdraw only the cost basis?
Hello! I'm aware that as a US resident there is a 25% withholding on the Canada side. I am also aware that the cost basis should not be taxed in the US, but the gains would be taxed as income. When I moved to the US I had roughly $69,000 invested in my RSP with a cost basis of $67,000. At a later po...
- Thu Sep 30, 2010 1:16 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Non Resident - RRSP/Interest Income in Canada
- Replies: 7
- Views: 5366
- Wed Sep 29, 2010 8:05 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Non Resident - RRSP/Interest Income in Canada
- Replies: 7
- Views: 5366
I'm confused about something. In other posts about non-residents receiving T5 statements I've seen the advice that one should mail CRA a cheque for 10%, and then use this value on form 1116 to get credit for it. But in this thread it is said that non-residents don't pay tax on interest, and there is...
- Wed Sep 15, 2010 11:46 am
- Forum: Canada / United States Tax & Accounting
- Topic: RRSP Tax implications for US residents
- Replies: 19
- Views: 13436
- Sun Sep 12, 2010 2:38 am
- Forum: Canada / United States Tax & Accounting
- Topic: RRSP Tax implications for US residents
- Replies: 19
- Views: 13436
I have two questions about this. 1) If a person moves to California, does this mean if they had a book value of $100, then the first year they arrive they would have to pay tax on the $20? (120-100). What I'm imagining here is someone that doesn't step up the book value ending up having a really bad...
- Thu Feb 25, 2010 5:10 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Why shouldn't people file NR-73?
- Replies: 1
- Views: 2069
Why shouldn't people file NR-73?
I've seen many posts where users advise others NOT to file an NR73 unless they are specifically asked to by CRA.
I can't seem to find any posts that explain why this is. So, my question is, what is the reasoning behind this? Could someone explain what the drawbacks are of filing one?
thanks
I can't seem to find any posts that explain why this is. So, my question is, what is the reasoning behind this? Could someone explain what the drawbacks are of filing one?
thanks
- Fri Jan 08, 2010 3:11 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RRSP Cost Basis from Contributions
- Replies: 9
- Views: 5297
- Thu Jan 07, 2010 4:19 am
- Forum: Canada / United States Tax & Accounting
- Topic: RRSP Cost Basis Question
- Replies: 7
- Views: 6082
I was just thinking about something theoretically. Let's say you made some kind of error.....for example, using the wrong exchange rate, or perhaps just a simple typo or miscalculation. If you don't pick up on it, what are the chances anyone else would? I think it would be very unlikely that IRS/CRA...
- Wed Dec 23, 2009 4:35 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Retirement Accounts – options and cross country recognitio
- Replies: 12
- Views: 6805
- Wed Dec 23, 2009 3:11 am
- Forum: Canada / United States Tax & Accounting
- Topic: Retirement Accounts – options and cross country recognitio
- Replies: 12
- Views: 6805
- Tue Dec 22, 2009 1:56 am
- Forum: Canada / United States Tax & Accounting
- Topic: Retirement Accounts – options and cross country recognitio
- Replies: 12
- Views: 6805
Your tax bracket may be lower now, but I don't think that necessarily means it's better to pay tax now rather than defer it. The majority of people are probably around the 25% tax bracket in the US. Let's say you were around 35% tax in Canada. It might be more worthwhile to wait 20 years and pay 35%...
- Fri Dec 18, 2009 7:53 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian living in US under TN visa Temporarily
- Replies: 4
- Views: 3454
- Sun Nov 15, 2009 3:04 am
- Forum: Canada / United States Tax & Accounting
- Topic: RRSP options & implications - Cdn now in USA
- Replies: 5
- Views: 5558
- Fri Nov 06, 2009 2:09 am
- Forum: Canada / United States Tax & Accounting
- Topic: Bank can't handle investments anymore, not sure what to do.
- Replies: 6
- Views: 4185