Search found 144 matches
- Mon Jul 05, 2021 9:25 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Moving to the US- Can I avoid paying taxes on my US investments?
- Replies: 5
- Views: 2006
Re: Moving to the US- Can I avoid paying taxes on my US investments?
This is very timely because my father just died. He was a Canadian citizen and Canadian resident who owned a condo in Florida through an LLC. He formed the LLC and bought the condo in 1999. My brother and I are his heirs. I am a US citizen and resident and my brother is a British citizen and residen...
- Tue Oct 20, 2020 2:15 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Best way to receive consulting income in Canada for U.S. citizen?
- Replies: 2
- Views: 1425
Re: Best way to receive consulting income in Canada for U.S. citizen?
Thank you. I am fully paid up into Social Security and Medicare, having been a salaried employee in U.S. for over fifteen years. The other information you shared is very valuable. I am sort of trying not to bring the money income into Canada and instead having it taxed as corporate income in U.S. at...
- Tue Oct 13, 2020 9:45 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Best way to receive consulting income in Canada for U.S. citizen?
- Replies: 2
- Views: 1425
Best way to receive consulting income in Canada for U.S. citizen?
Sort of a "blue-sky" question here: I am a citizen of both Canada and the U.S. I intend to return to Canada in 2021 and become a taxable resident of Canada. I intend to earn consulting income from both Canadian and U.S. clients. (Work product will be written reports, no goods being shipped...
- Mon Apr 20, 2020 12:20 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Disposition of personal vehicle upon return to Canada and/or medical coverage
- Replies: 2
- Views: 2312
Disposition of personal vehicle upon return to Canada and/or medical coverage
Married couple both citizens of both Canada and U.S. Been full-time taxable residents of U.S. since 2005. Plan to move back to Canada to become full-time residents of BC in February 2021. We intend to bunk with a friend in Vancouver, BC while looking for a new home. Purpose of bunking with friend is...
- Fri May 31, 2019 7:52 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US tax for RRSP RIF distribution Taxable and Foreign tax Credit
- Replies: 26
- Views: 12121
Re: US tax for RRSP RIF distribution Taxable and Foreign tax Credit
nelsona wrote: > Each year you take out money, you need to determine the taxable ratio based > on (a) the non-taxable amount in your RRSP/RRIF and the total amount you > have. > > The non-taxable portion when you first begin withdrawing is the $200 you > had when you arrived. The taxable portion is ...
- Mon Apr 15, 2019 10:24 am
- Forum: Canada / United States Tax & Accounting
- Topic: US tax for RRSP RIF distribution Taxable and Foreign tax Credit
- Replies: 26
- Views: 12121
Re: US tax for RRSP RIF distribution Taxable and Foreign tax Credit
Tax season never ends! Thank you. I have figured out the taxable vs. non-taxable. It is indeed very easy thanks to your help. Where I am coming from is we migrated to U.S. in 2005, and filed 8891 through 2014. Then 8891 became obsolete. 2018 is the first year we withdrew a distribution from RRIF. So...
- Fri Apr 12, 2019 3:49 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US tax for RRSP RIF distribution Taxable and Foreign tax Credit
- Replies: 26
- Views: 12121
Re: US tax for RRSP RIF distribution Taxable and Foreign tax Credit
A simple spreadsheet but how to explain to IRS? On 8833?
- Fri Apr 12, 2019 3:36 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US tax for RRSP RIF distribution Taxable and Foreign tax Credit
- Replies: 26
- Views: 12121
Re: US tax for RRSP RIF distribution Taxable and Foreign tax Credit
There appears to be no place on the 1040 line 4(a) or 1116 to describe in the return that the income and accompanying tax credit (for tax withheld at source by Canadian payer) are associated with a RRIF. And because there is no more 8891, there is no way to explain on the return where the income is ...
- Fri Apr 12, 2019 3:11 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Reporting RRIF income on 2018 1040
- Replies: 4
- Views: 2478
Re: Reporting RRIF income on 2018 1040
I even forgot the 8891 is obsolete!
- Wed Apr 10, 2019 10:25 am
- Forum: Canada / United States Tax & Accounting
- Topic: US tax for RRSP RIF distribution Taxable and Foreign tax Credit
- Replies: 26
- Views: 12121
Re: US tax for RRSP RIF distribution Taxable and Foreign tax Credit
Thank you. I was thinking about the one for which you indicated the amount of the tax credit would automatically adjust per the taxable/non-taxable ratio. It looks like that is 1116, right? I really feel a double whammy this year because it is the first year for a RRIF distribution since I migrated ...
- Wed Apr 10, 2019 9:55 am
- Forum: Canada / United States Tax & Accounting
- Topic: US tax for RRSP RIF distribution Taxable and Foreign tax Credit
- Replies: 26
- Views: 12121
Re: US tax for RRSP RIF distribution Taxable and Foreign tax Credit
Which "form" are you discussing in this thread for 2018 1040, please? The 1040 itself? We do not receive a 1099-R for a RRIF distribution. We receive a NR-4 from the Canadian payer, which does not have a direct crosswalk to the 1040.
- Tue Apr 09, 2019 6:24 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Reporting RRIF income on 2018 1040
- Replies: 4
- Views: 2478
Re: Reporting RRIF income on 2018 1040
I was planning to report the gross income (as reported in CRA NR4) as taxable and then claim a foreign tax credit for the 15% withheld (also reported on CRA NR4). Or is there another way to report a RRIF distribution?
- Tue Apr 09, 2019 2:36 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Reporting RRIF income on 2018 1040
- Replies: 4
- Views: 2478
Reporting RRIF income on 2018 1040
US resident received Canadian RRIF distribution in 2018. Form 8891 (last revised in 2012) states to report on line 16a and 16b of 1040, but that cannot be right for 2018. Should I report on new line 4(a)? (The answer seems so obvious I hesitate to ask, but IRS treats RRSPs and RRIFs differently than...
- Tue Dec 26, 2017 2:23 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RRI(F minimum distribution for US resident
- Replies: 1
- Views: 1855
RRI(F minimum distribution for US resident
My friend has been a US resident since 2005, formerly Canadian. He had an RRSP from his former Canadian life. He has turned 71 and the RRSP has turned into a RRIF. The issue is, he does not need to withdraw from the RRIF to finance his lifestyle and wonders why he should withdraw the minimum distrib...
- Fri Oct 09, 2015 10:18 am
- Forum: Canada / United States Tax & Accounting
- Topic: Three questions re.: IRAs
- Replies: 14
- Views: 6482
Thank you. I keep porjecting back to when I was living in Canada and not a U.S. citizien ubut earned U.S. income and filed a 1040NR. I agree that's enough for this thread. But I may have to start abother one on how to deal with the wife's income taxex (i.e. differences in the way couples file in Can...