Search found 144 matches

by worryfreeinvestor
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: 1998

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...
by worryfreeinvestor
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: 1423

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...
by worryfreeinvestor
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: 1423

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...
by worryfreeinvestor
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: 2304

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...
by worryfreeinvestor
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: 12090

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 ...
by worryfreeinvestor
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: 12090

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...
by worryfreeinvestor
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: 12090

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 ...
by worryfreeinvestor
Fri Apr 12, 2019 3:11 pm
Forum: Canada / United States Tax & Accounting
Topic: Reporting RRIF income on 2018 1040
Replies: 4
Views: 2471

Re: Reporting RRIF income on 2018 1040

I even forgot the 8891 is obsolete!
by worryfreeinvestor
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: 12090

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 ...
by worryfreeinvestor
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: 12090

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.
by worryfreeinvestor
Tue Apr 09, 2019 6:24 pm
Forum: Canada / United States Tax & Accounting
Topic: Reporting RRIF income on 2018 1040
Replies: 4
Views: 2471

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?
by worryfreeinvestor
Tue Apr 09, 2019 2:36 pm
Forum: Canada / United States Tax & Accounting
Topic: Reporting RRIF income on 2018 1040
Replies: 4
Views: 2471

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...
by worryfreeinvestor
Tue Dec 26, 2017 2:23 pm
Forum: Canada / United States Tax & Accounting
Topic: RRI(F minimum distribution for US resident
Replies: 1
Views: 1853

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...
by worryfreeinvestor
Fri Oct 09, 2015 10:18 am
Forum: Canada / United States Tax & Accounting
Topic: Three questions re.: IRAs
Replies: 14
Views: 6458

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...