Search found 27 matches

by Phil Hogan, CA
Sun Jan 20, 2019 7:35 pm
Forum: Canada / United States Tax & Accounting
Topic: Planning for excess funds in CCPC
Replies: 2
Views: 385

Re: Planning for excess funds in CCPC

Hi Richard This can get tricky. The answer will depend on several factors: - Assuming the company is a CFC and had retained earnings in 2017, did you 1040 for 2017 include 965 calculations? - As a CFC you'll also be subject to GILTI for 2018. Have you access these requirements yet? see here https://...
by Phil Hogan, CA
Sun Jan 20, 2019 6:37 pm
Forum: Canada / United States Tax & Accounting
Topic: IRAs for non resident citizens
Replies: 40
Views: 2066

Re: IRAs for non resident citizens

Hi Coco This has become a huge issue for out clients. I've had over 10 clients with Fidelity be forced to close their accounts and in one case Fidelity forced a de-registration of a large IRA. Luckily we were able to reverse the transfer before the client cash the cheque they sent. Fidelity is not t...
by Phil Hogan, CA
Sat Oct 18, 2014 8:00 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian citizen leaving US- Owned house- Lease or sell
Replies: 3
Views: 1123

Are you a US citizen or only down temporarily?

Phil
by Phil Hogan, CA
Tue Oct 14, 2014 6:14 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Corporation Contracting in US Tax
Replies: 4
Views: 1139

At the very least you should be filing protective 1120-F returns and a treaty position (assuming you don't have a permanent establishment).

Please give me a call and we can chat about your options.

Cheers

Phil
by Phil Hogan, CA
Wed Oct 08, 2014 10:33 pm
Forum: Canada / United States Tax & Accounting
Topic: How do I report my Canadian refund on U.S. return
Replies: 9
Views: 2268

That's the problem with extensions....give people a reason to put off filing.

Phil
by Phil Hogan, CA
Sun Oct 05, 2014 6:16 pm
Forum: Canada / United States Tax & Accounting
Topic: Goodbye to IRS
Replies: 36
Views: 10734

Does your wife receive any US source income?

Phil
by Phil Hogan, CA
Wed Jul 02, 2014 11:45 pm
Forum: Canada / United States Tax & Accounting
Topic: reasonable price for accounting dual citizen
Replies: 7
Views: 1830

Not sure that I can complete the returns for (Canadian and US), but if they are relatively simple I should be able to get everything done for less than $2,000. I'm in Victoria, and at the very least I could point you in the right direction. Please give me a call and I'll see if I can help. Cheers Phil
by Phil Hogan, CA
Sun Sep 29, 2013 1:02 pm
Forum: Canada / United States Tax & Accounting
Topic: New 3.8% Obamacare Tax on investment income - Canadian tax
Replies: 17
Views: 6246

ok then. So lets use an example: US citizen living in Canada reports a $100,000 capital gain and pays (for argument sake) 15% plus 3.8% tax. Before the 3.8% came in the taxpayer would pay $0 taxes because the gain was resourced. Are you saying that they now will still pay $0 US taxes because the ful...
by Phil Hogan, CA
Sat Sep 28, 2013 6:07 pm
Forum: Canada / United States Tax & Accounting
Topic: New 3.8% Obamacare Tax on investment income - Canadian tax
Replies: 17
Views: 6246

Hi Nelsona

I should have been more clear. I'm really talking about Canadian residents with US citizenship that need to file both US and Canadian tax returns.

Phil
by Phil Hogan, CA
Fri Sep 27, 2013 5:50 pm
Forum: Canada / United States Tax & Accounting
Topic: New 3.8% Obamacare Tax on investment income - Canadian tax
Replies: 17
Views: 6246

New 3.8% Obamacare Tax on investment income - Canadian tax

Has anyone considered the implication on the Canadian returns with respect to foreign tax credits available on the 3.8%? Let assume taxpayer A earns 100% of their investment income from US sources. Will they be able to claim a foreign tax credit for the 3.8%. It's really an interesting questions. Re...
by Phil Hogan, CA
Tue Jan 29, 2013 2:29 pm
Forum: Canada / United States Tax & Accounting
Topic: Does on-line filing of the FBAR work well?
Replies: 5
Views: 1534

I have had some clients try, but from what I remember they had trouble making it work from Canada (may be different now).

Most clients however hate the idea of having to submit the forms through the "financial crimes enforcement network".

I don't blame them....

Phil
by Phil Hogan, CA
Mon Jan 28, 2013 1:49 am
Forum: Canada / United States Tax & Accounting
Topic: Cross border brokerage/withholding taxes on dividends issues
Replies: 4
Views: 1445

If you were considered a non-resident of Canada for the first 3 months the taxes withheld will be your final Canadian taxes. The dividends and capital gains will be taxable on your US return and you'll be able to take a credit for the taxes withheld on the dividends via form 1116. No Canadian tax on...
by Phil Hogan, CA
Sun Jan 20, 2013 3:36 pm
Forum: Canada / United States Tax & Accounting
Topic: Several Questions from someone moving to the US again
Replies: 3
Views: 1253

We should start a tip jar for Nelsona.....

Phil
by Phil Hogan, CA
Wed Jan 16, 2013 2:29 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian mutual funds - foreign non-business income (box 25
Replies: 6
Views: 2201

It really depends on what the "foreign income" is.

Do you have a T3/T5 summary that shows what the source of the income is?

Is it US source or another country?
by Phil Hogan, CA
Mon Jan 14, 2013 3:19 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 8938 and relinquishment
Replies: 3
Views: 1407

No problem...