Search found 41 matches

by cullen
Sat Jun 20, 2020 8:57 am
Forum: Canada / United States Tax & Accounting
Topic: RRIF lump sum withdrawal - Form 8833 Tax Treaty
Replies: 6
Views: 326

Re: RRIF lump sum withdrawal - Form 8833 Tax Treaty

You must be in a state without an income tax or one that allows a foreign credit as not all states are hospitable to foreign income
by cullen
Fri Jun 05, 2020 11:49 am
Forum: Canada / United States Tax & Accounting
Topic: TFSA reporting for Canadian who moved to the US
Replies: 5
Views: 1360

Re: TFSA reporting for Canadian who moved to the US

Note :
"It applies only to trusts that are established and operated exclusively or almost exclusively to provide pension or retirement benefits, or to provide medical, disability, or educational benefits."

TFSAs do not fit these categories so we have to wait on additional inclusions
by cullen
Thu Jun 04, 2020 8:42 am
Forum: Canada / United States Tax & Accounting
Topic: TFSA reporting for Canadian who moved to the US
Replies: 5
Views: 1360

Re: TFSA reporting for Canadian who moved to the US

There is a possibility that the TFSAs will become exempt from information reporting - Last Feb the IRS exempted foreign trusts geared toward education, disability etc from the reporting and is allowing penalty abatement. They stated that other account classifications will be included shortly
by cullen
Wed Jun 03, 2020 10:45 am
Forum: Canada / United States Tax & Accounting
Topic: BC Low-Income Resident Contractor IRS Filing
Replies: 2
Views: 182

Re: BC Low-Income Resident Contractor IRS Filing

I would still file one - you don't want gaps in filing especially when you have to file an FBAR anyway
Do you pass the threshold for Specified Asset reporting?
by cullen
Sun May 31, 2020 5:31 pm
Forum: Canada / United States Tax & Accounting
Topic: US Child Tax Credit - What tax to use
Replies: 3
Views: 308

US Child Tax Credit - What tax to use

Dual US/Canadian Citizen with cross border income living in Canada I have both US and Canadian employment income and file as a resident in the US since I am a US citizen but now we live in Canada When I compute the US tax on my wages for the T2209, do I use the amount before the child tax credit or ...
by cullen
Mon Sep 25, 2017 10:57 pm
Forum: Canada / United States Tax & Accounting
Topic: Confusion on 1st California taxes after move from Canada
Replies: 1
Views: 1067

A 1040NR return is a separate return to start with even if you claim your wife as an exemption. If your wife has no US income there is nothing for her to file.

The community property rules would not apply since you are a non-resident - see publication 519
by cullen
Thu Jul 17, 2008 6:38 am
Forum: Canada / United States Tax & Accounting
Topic: CPP/QPP Overpayment for multi provincial employee (ON-QC)
Replies: 3
Views: 2301

Bingo!

I looked for that info on the Rev QC and CRA sites and followed every link that I foiund. Intuit Profile software did not pick it up either.

Thanks for your help
by cullen
Wed Jul 16, 2008 6:30 pm
Forum: Canada / United States Tax & Accounting
Topic: CPP/QPP Overpayment for multi provincial employee (ON-QC)
Replies: 3
Views: 2301

CPP/QPP Overpayment for multi provincial employee (ON-QC)

Nelson et al I have a client that worked in QC and ON (before moving to the US) and had >1K CPP/QPP overpayment. Overpayment claimed on T1 and subsequent CRA reassesment reduced refund by this same amount and suggested that the overpayment be claimed on the TP1. Tax software did not allocate this ho...
by cullen
Tue Mar 18, 2008 6:00 am
Forum: Canada / United States Tax & Accounting
Topic: Leave spouse in CAN to sell residence / child in school
Replies: 4
Views: 1906

But the FMV of the principal resiedence must be declared with the T! that declares departure, correct? If so, then what are the mechanics of this with a staggard spousal emigration?
by cullen
Mon Mar 17, 2008 9:18 pm
Forum: Canada / United States Tax & Accounting
Topic: Leave spouse in CAN to sell residence / child in school
Replies: 4
Views: 1906

Leave spouse in CAN to sell residence / child in school

Nelson et al When a person leaves for the US, establishes tax residency but leaves spouse behind to sell residence and allow child to finsh last year of high school, how is the deemed disposition of the primay residence handled? This person has severed all possible ties and has already bought a home...
by cullen
Tue Mar 11, 2008 8:02 am
Forum: Canada / United States Tax & Accounting
Topic: Non REsidenStudent Loan Interest Carryforward Allowed
Replies: 8
Views: 3077

Thanks

Clinton struggled with the word "is" - they still do. Obama is not a VP candidate like they say he "is".

Dont care for either of them. Thats beyond this board though
by cullen
Tue Mar 11, 2008 6:01 am
Forum: Canada / United States Tax & Accounting
Topic: Non REsidenStudent Loan Interest Carryforward Allowed
Replies: 8
Views: 3077

I intend to do both but I needed to clarify the possibility of a carryforward even though the interest was paid during non-residency. I could not find anything that addressed that scenario.
Thanks
by cullen
Mon Mar 10, 2008 6:31 pm
Forum: Canada / United States Tax & Accounting
Topic: Non REsidenStudent Loan Interest Carryforward Allowed
Replies: 8
Views: 3077

Loans made before departure through the CDN gov. He never informed me of their existence the last three years despite my query. Now the he has returned, I can either amend the US return or use them as carryforwards in Canada (if possible). I would prefer to do the later based on %tax savings.