Search found 10 matches

by yottaflops
Mon Mar 14, 2016 11:24 am
Forum: Canada / United States Tax & Accounting
Topic: Withholding of Cdn Mutual fund Capital Gain Distributions
Replies: 3
Views: 3262

Sorry, Nelson, but just to be clear: you mean correct as in, it is correct that 15% should NOT be withheld for these capital gains distributions?
by yottaflops
Sun Mar 13, 2016 8:08 pm
Forum: Canada / United States Tax & Accounting
Topic: Withholding of Cdn Mutual fund Capital Gain Distributions
Replies: 3
Views: 3262

Withholding of Cdn Mutual fund Capital Gain Distributions

I am US resident still holding mutual funds in a Canadian brokerage account, and I'm a non-resident in Canada for tax purposes. The brokerage has been withholding 15% on the monthly dividends (as they should). However, at the end of the year, the funds distribute a "Capital gains distribution&q...
by yottaflops
Mon Feb 08, 2016 12:39 pm
Forum: Canada / United States Tax & Accounting
Topic: Non-resident tax not being withheld on Canadian Mutual funds
Replies: 4
Views: 2540

Thanks, Nelson! One quick follow-up question: I am going through previous years' statements, and I think previous years are off too. If I remit tax to the CRA now for 2013 (for example), can/how do I get a credit for my US taxes, which I already paid to the IRS? (Since I just go by the tax forms the...
by yottaflops
Fri Feb 05, 2016 3:14 pm
Forum: Canada / United States Tax & Accounting
Topic: Non-resident tax not being withheld on Canadian Mutual funds
Replies: 4
Views: 2540

Non-resident tax not being withheld on Canadian Mutual funds

I am a U.S. resident, with a Canadian investment account holding some Canadian mutual funds. The broker knows I'm a U.S. resident. I had expected that the broker would withhold 15% of the mutual fund dividends. However, they didn't; they said that because these are Canadian mutual funds, and technic...
by yottaflops
Sat Nov 04, 2006 9:03 pm
Forum: Canada / United States Tax & Accounting
Topic: Capital gain on Cdn-dollar settled US trades
Replies: 4
Views: 4146

Thanks, Nelson. About your second point... I did report a deemed sale when I left Canada. You said I have the "option" of using this value as my cost. I assume this means I don't have to? (since this value is lower than the original price at which I bought...) Also, from your first point, ...
by yottaflops
Sat Nov 04, 2006 2:56 pm
Forum: Canada / United States Tax & Accounting
Topic: Capital gain on Cdn-dollar settled US trades
Replies: 4
Views: 4146

Capital gain on Cdn-dollar settled US trades

I am holding some US equities in a Canadian investment account. When I bought them several years ago, the trades were settled in Cdn dollars. Now, I am considering selling them. One of the stocks I own has appreciated in US dollar amount, but since the Cdn dollar has also appreciated significantly o...
by yottaflops
Sun Apr 17, 2005 9:08 am
Forum: Canada / United States Tax & Accounting
Topic: Nonresident or dual-status?
Replies: 1
Views: 3864

Nonresident or dual-status?

In 2004, I was in F-1 for 9 months, and then switched to TN for the remaining 3 months. Under the rules, I excluded days spent in F-1 for the substantial presence test, and so I thought I was a nonresident alien. But now I read about dual-status, and so I am confused. Was I really nonresident for th...
by yottaflops
Sat Apr 16, 2005 10:13 pm
Forum: Canada / United States Tax & Accounting
Topic: Itemized deductions
Replies: 1
Views: 3882

Itemized deductions

Pardon the apparent stupidity of this question, but I have been reading opposite things in different places. When deducting your state/local taxes in the itemized deductions, are the taxes for the current tax year or for the past year. e.g. when filing this year, should I include the state taxes wit...
by yottaflops
Sat Apr 16, 2005 2:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Non-resident income
Replies: 0
Views: 15445

Non-resident income

I was a US non-resident last year, so I filed 1040NR, and I did not have to report my interest income from US/Canada. But does anyone know the rules for California state return? I reported my US interest income but I am now wondering if I need to report my Canadian interest income too. Thanks!
by yottaflops
Sun Mar 27, 2005 11:15 pm
Forum: Canada / United States Tax & Accounting
Topic: Income on 1040NR
Replies: 1
Views: 4688

Income on 1040NR

I just filed an 1040A, but I am wondering if I should really file a 1040NR. - Jan - Sep 2004: I was in F-1 status, thus an "exempt" individual - Oct - Dec 2004: I changed status to TN Before 2004, I was in the US in F-1 for 1 year only. I am now thinking that I can file a 1040NR. If so, do...