Search found 75 matches

by NewCanadian
Thu Jan 27, 2022 10:39 am
Forum: Canada / United States Tax & Accounting
Topic: How to get refund on Canada Private Pension withheld tax with rental property return
Replies: 5
Views: 1609

Re: How to get refund on Canada Private Pension withheld tax with rental property return

Thank you. While my private service pension is withholding 15% tax, I noticed that my CPP does not appear to be withholding tax. I am not sure whether what I get is already reduced. Is there a way to find out? The amount is small. Less than $5K since l lived in Canada for about 10 years before movin...
by NewCanadian
Sun Jan 23, 2022 9:38 pm
Forum: Canada / United States Tax & Accounting
Topic: How to get refund on Canada Private Pension withheld tax with rental property return
Replies: 5
Views: 1609

Re: How to get refund on Canada Private Pension withheld tax with rental property return

My US income is over $200K.Canadian net rental income is $5K last year and Canadian pension income is $12K.
I want to know whether I can get some tax refund from $1800 tax against my rental loss this year.
At least I can get credit on 1040 for 15% tax in Canada.
by NewCanadian
Wed Jan 05, 2022 11:11 pm
Forum: Canada / United States Tax & Accounting
Topic: How to get refund on Canada Private Pension withheld tax with rental property return
Replies: 5
Views: 1609

How to get refund on Canada Private Pension withheld tax with rental property return

I have rental property in Canada and live in US. I file 216 return for income from property based on NR6 approved every year. Now I will be getting private employer pension for service in Canada which will withhold taxes. Is there a way to get refund of private pension tax withheld using 216 return ...
by NewCanadian
Thu Mar 19, 2020 5:18 pm
Forum: Canada / United States Tax & Accounting
Topic: Unemployment benefits for TN visa Job loss
Replies: 8
Views: 4208

Re: Unemployment benefits for TN visa Job loss

Thank you.
Does the payment come from Ontario or US state I worked in?
Is that credited to my US bank account or need Canada bank for that?
by NewCanadian
Thu Mar 19, 2020 12:57 am
Forum: Canada / United States Tax & Accounting
Topic: best way to convert USD to CAD
Replies: 10
Views: 6790

Re: best way to convert USD to CAD

Schwab does it USD to CAD conversion for market rate as per XE.com at about 1% commission. Very competitive rates.
by NewCanadian
Thu Mar 19, 2020 12:56 am
Forum: Canada / United States Tax & Accounting
Topic: Unemployment benefits for TN visa Job loss
Replies: 8
Views: 4208

Unemployment benefits for TN visa Job loss

I heard that if a TN visa holder loses job then unemployment benefits cannot be claimed in US but need to be claimed in Canada.

What is the process for claiming in Ontario?
by NewCanadian
Fri Jan 17, 2020 9:29 am
Forum: Canada / United States Tax & Accounting
Topic: Tax on 401K withdrawal after becoming US non resident
Replies: 5
Views: 2851

Re: Tax on 401K withdrawal after becoming US non resident

Thank you. I plan to stay only couple of winter months in India and split remaining time equally between US & Canada. On retirement, I will most likely be Canadian resident paying taxes on world income. I plan to available medicare by paying part B plus high deductible medicare supplement plan t...
by NewCanadian
Wed Jan 15, 2020 8:26 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax on 401K withdrawal after becoming US non resident
Replies: 5
Views: 2851

Re: Tax on 401K withdrawal after becoming US non resident

Thank you.
So partial withdrawal of say $50,000 per year from 401K will have US tax withholding of $7,500
Is MFJ allowed for 1040NR?
If yes, then would same standard deduction apply for non residents?
by NewCanadian
Sun Jan 12, 2020 11:40 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax on 401K withdrawal after becoming US non resident
Replies: 5
Views: 2851

Tax on 401K withdrawal after becoming US non resident

I lived in Canada before coming to US. I worked for 10 years in US and have significant 401K. I do not have US green card. I lived in India before coming to Canada. My question is on taxation on withdrawal from 401K. Is there a tax withheld for US non resident on 401K withdrawal? If yes, what are th...
by NewCanadian
Sun Oct 13, 2019 7:57 am
Forum: Canada / United States Tax & Accounting
Topic: Working in US on work visa beyond age 65
Replies: 4
Views: 2792

Re: Working in US on work visa beyond age 65

Would it be possible to live in Canadian border town closer to grand kids, drive to US to work after age 65, avail medicare across the border while maintaining a small rental apartment in US and continue to be Canadian tax non resident at the same time and continue to file 1040 while filing NR6 for ...
by NewCanadian
Fri Oct 04, 2019 5:09 pm
Forum: Canada / United States Tax & Accounting
Topic: Exchange rate for Canadian income for WEP calculations
Replies: 5
Views: 3266

Re: Exchange rate for Canadian income for WEP calculations

Thank you all. I would assume that spousal SS payment would be half of my SS before WEP is applied. Right?
by NewCanadian
Fri Oct 04, 2019 5:08 pm
Forum: Canada / United States Tax & Accounting
Topic: Exchange rate for Canadian income for WEP calculations
Replies: 5
Views: 3266

Re: Exchange rate for Canadian income for WEP calculations

Thank you all. I would assume that spousal SS payment would be half of my SS before WEP is applied. Right?
by NewCanadian
Wed Sep 25, 2019 10:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Exchange rate for Canadian income for WEP calculations
Replies: 5
Views: 3266

Exchange rate for Canadian income for WEP calculations

I am assuming that Canadian employer pension (No cola) plus CPP at start of pension is the amount used for WEP reduction for Canadian who would get social security. Is exchange rate applied one time at start of SS to this C$ income for WEP reduction for a fixed reduction lifelong or depending of ave...
by NewCanadian
Wed Sep 25, 2019 2:52 pm
Forum: Canada / United States Tax & Accounting
Topic: Working in US on work visa beyond age 65
Replies: 4
Views: 2792

Re: Working in US on work visa beyond age 65

Thank you.
Can I get medicare after age 65 by paying for part B, D & supplement or Medigap?
by NewCanadian
Mon Sep 23, 2019 10:09 pm
Forum: Canada / United States Tax & Accounting
Topic: Working in US on work visa beyond age 65
Replies: 4
Views: 2792

Working in US on work visa beyond age 65

Canadian citizen. Came to US few years ago on TN visa from employer.On US payroll currently. Continuing renewal of TN visa every 3 years. Few years down the road, I will be retiring at age 65 from my employer. My employer is happy with my work and has suggested me that I can work as a contract or ag...