Search found 50 matches

by Dalthien
Tue Jan 27, 2015 10:43 am
Forum: Canada / United States Tax & Accounting
Topic: Don't have to file - forget about Sch B Pt III as well?
Replies: 2
Views: 1126

Thanks for the quick reply nelsona!

Yeah, I wasn't sure about the 3520, but anything that would require a 3520 is in her husband's name (not a US citizen), so that's not an issue for her. But yeah, she still has to file the FinCEN form.

Thanks again.
by Dalthien
Tue Jan 27, 2015 4:20 am
Forum: Canada / United States Tax & Accounting
Topic: Don't have to file - forget about Sch B Pt III as well?
Replies: 2
Views: 1126

Don't have to file - forget about Sch B Pt III as well?

This seems straight-forward enough, but it's probably worth getting a more experienced opinion just in case, before passing on advice to a family member. According to Charts A,B,C for 1040, she (US citizen living in Canada) is not required to file a tax return for 2014 (doesn't meet income/tax thres...
by Dalthien
Mon Apr 14, 2014 1:08 am
Forum: Canada / United States Tax & Accounting
Topic: Form 8938 definition of financial interest
Replies: 6
Views: 2507

zilla, Based on strict adherence to the instructions provided, your interpretation is correct. As you mentioned, the IRS treats tax responsibility for joint accounts based on local laws (from Pub. 17 " If two or more persons hold property (such as a savings account or bond) as joint tenants, te...
by Dalthien
Sun Apr 13, 2014 11:57 pm
Forum: Canada / United States Tax & Accounting
Topic: Canada Revenue Agency review
Replies: 4
Views: 4612

The GST/HST Credit is based on your combined net income (worldwide) as a couple. It has nothing to do with your taxes - it is a special credit that Canada pays to low-income people who file their income tax returns. Since you are married, your GST/HST credit is based on your combined worldwide incom...
by Dalthien
Mon Jul 09, 2012 3:12 am
Forum: Canada / United States Tax & Accounting
Topic: Final expatriate return - 1040 or 1040/1040NR
Replies: 19
Views: 14331

1) I'm certainly not claiming to be an expert on all the finer details and intricacies or IRAs vs RRSPs, etc. Just someone that has gone through the process of Form 8854 fairly recently, and did a fair bit of research along the way. From what I can tell, the IRA would be listed under Line 6, whereas...
by Dalthien
Sun Jul 08, 2012 8:16 pm
Forum: Canada / United States Tax & Accounting
Topic: Final expatriate return - 1040 or 1040/1040NR
Replies: 19
Views: 14331

Nelsona - thanks for added info about the year of departure or renunciation regulation. patti - yeah, the 8854 instructions are definitely not up to snuff. I would take line 7 to be for employer-based pensions, where the employer sets up the pension. Line 9 would be for trusts you own, such as an RR...
by Dalthien
Sat Jul 07, 2012 11:17 pm
Forum: Canada / United States Tax & Accounting
Topic: Final expatriate return - 1040 or 1040/1040NR
Replies: 19
Views: 14331

For any general expatriate, the process is a dual return as you mentioned - 1040 for the part of the year up to the date of renunciation, and then 1040NR for the part of the year after renunciation. But with the US-Can Tax Treaty, Canadians can file a full 1040 any year they choose to anyway - so it...
by Dalthien
Fri Jun 22, 2012 11:10 pm
Forum: Canada / United States Tax & Accounting
Topic: Instead of backfile, pay tax on RRSP annually.
Replies: 10
Views: 4866

If you're not backfiling 8891, then you have to backfile 3520 instead. 8891 is a replacement for 3520 for RRSPs.

And 3520 is an exponentially bigger pain in the ass than 8891 - so I can't imagine why anyone would ever choose 3520 over 8891.
by Dalthien
Sun Jun 17, 2012 10:19 pm
Forum: Canada / United States Tax & Accounting
Topic: Completing IRS form 8854
Replies: 17
Views: 12945

[quote="testone"]I agree that you need to file the 8854, but if you expatriate in 2010 and fail to file the 8854 your are not obligated to file US tax returns in 2011.[/quote] Yeah, I just went looking through the 2008 amendments to the expatriation act, and it is spelled out in there. bas...
by Dalthien
Sun Jun 17, 2012 8:42 pm
Forum: Canada / United States Tax & Accounting
Topic: Completing IRS form 8854
Replies: 17
Views: 12945

[quote="testone"]The rule that you had to file 8854 to stop being subject to US tax was in section 7701(n). This rule was repealed in 2008.[/quote] Yeah, but it was simply replaced with Section 877A and the amended section 7701. The very first part listed under the current instructions for...
by Dalthien
Sun Jun 17, 2012 4:38 pm
Forum: Canada / United States Tax & Accounting
Topic: Completing IRS form 8854
Replies: 17
Views: 12945

The consular officer that you spoke with was technically correct, but he left out part of the story. Once you take your Oath, you are still not officially expatriated until the State Department issues the Loss of Nationality Certificate. But once they do issue the Certificate, then the official date...
by Dalthien
Sun Jun 17, 2012 2:32 am
Forum: Canada / United States Tax & Accounting
Topic: Completing IRS form 8854
Replies: 17
Views: 12945

I should point out though that even after you've officially renounced your citizenship, your tax obligations to the IRS do not end until Form 8854 has been filed on time (and you certify that you've complied with all filing obligations for the previous 5 years). So even if you took the Oath back in ...
by Dalthien
Sun Jun 17, 2012 1:59 am
Forum: Canada / United States Tax & Accounting
Topic: Completing IRS form 8854
Replies: 17
Views: 12945

The filing of 8854 is based on the date that you officially took the Oath of Renunciation in front of the officer at the Consulate. In most cases, there are two separate meetings at the Consulate, an initial meeting where they go through the forms with you, and then a 2nd meeting a couple months lat...
by Dalthien
Sun Jun 10, 2012 7:34 pm
Forum: Canada / United States Tax & Accounting
Topic: Question - Canadian residents & form TD F90-22.1
Replies: 13
Views: 4931

The 1040 is for US citizens or residents. Non-residents are supposed to file the 1040NR. The exception to that is that non-residents who are married to a US citizen can file a full 1040 joint return. However, the US-Canada Tax Treaty allows Canadians to file a full 1040 if they choose instead of the...
by Dalthien
Sun Jun 10, 2012 4:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Question - Canadian residents & form TD F90-22.1
Replies: 13
Views: 4931

If your friend has been choosing to file the full 1040 instead of 1040NR, then he/she has made the choice to treat him/herself as a US Citizen for filing purposes, and they have to file all accompanying paperwork that goes along with that. Announcement 2010-16 would be irrelevant in that case.