Search found 53 matches
- Sat Mar 09, 2024 8:16 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Can CDN resident just file full-year 1040 instead of dual-status return?
- Replies: 11
- Views: 4510
Re: Can CDN resident just file full-year 1040 instead of dual-status return?
Filing two returns isn't a massive problem on its own - but I'm not even sure how to go about some of the nuances. Like how to do the exchange rate for weekly paycheques all year. With a full 1040, one just uses the average annual rate, but filing until a random week in September? Try to use 40 diff...
- Fri Mar 08, 2024 2:09 am
- Forum: Canada / United States Tax & Accounting
- Topic: Can CDN resident just file full-year 1040 instead of dual-status return?
- Replies: 11
- Views: 4510
Re: Can CDN resident just file full-year 1040 instead of dual-status return?
Thanks for the response Nelsona. I vaguely remembered you commenting on this issue before, but it was a few years ago, and I was having trouble finding it. If I might bother you one last time, is it fine to simply file the full-year 1040 (+ 8854 of course) alone, or should 8833 be filed as well to c...
- Thu Feb 22, 2024 8:22 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Can CDN resident just file full-year 1040 instead of dual-status return?
- Replies: 11
- Views: 4510
Can CDN resident just file full-year 1040 instead of dual-status return?
As the subject says - can a Canadian resident who renounced US citizenship in the middle of 2023 file a full-year 1040 instead of filing two separate returns (1040 before renunciation date + 1040NR after renunciation date)? It would make life much simpler to just file one full-year 1040 and just inc...
- 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: 1973
- 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: 1973
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...
- Mon Apr 14, 2014 1:08 am
- Forum: Canada / United States Tax & Accounting
- Topic: Form 8938 definition of financial interest
- Replies: 6
- Views: 4895
- Sun Apr 13, 2014 11:57 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canada Revenue Agency review
- Replies: 4
- Views: 6216
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...
- Mon Jul 09, 2012 3:12 am
- Forum: Canada / United States Tax & Accounting
- Topic: Final expatriate return - 1040 or 1040/1040NR
- Replies: 19
- Views: 19382
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...
- Sun Jul 08, 2012 8:16 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Final expatriate return - 1040 or 1040/1040NR
- Replies: 19
- Views: 19382
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...
- Sat Jul 07, 2012 11:17 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Final expatriate return - 1040 or 1040/1040NR
- Replies: 19
- Views: 19382
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...
- 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: 8047
- Sun Jun 17, 2012 10:19 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Completing IRS form 8854
- Replies: 17
- Views: 17701
- Sun Jun 17, 2012 8:42 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Completing IRS form 8854
- Replies: 17
- Views: 17701
- Sun Jun 17, 2012 4:38 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Completing IRS form 8854
- Replies: 17
- Views: 17701
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...
- Sun Jun 17, 2012 2:32 am
- Forum: Canada / United States Tax & Accounting
- Topic: Completing IRS form 8854
- Replies: 17
- Views: 17701
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 ...