There are multiple threads on TFSAs in this forum. It's worth taking a read through some of them.
Many of us file the forms 3520/3520A as if a TFSA were a trust.
Some have made the argument it is not a trust by American tax law and therefore those forms are not required.
Search found 75 matches
- Fri Apr 07, 2023 4:24 pm
- Forum: Canada / United States Tax & Accounting
- Topic: reporting TFSA interest in 1040
- Replies: 6
- Views: 2088
- Sun Jan 16, 2022 11:58 am
- Forum: Canada / United States Tax & Accounting
- Topic: IRS threatening fine letter for TFSA 3520 error
- Replies: 9
- Views: 4722
Re: IRS threatening fine letter for TFSA 3520 error
echo wrote: > To line 3 I chose "no" to "US agent" but > crossed part I line 15-18 as "N/A", which is totally incorrect, > because the instruction says if answer to line 3 is "no" I'm > required to fill out part I line 15-18. I was just looking at this. Previo...
- Tue Apr 16, 2019 9:26 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US Citizen / Can Resident with US source income
- Replies: 7
- Views: 3887
Re: US Citizen / Can Resident with US source income
What is your interpretation of this income? It's on a 1099-R so it's clear where it gets reported for US income tax. From my reading of the treaty this is not a pension. It is also not an annuity since it is a one time distribution and "not a periodic payment" (Article XIII-4a). Therefore ...
- Mon Apr 15, 2019 10:40 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US Citizen / Can Resident with US source income
- Replies: 7
- Views: 3887
Re: US Citizen / Can Resident with US source income
Thanks for the help on that. 'guess I'll be learning how to do the foreign tax credit from the Canadian side.
- Fri Apr 12, 2019 12:52 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US Citizen / Can Resident with US source income
- Replies: 7
- Views: 3887
Re: US Citizen / Can Resident with US source income
After some further research this might be simplest if the income can be resourced by treaty and included in a 1116. Is there a reference somewhere to what types of income are eligible to be resourced?
- Fri Apr 12, 2019 12:09 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US Citizen / Can Resident with US source income
- Replies: 7
- Views: 3887
US Citizen / Can Resident with US source income
I'm working on income taxes for my retired father-in-law who is a US citizen but Canadian resident. In 2018 he cashed in a life insurance policy held in the US so he received a 1099-R which indicated the distribution amount and the taxable portion. I assume the taxable portion from the 1099-R is als...
- Thu Apr 11, 2019 3:40 pm
- Forum: Canada / United States Tax & Accounting
- Topic: is OAS clawback tax?
- Replies: 4
- Views: 2830
Re: is OAS clawback tax?
Yeah, even with the splitting. He's been pulling some additional money out of the retirement funds the last couple of years.
- Thu Apr 11, 2019 2:25 pm
- Forum: Canada / United States Tax & Accounting
- Topic: is OAS clawback tax?
- Replies: 4
- Views: 2830
Re: is OAS clawback tax?
Thanks for the confirmation! The 'need' for the foreign tax credit is due to income splitting. He splits pension income with his wife for Canadian taxes. She is not a US citizen so doesn't file US taxes. His full pension amount is taxable in the US so he needs as much foreign tax credit from the 111...
- Wed Apr 10, 2019 8:50 pm
- Forum: Canada / United States Tax & Accounting
- Topic: is OAS clawback tax?
- Replies: 4
- Views: 2830
is OAS clawback tax?
Just going over my father-in-law's taxes and would like to confirm I am treating this amount properly. Is the social benefits repayment (i.e. OAS clawback; T1 lines 235/422) a tax? I want to make sure that including it as foreign tax when completing U.S. form 1116 is correct. At first glance I wasn'...
- Mon Jan 28, 2019 11:17 am
- Forum: Canada / United States Tax & Accounting
- Topic: Reporting requirements for defined contribution RPP
- Replies: 2
- Views: 2126
Re: Reporting requirements for defined contribution RPP
OK, thanks nelsona for the feedback!
She'll have to file some amended FBARs.
When I get to doing her taxes I'll have to review how I've handled the pension contributions (hers and employers) in the past.
She'll have to file some amended FBARs.
When I get to doing her taxes I'll have to review how I've handled the pension contributions (hers and employers) in the past.
- Sat Jan 26, 2019 1:03 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Reporting requirements for defined contribution RPP
- Replies: 2
- Views: 2126
Reporting requirements for defined contribution RPP
Through her employment (in Canada) my wife is part of her employer's defined contribution registered pension plan. The employer matches employee contributions 1:1. She has some control over the investments as she can choose between a few different options and she knows the current value of the accou...
- Sat Mar 31, 2018 8:18 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RESP Reporting in 3520
- Replies: 5
- Views: 3918
In 3520A part III (balance sheet) after withdrawing everything I just reported it all as zero. This may not be correct. I guess if you weren't withdrawing everything it would have to go somewhere. I would probably use line 19. If you attach an explanation you should have it covered. This is only a s...
- Sat Mar 31, 2018 11:54 am
- Forum: Canada / United States Tax & Accounting
- Topic: RESP Reporting in 3520
- Replies: 5
- Views: 3918
- Sat Jun 04, 2016 1:16 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Claim all Canadian income tax as FTC?
- Replies: 14
- Views: 7387
- Sat Jun 04, 2016 10:52 am
- Forum: Canada / United States Tax & Accounting
- Topic: Claim all Canadian income tax as FTC?
- Replies: 14
- Views: 7387