Search found 16 matches
- Sat Feb 07, 2015 12:26 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRS Taxes Canadian Income Twice?
- Replies: 4
- Views: 2605
Thanks to NelsonA and MGeorge both for your replies. Actually, I wish I only did take 10% of my RRIF in 2015, considering the exchange rate is so bad for CAD going to the US. I re-worked my 1116 form, and based on $160,000 worldwide income, of which 32,000 was CAD, and with itemized deductions of $1...
- Fri Feb 06, 2015 3:35 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRS Taxes Canadian Income Twice?
- Replies: 4
- Views: 2605
IRS Taxes Canadian Income Twice?
I have $160,000 gross income including $32,000 from a Canadian RRIF. I paid $8,000 in Canadian withholding taxes for the RRIF. Using form 1116, on which I include the RRIF income as Passive Income, my US Foreign Tax Credit is only $5,000. Is this pretty much standard? Please and thanks for your alwa...
- Wed Nov 05, 2014 6:54 pm
- Forum: Canada / United States Tax & Accounting
- Topic: CRA RRIF Withholding Rates for Dual Citizen US Resident
- Replies: 3
- Views: 2512
- Tue Nov 04, 2014 1:45 pm
- Forum: Canada / United States Tax & Accounting
- Topic: CRA RRIF Withholding Rates for Dual Citizen US Resident
- Replies: 3
- Views: 2512
CRA RRIF Withholding Rates for Dual Citizen US Resident
I am a US/CAD dual citizen living permanently in the US. I am receiving income via an RRIF. In 2014 it will be $36,000 CAD less 25% withholding tax. In 2015 it will be $60,000 CAD. I read somewhere my CAD withholding will be 30%. My Federal US tax rate is more like 20%. Is there any way I can get so...
- Tue Jan 22, 2013 5:16 pm
- Forum: Canada / United States Tax & Accounting
- Topic: TAX RATES ON RRIF/LRIF WITHDRAWALS FOR US RESIDENTS
- Replies: 10
- Views: 6071
- Tue Jan 22, 2013 4:26 pm
- Forum: Canada / United States Tax & Accounting
- Topic: TAX RATES ON RRIF/LRIF WITHDRAWALS FOR US RESIDENTS
- Replies: 10
- Views: 6071
Re: TAX RATES ON RRIF/LRIF WITHDRAWALS FOR US RESIDENTS
It is becoming apparent to me that I may not take a RRSP or LIRA and roll it into an IRA. I am also a dual citizen, perm resident in Illinois. The RRSP and LIRA are in Ontario. Is my observation correct: the tax deferred accounts are turned into Ontario-based RRIFs and stay there, to be drawn down o...
- Thu Aug 16, 2012 4:35 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Real Estate Purchase by US/CAD Citizen, US resident
- Replies: 2
- Views: 2142
Canadian Vacation Property
Thank you for the insight!
- Sun Aug 05, 2012 6:19 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Real Estate Purchase by US/CAD Citizen, US resident
- Replies: 2
- Views: 2142
Canadian Real Estate Purchase by US/CAD Citizen, US resident
Are there any extra sales taxes charged by Canada or Ontario if I a US/CAD dual citizen, US resident, purchase a vacation property in Ontario? Sorry, I could not find a related topic already answering this question.
Thank you!
Thank you!
- Tue Jul 17, 2012 10:22 am
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Citizen with US401k Tax Implications for Retirement
- Replies: 9
- Views: 6378
- Tue Jul 17, 2012 9:41 am
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Citizen with US401k Tax Implications for Retirement
- Replies: 9
- Views: 6378
Canadian Estate Settlement
Could you advise me... I am a dual US/CAD Citizen who is inheriting a sum of money from my late mother's estate in Canada. I am a US resident. Final taxes have been paid to the Canada Revenue Agency. Are there any further Canadian tax penalties or payments I am going to have to make to have the mone...
- Wed Dec 22, 2010 11:58 am
- Forum: Canada / United States Tax & Accounting
- Topic: How to report inheritance from Canada
- Replies: 7
- Views: 5884
- Wed Dec 22, 2010 11:36 am
- Forum: Canada / United States Tax & Accounting
- Topic: How to report inheritance from Canada
- Replies: 7
- Views: 5884
Inheritance from Canada
I am relieved to hear that a bequest from a Canadian's will of $25,000 is not reportable on my US tax returns. I have looked everywhere unsuccessfully for the IRS rules that state inheritances of less than $100,000 do not need to be reported. Can you tell me what the rule # is, or where to read it. ...
- Mon Oct 18, 2010 3:29 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Citizen with US401k Tax Implications for Retirement
- Replies: 9
- Views: 6378
- Mon Oct 18, 2010 1:35 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Citizen with US401k Tax Implications for Retirement
- Replies: 9
- Views: 6378
- Mon Oct 18, 2010 1:07 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Citizen with US401k Tax Implications for Retirement
- Replies: 9
- Views: 6378
Canadian Citizen 401K tax Implications on Retiring
Your input was very helpful. As a permanent resident of the US (Green Carded), and a Canadian citizen, what I understand is that the dual citizenship really is a requirement to lessen or remove extra taxation, or double taxation: on RRSP withdrawals sent to the USA, or on IRA withdrawals sent to Can...