Search found 21 matches

by Canadabound
Mon Feb 23, 2015 2:03 pm
Forum: Canada / United States Tax & Accounting
Topic: Ontario resident death/crossborder beneficiary ramifications
Replies: 1
Views: 633

Ontario resident death/crossborder beneficiary ramifications

Hello. My friend is in ill health. She is an Ontario resident, Canadian citizen, no US ties. She has $500K in a RRIF and $500k in a cash account. In her will and her RRIF she has designated her 5 kids as beneficiaries. One is a US resident, US Person. The 4 others are Canadian residents, Canadian ci...
by Canadabound
Thu Mar 14, 2013 11:05 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian Resident/US Citizen with US Brokerage Account
Replies: 5
Views: 1969

Thank you for your quick response. A couple follow-up questions, if I may. 1. Have you ever heard of the OSC sanctioning (or attempting to sanction) a US brokerage firm under such circumstances? Morever, the US firm then coming back against the client? 2. Would she avoid the Form 1116 if she held al...
by Canadabound
Thu Mar 14, 2013 9:49 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian Resident/US Citizen with US Brokerage Account
Replies: 5
Views: 1969

Canadian Resident/US Citizen with US Brokerage Account

Hello: My friend is a US citizen recently moved to Canada. She likes her US brokerage firm relationship (taxable cash account), and has no intention of moving it to a Canadian broker licensed in Ontario (where she lives). Her US broker is not licensed in Ontario, and she is using a US address for he...
by Canadabound
Mon Jan 28, 2013 5:10 pm
Forum: Canada / United States Tax & Accounting
Topic: Cross border brokerage/withholding taxes on dividends issues
Replies: 4
Views: 1700

Thanks Phil and Nelsona.. very helpful. What happens in reverse? Let's say a US citizen moves to Canada and leaves their US dividend-paying stocks in a US-based brokerage firm (cash account), with a US address? Do they have an issue with the IRS, not dissimilar from the issue that the Canada-to-US i...
by Canadabound
Fri Jan 25, 2013 1:32 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian stock transfer
Replies: 5
Views: 1614

Although my relative is a US citizen/tax resident, he does have a Canadian address (cottage) as well. He is currently holding the shares at a Canadian brokerage firm, using this Canadian address (the firm is not licensed to do business with US residents). His understanding is that when the company s...
by Canadabound
Fri Jan 25, 2013 8:42 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian stock transfer
Replies: 5
Views: 1614

Thank you. One more question. If the stock pays dividends going forward, who pays the tax? Each joint holder, equally? Can the joint holders choose which one would pay the tax (the wife in the lower bracket, hopefully)?
by Canadabound
Thu Jan 24, 2013 9:25 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian stock transfer
Replies: 5
Views: 1614

Canadian stock transfer

A relative of mine is a US resident who is going to receive C$10mm in Canadian stock on selling his business. His cost basis in the shares is C$1mm. The shares are now worth C$10 mm. The shares are in his name. He would like to open a joint account with his (US citizen/US resident) wife and move the...
by Canadabound
Wed Apr 11, 2012 9:50 am
Forum: Canada / United States Tax & Accounting
Topic: US resident - Canadian cash account - tax reporting
Replies: 3
Views: 1666

Thanks for you input, JGCA. But actually, transferring the assets solves my issues going forward. My current concern is my immediate situation (tax filing for this year). These Canadian investments should have been subject to non-resident witholding tax, whiich they have not been over the years, due...
by Canadabound
Mon Apr 09, 2012 11:57 am
Forum: Canada / United States Tax & Accounting
Topic: US resident - Canadian cash account - tax reporting
Replies: 3
Views: 1666

US resident - Canadian cash account - tax reporting

Hi: I am a US resident, with a (Canadian-addressed) cash account, that owns Canadian dollar exchange-traded funds. What are the ramifications of the Canadian generated (dividend slips and some are return of capital) tax slips for my US taxes? Can I be penalized by either CRA or the IRS? Am I losing ...
by Canadabound
Wed Aug 03, 2011 3:19 pm
Forum: Canada / United States Tax & Accounting
Topic: Foreign tax witholding in an IRA
Replies: 5
Views: 1841

Thank you, very much. Makes sense
by Canadabound
Wed Aug 03, 2011 10:04 am
Forum: Canada / United States Tax & Accounting
Topic: Foreign tax witholding in an IRA
Replies: 5
Views: 1841

Thank you for your response. So, then technically speaking, I am getting the net benefit of (85%) of the dividend tax-deferred (under the tax-umbrella of the IRA), but receiving 15% of the dividend outside my IRA (wiithout paying early withdrawal penalty or taxation). Is that a "backdoor" IRA withdr...
by Canadabound
Tue Aug 02, 2011 10:46 am
Forum: Canada / United States Tax & Accounting
Topic: Foreign tax witholding in an IRA
Replies: 5
Views: 1841

Foreign tax witholding in an IRA

Hello: I am a Canadian resident with an IRA. I own Canadian dividend-paying stocks, and it irks me that thaty are subject to a 15% witholding tax. My questions are as follows: 1. Should a tax sheltered plan be subject to such taxation? 2. If so, how can I get this 15% back? Thanks for the help!
by Canadabound
Thu Apr 21, 2011 3:40 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Moved to the US.. Canadian Brokerage account issues
Replies: 10
Views: 3458

No, I think that it is just inertia. She has had the same broker for 30 years and doesn't want to switch. He's telling her that she will not be able to hang on to all of her Canadian stocks and mutual funds if she moves. Feathering his own nest, a bit, not real objective advice.
by Canadabound
Thu Apr 21, 2011 11:05 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian Moved to the US.. Canadian Brokerage account issues
Replies: 10
Views: 3458

Thank you very much, very informative