Search found 21 matches
- Mon Feb 23, 2015 2:03 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Ontario resident death/crossborder beneficiary ramifications
- Replies: 1
- Views: 1464
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...
- Thu Mar 14, 2013 12:47 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Resident/US Citizen with US Brokerage Account
- Replies: 5
- Views: 3256
- 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: 3256
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...
- 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: 3256
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...
- 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: 3507
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...
- Fri Jan 25, 2013 1:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian stock transfer
- Replies: 5
- Views: 3010
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...
- Fri Jan 25, 2013 8:42 am
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian stock transfer
- Replies: 5
- Views: 3010
- Thu Jan 24, 2013 9:25 am
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian stock transfer
- Replies: 5
- Views: 3010
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...
- Wed Apr 11, 2012 9:50 am
- Forum: Canada / United States Tax & Accounting
- Topic: US resident - Canadian cash account - tax reporting
- Replies: 3
- Views: 2959
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...
- Mon Apr 09, 2012 11:57 am
- Forum: Canada / United States Tax & Accounting
- Topic: US resident - Canadian cash account - tax reporting
- Replies: 3
- Views: 2959
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 ...
- Wed Aug 03, 2011 3:19 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Foreign tax witholding in an IRA
- Replies: 5
- Views: 3093
- Wed Aug 03, 2011 10:04 am
- Forum: Canada / United States Tax & Accounting
- Topic: Foreign tax witholding in an IRA
- Replies: 5
- Views: 3093
- Tue Aug 02, 2011 10:46 am
- Forum: Canada / United States Tax & Accounting
- Topic: Foreign tax witholding in an IRA
- Replies: 5
- Views: 3093
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!
- 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: 5556
- 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: 5556