Search found 66 matches
- Fri Jul 20, 2018 4:11 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Elect to defer Cdn taxes on IRA?
- Replies: 19
- Views: 17404
Re: Elect to defer Cdn taxes on IRA?
That makes good sense. Thanks.
- Fri Jul 20, 2018 10:41 am
- Forum: Canada / United States Tax & Accounting
- Topic: Elect to defer Cdn taxes on IRA?
- Replies: 19
- Views: 17404
Re: Elect to defer Cdn taxes on IRA?
Thanks, that confirms what I always understood to be the case. I'm curious that you said, "Some plans MAY need to be included in the foreign asset report". Under what circumstances might an IRA need to reported on the T1135? I recall looking into this several years ago and determined that ...
- Thu Jul 19, 2018 6:19 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Elect to defer Cdn taxes on IRA?
- Replies: 19
- Views: 17404
Elect to defer Cdn taxes on IRA?
I always understood that a Canadian (non-USC) could keep their American rollover/traditional IRA once they move back to Canada and defer any Canadian tax until they took distributions. My understanding was that this deferral was automatic; however, I recently read an article that says that an electi...
- Tue May 31, 2016 9:06 am
- Forum: Canada / United States Tax & Accounting
- Topic: 40 years of Canadian residency for full OAS
- Replies: 7
- Views: 4632
Just thought of another potential advantage of deferring. A) We know that deferring from 65 to 70 increases the OAS payout by 36%. B) We also know that deferring can increase years of residency to the max 40 years. In my example I would go from 38 to 40 years and increase payout by 5%. Given A and B...
- Tue May 31, 2016 8:53 am
- Forum: Canada / United States Tax & Accounting
- Topic: 40 years of Canadian residency for full OAS
- Replies: 7
- Views: 4632
- Tue May 31, 2016 5:23 am
- Forum: Canada / United States Tax & Accounting
- Topic: 40 years of Canadian residency for full OAS
- Replies: 7
- Views: 4632
- Fri Nov 21, 2014 5:26 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRA withdrawal Canadian citizen and resident
- Replies: 16
- Views: 17264
- Fri Nov 21, 2014 4:16 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRA withdrawal Canadian citizen and resident
- Replies: 16
- Views: 17264
- Thu Nov 20, 2014 11:17 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRA withdrawal Canadian citizen and resident
- Replies: 16
- Views: 17264
The more I think about it, it would not make sense to leave dividend income off the 1040nr. As a matter of fact, it seems to me that both IRA withdrawals and US sourced dividends should both be included as effectively connected income on page 1 (given that there is a choice). Since we are talking ab...
- Wed Nov 19, 2014 11:25 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRA withdrawal Canadian citizen and resident
- Replies: 16
- Views: 17264
This is interesting, as I did not realize that you could use the 1040NR to reduce the early IRA withdrawal tax below the flat 25% rate (15% tax + 10% penalty). For relatively low early retirement incomes, there is a risk that withdrawals from an IRA would have the flat 25% withheld, but the average ...
- Tue Oct 28, 2014 4:16 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Goodbye to IRS
- Replies: 36
- Views: 21665
- Tue Oct 28, 2014 8:08 am
- Forum: Canada / United States Tax & Accounting
- Topic: Goodbye to IRS
- Replies: 36
- Views: 21665
ExPenn - Thanks for running those numbers. I think we have arrived at the same conclusion. The WEP calculator only provides sensible results when you retire at your scheduled retirement age (66 in your wife's case, 67 in mine). The only troubling part about this is that just because the WEP calculat...
- Sun Oct 26, 2014 1:21 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Goodbye to IRS
- Replies: 36
- Views: 21665
So if you take CPP as early as possible (60) and SS as late as possible (70), the advantage is that you would have 10 years of collecting CPP without any WEP. Right? Of course CPP would be a reduced payment due to early retirement. Then at age 70, you would receive a higher SS (due to late retiremen...
- Sat Oct 25, 2014 1:49 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Goodbye to IRS
- Replies: 36
- Views: 21665
- Tue Jun 24, 2014 9:47 am
- Forum: Canada / United States Tax & Accounting
- Topic: US Roth IRA Filing Requirements While Canadian Resident
- Replies: 15
- Views: 13119