Search found 11 matches

by caffemaven
Mon Dec 18, 2017 11:16 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Resident with US IRA and large US stock portfolio
Replies: 0
Views: 4821

Canadian Resident with US IRA and large US stock portfolio

Here's my question: I am a US citizen with permanent residency in Canada. I live in Quebec. I have a US IRA (still in the US) as well as a non-registered account. I am thinking of owning only fixed income assets in the IRA (ie Bond ETF's) and only growth stocks in the non-registered account. Is this...
by caffemaven
Thu Nov 20, 2014 12:21 pm
Forum: Canada / United States Tax & Accounting
Topic: Pfic nightmare
Replies: 8
Views: 6631

I assume I am safe buying individual canadian stocks? The IRS won't go after us for that? I did my taxes myself this year. CRA sent me a letter stating they want to review my return. SO I hired an accountant to take care of that. That's when I had the "OMG moment", learning that I screwed ...
by caffemaven
Wed Nov 19, 2014 2:53 pm
Forum: Canada / United States Tax & Accounting
Topic: Pfic nightmare
Replies: 8
Views: 6631

So shouldn't I sell the ones I've held for greater than one year, so they won't be a nightmare for 2015 tax reporting? And same question for the current ones? Thanks for your help.
by caffemaven
Wed Nov 19, 2014 10:39 am
Forum: Canada / United States Tax & Accounting
Topic: Pfic nightmare
Replies: 8
Views: 6631

I bought most of them this year. And yes, most are domiciled in Canada. There are a few, like xqq, that are simply canadian versions of the us qqq.
by caffemaven
Tue Nov 18, 2014 5:35 am
Forum: Canada / United States Tax & Accounting
Topic: Pfic nightmare
Replies: 8
Views: 6631

Pfic nightmare

I just hired an accountant to review my taxes, and learned about the pfic nightmare. In brief, i'm a US citizen, permanent resident in canada married to a canadian .. I own 20 diiferent etfs in canadian discount investment firms, each with a value betweem $1000 and $5000 dollars. The accountant info...
by caffemaven
Sun Dec 01, 2013 9:56 am
Forum: Canada / United States Tax & Accounting
Topic: If I work in both countries, can I do RRSP and IRA?
Replies: 1
Views: 1907

If I work in both countries, can I do RRSP and IRA?

I'm an American working in Canada on a work visa. My ultimate goal is permanent residency in Canada. In 2013 I made about $200,000 as an independent contractor in Canada, and about $35,000 as an independent contractor in the United States. Can I contribute to both an RRSP AND an IRA? Any help would ...
by caffemaven
Sat Nov 09, 2013 7:07 pm
Forum: Canada / United States Tax & Accounting
Topic: Setting up an LLC in the US when you have no statehood
Replies: 3
Views: 2887

But if I use Delaware, don't I need an agent and an address in Delaware? My dad lives in New York, so I can use his address, though it seems NY is more expensive.
by caffemaven
Sat Nov 09, 2013 2:05 pm
Forum: Canada / United States Tax & Accounting
Topic: Setting up an LLC in the US when you have no statehood
Replies: 3
Views: 2887

Setting up an LLC in the US when you have no statehood

I am a US citizen working in Ontario with a work permit. I have no US address at all right now. I will be doing some consulting for a US firm that exists in many different states. They are demanding I set up an LLC. When I go online to try and set up the LLC they ask me which state. But I have no st...
by caffemaven
Fri Sep 07, 2012 12:02 am
Forum: Business & Personal Immigration to Canada
Topic: Transferring money from US to Canada to buy a house
Replies: 10
Views: 24517

Transferring money from US to Canada to buy a house

I'm a US citizen with a work permit to work in Canada. I'm buying a house in Quebec. In order to pay for the house, I want to bring US dollars into Canada to buy the house. I have an account with Royal Bank in Canada. Can I simply go to the bank and write a check in US dollars, on my US Bank, and th...
by caffemaven
Tue Jun 21, 2011 10:02 am
Forum: Canada / United States Tax & Accounting
Topic: I work in Canada and the US; but where do I live?
Replies: 3
Views: 3687

Just to clarify. My main income source occurs in Ontario, not Quebec. I have a mailing address in the US, but no home. I have no home anywhere right now.
by caffemaven
Mon Jun 20, 2011 11:43 pm
Forum: Canada / United States Tax & Accounting
Topic: I work in Canada and the US; but where do I live?
Replies: 3
Views: 3687

I work in Canada and the US; but where do I live?

OK. This is a bit complicated: I'm a US citizen. Starting in January 2011 I took a job in Ontario, Canada on a work visa. I work there full time. Additionally I work 2 days a month at my old job in New York. My Canadian work visa lists my workplace as my address. When I'm working, I stay in a dorm r...