Search found 12 matches

by bandana
Wed Apr 29, 2020 11:41 am
Forum: Canada / United States Tax & Accounting
Topic: Canadians with SSN filing for stimulus check.
Replies: 10
Views: 1936

Re: Canadians with SSN filing for stimulus check.

Nelsona, thanks for the reply.

It seems one needs to report $3,000 in US source income in order to quality for the Additional Child Tax Credit. So how do Canadians get around that one?
by bandana
Wed Apr 29, 2020 2:26 am
Forum: Canada / United States Tax & Accounting
Topic: Canadians with SSN filing for stimulus check.
Replies: 10
Views: 1936

Re: Canadians with SSN filing for stimulus check.

Nelsona:

I have a child who is a US citizen for whom I would like to apply for the child tax credit. What is the procedure? (I am guessing form 8812 - but do my wife and I submit 1040NR showing no US income?)

Can I apply for past years?

Thanks
by bandana
Tue May 20, 2014 11:18 am
Forum: Canada / United States Tax & Accounting
Topic: Income splitting - Returining to Canada from the US
Replies: 3
Views: 1013

Income splitting - Returining to Canada from the US

My wife and I returned to Canada recently having spent some time in the US. During that time we were US residents for tax purposes, and filed a joint return. Now that we have re-established Canadian tax residency, could we consider our existing assets as effectively equally "split" between the two o...
by bandana
Tue Apr 30, 2013 11:39 am
Forum: Canada / United States Tax & Accounting
Topic: J-1 Returning to Canada mid year - Tax status?
Replies: 6
Views: 1782

Thanks, Nelsona. Should I transfer my investments (which included Canadian stocks/REITs) to a Canadian brokerage on the day I move back to Canada, or keep them in the US until the end of the tax year? I am also intrigued as to how/why CRA may claim my stay in the US was too short to break residency,...
by bandana
Tue Apr 30, 2013 10:18 am
Forum: Canada / United States Tax & Accounting
Topic: J-1 Returning to Canada mid year - Tax status?
Replies: 6
Views: 1782

To clarify, I was in the US previously in F status. And since I have been "exempt as a teacher, trainee, or student for any part of 2 of the 6 preceding calendar years", I was not an exempt individual for the 2012 tax year. That's why I filed a 1040 in 2012, and a departure return to the CRA for Dec...
by bandana
Mon Apr 29, 2013 11:52 pm
Forum: Canada / United States Tax & Accounting
Topic: J-1 Returning to Canada mid year - Tax status?
Replies: 6
Views: 1782

J-1 Returning to Canada mid year - Tax status?

I am in "J" status in the US. I was a US resident for tax purposes during the 2012 tax year and filed a 1040. This year, I will be returning to Canada permanently on August 1, 2013. The way I see it, I meet the US substantial presence test for 2013, and should file as a US resident for tax purposes ...
by bandana
Wed Mar 06, 2013 3:18 pm
Forum: Canada / United States Tax & Accounting
Topic: Treaty position on dividends
Replies: 2
Views: 1053

Thank you, Nelsona.
by bandana
Wed Mar 06, 2013 1:56 pm
Forum: Canada / United States Tax & Accounting
Topic: Treaty position on dividends
Replies: 2
Views: 1053

Treaty position on dividends

I am working through my US tax forms that I am filing as a resident for tax purposes for the first time, My issue is that I have dividend income from Canadian REITs from which my broker has correctly withheld 15%. I know I can take a foreign tax credit via form 1116. 1) How do I now take the treaty ...
by bandana
Sun Jan 27, 2013 1:49 pm
Forum: Canada / United States Tax & Accounting
Topic: Cross border brokerage/withholding taxes on dividends issues
Replies: 4
Views: 1700

Cross border brokerage/withholding taxes on dividends issues

I established US tax residency (having moved from Canada) on Jan 1, 2012. But my Canadian brokerage account was only closed, and assets transferred to their US unit, only in March 2012. During these three months, I have accrued capital gains and dividends from Canadian companies, ostensibly in a Can...
by bandana
Sun Feb 12, 2012 10:58 pm
Forum: Canada / United States Tax & Accounting
Topic: J-1 - Tax issues
Replies: 1
Views: 1368

J-1 - Tax issues

Hi, My wife (J-1 Professor) and I (J-2 dependent) moved to the US from Canada in September 2011. My wife's two-year contract in J-status ends in June 2013. Usually, one is not considered a US resident for tax purposes for the first two years in J status. However, since both my wife and I have been i...
by bandana
Mon Jun 27, 2011 2:56 pm
Forum: Canada / United States Tax & Accounting
Topic: any US brokers that let you hold CAD?
Replies: 2
Views: 1611

Interactive Brokers allows you to hold cash/securities in USD, CAD and a bunch of other currencies.
by bandana
Sat Jun 25, 2011 9:54 pm
Forum: Canada / United States Tax & Accounting
Topic: J-1/J-2 Visa - Capital gains and dividends
Replies: 1
Views: 1272

J-1/J-2 Visa - Capital gains and dividends

Hi, My spouse and I will soon be going to the US (she on a J-1, and I on a J-2) so that she can take up new employment. Given the J status of the visas, and considering what I have read on this forum and elsewhere, we will be non-residents as far as the IRS is concerned. 1) Am I right in assuming, t...