Search found 19 matches
- Sat Jun 07, 2014 12:59 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Cashing out RRSP
- Replies: 14
- Views: 7164
- Fri Jun 06, 2014 7:12 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Cashing out RRSP
- Replies: 14
- Views: 7164
- Tue Apr 23, 2013 1:48 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RESP tranferred to grandparents
- Replies: 18
- Views: 10476
RESP tranferred to grandparents
After filing 3520 and 3520a for the last 2 years, I transferred my son's RESP to an RESP account owned by his grandfather. In preparing one last go around of the 3520 and 3520a I am unclear as to how to show the transfer on the 3520a. Does the transfer show on line 17a as a distribution (to a non-US...
- Wed Jul 11, 2012 11:49 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Poetic Justice
- Replies: 4
- Views: 3353
Poetic Justice
As one of the many " accidental Americans" on this board I went through the agony of learning about IRS rules and the ins and outs of myriad forms when I first learned about the requirement to file last July. A big thanks to nelsona and the rest of the crew here for their invaluable help. ...
- Wed Jun 13, 2012 8:42 pm
- Forum: Canada / United States Tax & Accounting
- Topic: E-Filing FBAR
- Replies: 2
- Views: 2426
E-Filing FBAR
I had submitted FBAR forms for previous years last year, and I recently got a letter back to tell me the FBAR forms for some of the older years were outdated, and I should resubmit with the latest form. The letter suggested I use the BSA E-Filing system rather than use hard copy forms, and I will tr...
- Wed Aug 17, 2011 7:47 pm
- Forum: Canada / United States Tax & Accounting
- Topic: What investments are appropriate for a USC in Canada
- Replies: 11
- Views: 8367
What investments are appropriate for a USC in Canada
As an "accidental American" I have just gone through the process of filing returns with the IRS for last few years and have discovered the agony of PFIC's, FBAR's and 3520's, so I know that my existing Canadian Mutual Funds are going to be sold, and I need to find investments that are more...
- Mon Aug 01, 2011 11:45 am
- Forum: Canada / United States Tax & Accounting
- Topic: Filing back returns: 2008 recovery rebate?
- Replies: 7
- Views: 4741
Filing back returns: 2008 recovery rebate?
I am preparing returns for 08, 09, and 10, and it appears no tax is due, so I'm hoping this will be enough to get me onside with the IRS. One strange item - Quicktax is telling me I am entitled to a $300 "Recovery Rebate" in 2008 - is that for real?
- Mon Jul 25, 2011 9:56 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Clarification on capital gains within Canadian Mutual Funds
- Replies: 43
- Views: 31932
Quick update - it looks as if this will work out OK after all (no US tax payable). The MTM amount for 2009 - a large gain following a larger loss in 2008 can be reduced somewhat because the MTM loss in 2008 is limited to previous MTM inclusions, so not all of the loss is booked on the 8621, and the ...
- Mon Jul 25, 2011 12:37 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Clarification on capital gains within Canadian Mutual Funds
- Replies: 43
- Views: 31932
Yes, but when I recognize the capital gain in Canada the losses will offset the gains, so the net gain can be much smaller than the US annual calculation. Since I can't use my full Canadian tax to offset the MTM, if I use the full Canadian tax as a deduction instead of a credit, do I have to adjust ...
- Mon Jul 25, 2011 11:53 am
- Forum: Canada / United States Tax & Accounting
- Topic: Clarification on capital gains within Canadian Mutual Funds
- Replies: 43
- Views: 31932
Thanks very much for your detailed answer! That helps clarify the 1116, unfortunately it leaves me with a big tax problem - the passive income from interest and dividends is very small compared to the MTM gains and so I get very little foreign credit even though my total Canadian taxes paid are more...
- Sun Jul 24, 2011 10:27 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Clarification on capital gains within Canadian Mutual Funds
- Replies: 43
- Views: 31932
- Sun Jul 24, 2011 6:38 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Clarification on capital gains within Canadian Mutual Funds
- Replies: 43
- Views: 31932
Mark to Market income on 1116
The gain from mark to market on a 8621 is taken into "other income" on the 1040. Is this income passive income when completing my 1116, or general income?
- Thu Jul 21, 2011 11:39 am
- Forum: Canada / United States Tax & Accounting
- Topic: Clarification on capital gains within Canadian Mutual Funds
- Replies: 43
- Views: 31932
- Wed Jul 20, 2011 11:30 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Clarification on capital gains within Canadian Mutual Funds
- Replies: 43
- Views: 31932
Again, a sincere thank-you to Nelson (Nelson, eh?) for all the help to us unwitting new US tax filers. I think I have the 8621's, 3520/20A and FBAR done, now working on the RRSP's. I am preparing an 8891 for my mutual funds that are in an RRSP account. I would prefer to take the reinvested distribut...
- Tue Jul 19, 2011 7:39 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Clarification on capital gains within Canadian Mutual Funds
- Replies: 43
- Views: 31932
more 8621 questions
A follow-up question about the mechanics of filing an 8621. If I use the Mark to Market approach and declare the full amount of the annual change in value of my mutual fund account as other income, I will have also captured the reinvested distributions, since they are part of the increase in value. ...