Search found 50 matches

by cnytax
Fri Mar 29, 2019 3:25 pm
Forum: Canada / United States Tax & Accounting
Topic: Deferred Tax Payment of Income from Deemed Disposition
Replies: 16
Views: 1207

Re: Deferred Tax Payment of Income from Deemed Disposition

Hi,

It's a long time ago but if memory serves, my wife was asked to provide a Letter of Guarantee to Revenu Quebec. I believe she deposited the money in a GIC which was kept in an account at TD Canada Trust. The idea was that when she returned to Quebec, she would get the money back.
by cnytax
Wed Mar 27, 2019 3:43 pm
Forum: Canada / United States Tax & Accounting
Topic: Deferred Tax Payment of Income from Deemed Disposition
Replies: 16
Views: 1207

Re: Deferred Tax Payment of Income from Deemed Disposition

Ok, ignore the above.

I saw your reply to william67 "about CRA needing reminding".

So I assume that means a letter of sorts.

Thanks.
by cnytax
Wed Mar 27, 2019 3:33 pm
Forum: Canada / United States Tax & Accounting
Topic: Deferred Tax Payment of Income from Deemed Disposition
Replies: 16
Views: 1207

Re: Deferred Tax Payment of Income from Deemed Disposition

Well you pointed out the applicable Article of the US-Canada tax treaty dealing with capital gains 10 years after leaving. I'm wondering what to do with the CRA continuing to ask if any stocks have been sold last year even though we left Canada over 10 years ago. Since 12 years has passed, I was ass...
by cnytax
Fri Mar 15, 2019 12:45 pm
Forum: Canada / United States Tax & Accounting
Topic: Deferred Tax Payment of Income from Deemed Disposition
Replies: 16
Views: 1207

Re: Deferred Tax Payment of Income from Deemed Disposition

Hi,

So today my wife received CRA Form RC171 asking if any stocks were sold during 2018. It is now 12 years since we left Canada so CRA is either unaware
or not concerned with Article XIII(5) of the U.S. tax treaty.

What should we do?

Send them a letter pointing out the Article XIII?
by cnytax
Thu Feb 14, 2019 2:36 pm
Forum: Canada / United States Tax & Accounting
Topic: Deferred Tax Payment of Income from Deemed Disposition
Replies: 16
Views: 1207

Re: Deferred Tax Payment of Income from Deemed Disposition

Thanks for the referring me to Article XIII(5) of the U.S. Canada tax treaty. It does seem quite clear that taxation can occur for only 10 years following departure. My wife and I left Canada in 2007 for the U.S. , so the 10 year limit has been passed. However, CRA still sends us a form annually ask...
by cnytax
Wed Sep 19, 2018 9:51 am
Forum: Canada / United States Tax & Accounting
Topic: Best way to transfer Money from Canada to the USA?
Replies: 11
Views: 1748

Re: Best way to transfer Money from Canada to the USA?

Hi, I'm a US resident who is planning to open an account with MTFX in order to periodically transfer payments from my Canadian RRIF into a US checking account. MTFX are asking for copies of 1) Canadian passport, 2) US drivers license, 3) Canadian checking account statement and 4) Copy of a US utilit...
by cnytax
Thu Jan 18, 2018 6:17 pm
Forum: Canada / United States Tax & Accounting
Topic: Non Resident executor of a Canadian estate
Replies: 10
Views: 2692

saldanch,

It appears that you and I are in the same situation on this. If you wish to converse privately on this, please contact me at wmwilliam67@gmail.com
by cnytax
Thu Jan 18, 2018 5:21 pm
Forum: Canada / United States Tax & Accounting
Topic: Non Resident executor of a Canadian estate
Replies: 10
Views: 2692

Just out of curiosity, which one of the 4 Parts of 3520 is applicable to a U.S. person who is the executor of a Canadian estate?
by cnytax
Wed Jan 17, 2018 2:52 pm
Forum: Canada / United States Tax & Accounting
Topic: Non Resident executor of a Canadian estate
Replies: 10
Views: 2692

If I were to remain the executor, one of my duties would be to file a "final" Canadian tax return on my mother's behalf and pay all remaining Canadian taxes from the estate. I'm assuming that the estate would still be my mother's and the estate would be "resident" in Canada. So CRA would continue to...
by cnytax
Wed Jan 17, 2018 1:41 pm
Forum: Canada / United States Tax & Accounting
Topic: Non Resident executor of a Canadian estate
Replies: 10
Views: 2692

I'm in exactly the same situation as the OP. U.S. resident, listed as executor for mother's estate in Canada. I am seriously considering in refusing to be executor for reasons listed above. My sister is listed as a second in line if I refuse and she is Canadian resident. However, I am a beneficiary ...
by cnytax
Fri Nov 04, 2016 4:42 pm
Forum: Canada / United States Tax & Accounting
Topic: Section 215 filing
Replies: 1
Views: 583

Section 215 filing

I am a resident of the US with a RRSP back in Canada. Every year I file a T1 and elect to file under section 217. The withdrawals are under $20,000 and I have no employment income so it advantageous for me to do this. In Schedule A, World Income, we are asked to report interest, dividend, and capita...
by cnytax
Fri Jan 22, 2016 5:56 pm
Forum: Canada / United States Tax & Accounting
Topic: NonResident Tax on Dividends in RRSP
Replies: 3
Views: 1026

Ok, mystery solved.

In 2015, Medtronic moved it tax residency from the U.S. to Ireland. Thus,
the U.S. / Can Tax Treaty no longer applies.

Assuming that there may be an analogous tax treaty between Ireland and
Canada. Will try to get additional info on this.
by cnytax
Sun Jan 17, 2016 5:44 pm
Forum: Canada / United States Tax & Accounting
Topic: NonResident Tax on Dividends in RRSP
Replies: 3
Views: 1026

NonResident Tax on Dividends in RRSP

I am a U.S. resident Green Card holder from Canada. I left my RRSP in Canada with TD Waterhouse. For some strange reason, TD started applying the 15% NRT on dividends from a particular US stock I own in my RRSP (Medtronic - MDT). I have other US stocks and no NRT has ever been applied. I phoned up T...
by cnytax
Sun Dec 13, 2015 4:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Foreign Tax Credit Carryforward
Replies: 7
Views: 2429

That's my understanding as well. I just phrased it badly.