Search found 27 matches
- Fri May 25, 2012 7:34 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 8891 and 8938 form confusion
- Replies: 13
- Views: 7085
- Wed May 23, 2012 2:28 am
- Forum: Canada / United States Tax & Accounting
- Topic: Cdn T-bill mutual fund -- form 8621 required?
- Replies: 8
- Views: 6346
- Wed May 23, 2012 1:46 am
- Forum: Canada / United States Tax & Accounting
- Topic: How to contact IRS after their letter indicating 3520 error?
- Replies: 24
- Views: 17641
- Tue Apr 17, 2012 12:22 am
- Forum: Canada / United States Tax & Accounting
- Topic: Does my company need to file 1120 or 1120F
- Replies: 2
- Views: 2306
- Sun Apr 15, 2012 7:13 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Confirmation re: Proposed Handling of Canadian Accounts
- Replies: 10
- Views: 7066
If you have made no withdrawals, write 0 on lines 7a and 7b. If you have made no contributions, write 0 on line 9. Write the market value of the plan on Dec. 31 on Line 8. If you've made the election to defer tax in the current or prior year, do not fill out line 10. Done! Form 8891 is always requir...
- Sun Apr 15, 2012 4:43 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Confirmation re: Proposed Handling of Canadian Accounts
- Replies: 10
- Views: 7066
Hi YankNucks, Strictly speaking, you must file Form 8891 on time including extensions. Refer to: http://hodgen.com/rrsp/get-private-letter-ruling-file-late-form/. However as nelsona wrote in another thread, penalties are rare because filing that form can eliminate current tax due on RRSP income. Onc...
- Fri Apr 13, 2012 2:23 am
- Forum: Canada / United States Tax & Accounting
- Topic: Dividing capital gains between Canada and the US
- Replies: 4
- Views: 3154
If you acquire and dispose of PFIC stock in the same year, it doesn't matter whether it's a Section 1291 or 1296 stock. The penalties in Section 1291 don't apply if you do not hold the stock across a year-end, and both sections allocate the gains to ordinary income anyway. I've read the first two se...
- Fri Apr 13, 2012 2:11 am
- Forum: Canada / United States Tax & Accounting
- Topic: TFSA-With Mutual Funds
- Replies: 14
- Views: 13276
- Fri Apr 13, 2012 2:08 am
- Forum: Canada / United States Tax & Accounting
- Topic: ETF's and PFIC's -- does "domicile" matter?
- Replies: 2
- Views: 3273
Correct on all points. If you acquired the PFIC stock in 2011, you may simply make either the QEF or MTM elections on Form 8621. If 2011 was not the first year of ownership, you must either obtain a Private Letter Ruling to make a retroactive election or apply the rules of Section 1291 as if you dis...
- Thu Apr 12, 2012 11:44 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US tax filing extension -- no response yet
- Replies: 10
- Views: 6061
Certain elections, such as the mark-to-market election on Form 8621 and the election to defer tax on RRSPs on Form 8891, are only available with timely filed returns, including extensions. I agree that Form 8621 is a mess. I'm not sure how the IRS expects anyone who has not gone over the Treasury Re...
- Wed Mar 21, 2012 10:15 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Going to US for work on TN Visa: Resident or Non-resident?
- Replies: 5
- Views: 5208
As I understand it, maintaining residency in Canada while living abroad will be quite difficult. You will have a place to live, a job, possibly a car, bank accounts, etc. These are all things a resident would have. Therefore, you should file a departure return. You should review IRS Publication 519 ...
- Mon Mar 12, 2012 12:50 am
- Forum: Canada / United States Tax & Accounting
- Topic: Dilemma of USC holding Canadian Mutual Funds
- Replies: 7
- Views: 6023
- Sun Mar 11, 2012 2:24 am
- Forum: Canada / United States Tax & Accounting
- Topic: Dilemma of USC holding Canadian Mutual Funds
- Replies: 7
- Views: 6023
Patti, renouncing US citizenship does not affect outstanding tax and reporting obligations. blairgoates would be liable for US tax until he expatriates. blairgoates, you're right, US citizens holding Canadian mutual funds is fraught with problems. I read the Section 1295 treasury regulations for the...
- Wed Mar 07, 2012 5:36 pm
- Forum: Canada / United States Tax & Accounting
- Topic: paper filing US and Canada returns
- Replies: 9
- Views: 6147
- Tue Mar 06, 2012 5:57 pm
- Forum: Canada / United States Tax & Accounting
- Topic: interesting reads
- Replies: 3
- Views: 2647