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We are canadians living in US, we have life insurance in Canada, it did not generate any income, do we need to report it in form 8938. I read some articles saying it is a kind of foreign assets.

Thanks a lot.

We are doing the deemed disposition of CRA departure return, we have two stocks, one is owned by my husband which he got from his former employer, the other is owned by both of us. Now the issue is the the stock owned by my husband has gain, while the stock owned by both of us has loss. I am wonderi...

1. In Canada, if I make 100K, then I need to pay Federal 43561*15% + (87123-43561)*22% + (100000-87123)*26% =19458, I need to pay provincial tax(BC) 37568*5% +(75138-37658)*7.7% + (86268-75138)*10.5% +(100000-86268)*12.29%=7620, altogether I need pay tax 19458+7620=27078 2. In US, if I make 100k, th...

The reason we filed 1040NR in 2011 and 2012 is that we had some mutual funds which had pretty much capital gains which we bought in 2009. We dont know how to calculate that and we dont want those capital gains be treated as interest. I tried turbo tax yesterday and found that we can only get $500 re...

Take 2013 data, if dont put the foreign tax, he would pay Cdn 25K tax, then I put the foreign tax he paid as 25k, the software calculated foeign tax credit as 17k (T2209), so he must pay another 8k. Still did not figure out why. Another sad thing is that I found we need pay 12k more tax in Us (OR) t...

I just found that my husband paid 32K tax in us (including federal, social security, medicare, and state tax), when he filed Canada return in 2012, the foregin tax credit is changed to 26k instead of 32K, then I tried again with 2013 data, in 2013, he paid 25k tax in us, if he file Canada return, th...

Thank you a lot. Now I understand my situation, I really appreciated your help.

Thank you for your quick response. If I report departure year as 2012, I still have some issues to deal with 1. After we sold our house, we put the money into a Cdn saving account and it generates interest about 2K till the end of last year, because I did not tell bank I am non-resident, so bank did...

Just thought of another question, when I sold my house I sold it as Cdn resident, so if I report 2012 as my departure year, will I be fined for not following non-resident rule ($2500) in 2013.

Thanks a lot.

Thanks for your posts. You helped us a lot.

He started working in US since 2010, because my child and I still live in Canada and he visited us every weekend, it is said he has to report his worldwide income to canada, so for the last 2 years he filed 1040NR in US and filed his Cdn and US income in his Cdn return. Could you tell me whether our...

Thanks for your quick response. He already filed his US income in his Cdn return. The reason he chose 1040NR is because it is easier to file. From the tax point of view, 1040 and 1040NR is the same as the saved tax from 1040 still has to go to Cdn government when filing Cdn return.

I forgot to mention that our departure date is Nov 26, 2012

Nelson, I have another question regarding HBP repayment. My husband has 17K HBP left needs to pay back. I just searched the posts and found that it is due within 60 days after departure. We will have to file it as our income, the question is can we file it as income in 2013 as non-resident as this 6...

Thank you very much, Nelson. Your response helped me a lot.