Search found 101 matches

by MaggieA
Mon Apr 08, 2019 8:54 am
Forum: Canada / United States Tax & Accounting
Topic: CPP and OAS
Replies: 13
Views: 624

Re: CPP and OAS

TT doesn't reject it. It just assigns it taxable income because it's a joint return and presumably I make above the threshold. However unless i'm misunderstanding, CPP paid to a Canadian resident US citizen isn't supposed to be taxed by the US, period.
by MaggieA
Sun Apr 07, 2019 8:54 pm
Forum: Canada / United States Tax & Accounting
Topic: CPP and OAS
Replies: 13
Views: 624

Re: CPP and OAS

Re entering CPP on the 1040 SS line then putting taxable amount as zero, I cannot find a way to make TurboTax allow me to do that. Am tempted to just leave husband's CPP off our 1040 since it's not taxable anyway. How do others do this? Figure we can't be the only Canadian resident, US citizen recei...
by MaggieA
Sun Mar 24, 2019 12:26 pm
Forum: Canada / United States Tax & Accounting
Topic: CPP and OAS
Replies: 13
Views: 624

Re: CPP and OAS

Your answers always reveal the straightforward and logical path through the jungle of frustration. Thank-you.
by MaggieA
Sun Mar 24, 2019 1:22 am
Forum: Canada / United States Tax & Accounting
Topic: CPP and OAS
Replies: 13
Views: 624

Re: CPP and OAS

Replying to boost this above the spam and because I have a similar question. 1. rallo (OP) is a US resident dual citizen wanting to know where to enter CPP and OAS on the 1040. 2. Spouse and I are Canadian resident dual citizens and he has CPP. Same question - where to put this on the 1040, first to...
by MaggieA
Sat Feb 02, 2019 5:41 pm
Forum: Canada / United States Tax & Accounting
Topic: Reporting Roth (non-)income to CRA.
Replies: 3
Views: 235

Re: Reporting Roth (non-)income to CRA.

You are right. Until recently dad did his own taxes and dealt with these periodic requests from CRA in an ad-hoc fashion. This year I got in touch with the NZ GSF and discovered I could order up an annual certificate. It runs from April to April and is in NZD but the accountant thought this was just...
by MaggieA
Sat Feb 02, 2019 2:24 am
Forum: Canada / United States Tax & Accounting
Topic: Taxation of RRSP withdrawals by dual citizens living in Canada
Replies: 1
Views: 187

Taxation of RRSP withdrawals by dual citizens living in Canada

Looking ahead a year or two, I have a question about US taxation of withdrawals from my (and spouse's) RRSPs. We started out as Canadian citizens, moved to US on a job transfer in 2002. Eventually became US citizens during our years in the US, but returned to Canada in 2016 and intend to remain. We ...
by MaggieA
Sat Feb 02, 2019 2:11 am
Forum: Canada / United States Tax & Accounting
Topic: Reporting Roth (non-)income to CRA.
Replies: 3
Views: 235

Re: Reporting Roth (non-)income to CRA.

Have not yet taken any income from Roth so don't have an answer; will be interested to see any. Comment on foreign pensions: My father has a small government pension of about $20K per year derived from employment in our country of origin before we emigrated to Canada in the 1960s. This pension is qu...
by MaggieA
Thu Oct 11, 2018 3:53 pm
Forum: Canada / United States Tax & Accounting
Topic: CPP and SS optimization
Replies: 11
Views: 735

Re: CPP and SS optimization

I agree with Nelson's statement 'very likely her "39" quarter SS would be greater than her eventual "40+" SS because of WEP. But it will be FAR less if she has to pay medicare premium for both of them out of it.' So in my mind the question is, how likely are they to want to move to the US in retirem...
by MaggieA
Thu Oct 11, 2018 3:48 pm
Forum: Canada / United States Tax & Accounting
Topic: CPP and SS optimization
Replies: 11
Views: 735

Re: CPP and SS optimization

I downloaded the anypia program. It gives you exact figures for totalization scenarios. If you're comfortable with running a standalone Windows program, it's pretty easy to figure out and it just makes no sense (in my mind) to fiddle with other estimation tools. This is the straight goods from SSA. ...
by MaggieA
Wed Oct 03, 2018 11:50 pm
Forum: Canada / United States Tax & Accounting
Topic: How to handle US and Canadian Withholding Taxes for RSUs
Replies: 1
Views: 468

Re: How to handle US and Canadian Withholding Taxes for RSUs

My story is virtually identical to yours. Now back in Canada working for the Canadian subsidiary, I still have my RSUs and they continue to vest. But here's the difference. On mine, there is Canadian withholding at the BC top marginal rate, which is sad, but that's it. No US withholding whatsoever. ...
by MaggieA
Mon Aug 20, 2018 10:43 pm
Forum: Canada / United States Tax & Accounting
Topic: Best way to transfer Money from Canada to the USA?
Replies: 11
Views: 1497

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

I've used OFX (formerly CanadianForex) and have been satisfied. My daughter, currently at grad school in Europe, uses TransferWise. I recently compared the two for some transaction I was considering, and was slightly surprised that OFX was actually a bit cheaper. I've heard Knightsbridge is OK too. ...
by MaggieA
Wed Aug 15, 2018 12:24 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual citizen living in Canada selling employee stock
Replies: 2
Views: 330

Re: Dual citizen living in Canada selling employee stock

Thanks so much! That is what I had reasoned would be logical, but taxation doesn't always follow my ideas. The part considered wages gets included in income at the time of purchase (ESPP) or vesting (RSUs), with a portion of the RSUs withheld to cover the income tax. This seems to work similarly in ...
by MaggieA
Wed Aug 15, 2018 10:20 am
Forum: Canada / United States Tax & Accounting
Topic: Dual citizen living in Canada selling employee stock
Replies: 2
Views: 330

Dual citizen living in Canada selling employee stock

Dual Canadian/US citizen, living in Canada, employed by the Canadian branch of a US-based company. I have an employee stock plan account at ETrade, holding some shares of my employer (NASDAQ listed), acquired via ESPP and RSU plans. Thinking of selling current holdings. Note: All of my current holdi...
by MaggieA
Wed Jul 25, 2018 11:26 pm
Forum: Canada / United States Tax & Accounting
Topic: Withholding on US Pension
Replies: 3
Views: 450

Withholding on US Pension

We are Canadian and US dual citizens, resident in Canada. Husband is now filling out the paperwork to start his pension from US employer. This shouldn't be subject to US withholding at all, because under the treaty it is taxed by Canada, not US. However, according to form W4-P and Pub 505, it appear...
by MaggieA
Fri Apr 27, 2018 3:59 pm
Forum: Canada / United States Tax & Accounting
Topic: Thinking of transferring 401(k) to IRA at retirement?
Replies: 5
Views: 818

Thanks much for the information. In answer to your questions: 1. 401(K) was with T. Rowe Price and I assumed I couldn't manage it from Canada, by analogy with other investments (we had Roth IRAs with Vanguard and those could be kept but withdrawals were the only allowed transaction). I'm detecting f...