Search found 150 matches

by MaggieA
Mon Mar 25, 2024 7:43 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian plan to move back to Canada after years working on TN
Replies: 10
Views: 455

Re: Canadian plan to move back to Canada after years working on TN

Thanks for the correction, Nelson. I didn't realize a 401(K) could also be left to a beneficiary in that way.
by MaggieA
Mon Mar 25, 2024 7:37 pm
Forum: Canada / United States Tax & Accounting
Topic: US Social Security deposit to US vs Canadian bank
Replies: 26
Views: 23550

Re: US Social Security deposit to US vs Canadian bank

I faxed the national office. This was in late 2022. Actually I did this after trying to work through my local office, which for me is in Bellingham, WA, but that didn't seem to work. So YMMV, honestly. Anyway, thanks to LJBIII for confirming so eloquently that getting direct deposit from SSA in CAD ...
by MaggieA
Fri Mar 15, 2024 12:41 am
Forum: Canada / United States Tax & Accounting
Topic: US Social Security deposit to US vs Canadian bank
Replies: 26
Views: 23550

Re: US Social Security deposit to US vs Canadian bank

You are misreading the form. It does not specify the Royal bank as "the option to choose". It offers 3 options, labeled A, B, C, as follows: A. U.S. dollar account at Royal Bank of Canada B. U.S. dollar account at any other financial institution in Canada C. Canadian dollar account at any ...
by MaggieA
Tue Feb 20, 2024 5:00 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian plan to move back to Canada after years working on TN
Replies: 10
Views: 455

Re: Canadian plan to move back to Canada after years working on TN

Regarding the 401(K), if you move it to an IRA then you can also move the IRA to a cross-border licensed Canadian manager. That allows you to actively manage the IRA from Canada, i.e. trade investments in it. If you leave it under US management you almost certainly won't be allowed to do that becaus...
by MaggieA
Tue Feb 20, 2024 4:36 pm
Forum: Canada / United States Tax & Accounting
Topic: Proving Dual Citizenship For Covered Expat Exemption
Replies: 1
Views: 536

Re: Proving Dual Citizenship For Covered Expat Exemption

I'm not a lawyer nor have I renounced US citizenship myself, but I'm pretty certain that being a dual citizen does not save you from covered expatriate status. Very, very few people renounce US citizenship without having another citizenship to fall back on! I recommend you start pursuing the often-r...
by MaggieA
Tue Feb 20, 2024 3:54 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax Filing Software
Replies: 6
Views: 412

Re: Tax Filing Software

In recent years a number of expat-oriented US tax programs have appeared. These are worth considering. My daughter favours MyExpatTaxes. Here's a very good review article: https://medium.com/@tapinternational/what-online-us-tax-preparation-software-options-exist-for-americans-abroad-in-2023-de158e12...
by MaggieA
Sat Dec 30, 2023 4:43 pm
Forum: Canada / United States Tax & Accounting
Topic: Canada OAP and US Social Security
Replies: 29
Views: 62378

Re: Canada OAP and US Social Security

I only had one period outside Canada, not two, so I can't say I know from personal experience what happens when they add together two or more periods. But with the one period outside Canada, I'm sure they don't round or count partial months. A year of eligibility is twelve full months, period. You c...
by MaggieA
Sat Oct 14, 2023 4:48 pm
Forum: Canada / United States Tax & Accounting
Topic: WEP 75% Reduction
Replies: 18
Views: 15939

Re: WEP 75% Reduction

Brian, the calculation is so confusing I suspect we all don't bother delving into the details unless and until we are unhappy with the outcome. Every place I've seen mention of WEP online, they just say "not more than 50% of the uncovered pension". I believed that too, but now I think that...
by MaggieA
Sun Oct 01, 2023 5:18 pm
Forum: Canada / United States Tax & Accounting
Topic: WEP 75% Reduction
Replies: 18
Views: 15939

Re: WEP 75% Reduction

Sorry, after adding my comment I noticed that the OP, bc07529, already confirmed with the AnyPIA calculator. The point is, WEP is not calculated based on FRA, but on ELY. SSA says so (on the page I linked in previous post) and the calculator confirms it. So those intelligently claiming SS at age 62 ...
by MaggieA
Sun Oct 01, 2023 5:06 pm
Forum: Canada / United States Tax & Accounting
Topic: WEP 75% Reduction
Replies: 18
Views: 15939

Re: WEP 75% Reduction

I noticed this thread right after I had coincidentally posted a note on the related thread https://forums.serbinski.com/viewtopic.php?f=2&t=16807 "Case Studies: Social Security, WEP, and CPP". As explained by exPenn back in 2019 on the other thread, the 50% limitation is applied to you...
by MaggieA
Sun Oct 01, 2023 4:54 pm
Forum: Canada / United States Tax & Accounting
Topic: Case Studies: Social Security, WEP, and CPP
Replies: 27
Views: 27572

Re: Case Studies: Social Security, WEP, and CPP

Circling back here to say thanks again to exPenn for the super-informative original post. I confess I didn't follow all the details at the time, but they are correct. The projecting of the reduction back to the year one turns 62 really bites, particularly in these inflationary times. I recommend dow...
by MaggieA
Sun Jul 16, 2023 6:53 pm
Forum: Canada / United States Tax & Accounting
Topic: Social Security Pension Splitting
Replies: 4
Views: 1721

Re: Social Security Pension Splitting

Dual citizen now collecting US Social Security while residing in Canada. Spouse is also collecting US SS, but less than me. So our situation is the same as yours except that we're dual citizens, but I don't think that makes any difference for SS. 1. None of your SS is taxable in the US. It is taxed ...
by MaggieA
Mon May 15, 2023 2:09 am
Forum: Canada / United States Tax & Accounting
Topic: Canada OAP and US Social Security
Replies: 29
Views: 62378

Re: Canada OAP and US Social Security

Right, I completely agree. Excellent clarification that people with under 14 years of eligibility are better off adding years of eligibility rather than months at 0.6%. I also agree about deferring. I see articles in the media all the time about how deferring CPP all the way to age 70 is the best ch...
by MaggieA
Thu May 11, 2023 1:25 am
Forum: Canada / United States Tax & Accounting
Topic: Canada OAP and US Social Security
Replies: 29
Views: 62378

Re: Canada OAP and US Social Security

I belatedly realized the above could be more clear. You're entitled to the greater of the following: - an extra 1/40 of the full OAS amount, per year of deferral (making up for years outside Canada) - an extra 0.6% of your reduced entitlement, per month of deferral. So in my case, since I was entitl...
by MaggieA
Wed May 10, 2023 11:47 pm
Forum: Canada / United States Tax & Accounting
Topic: Canada OAP and US Social Security
Replies: 29
Views: 62378

Re: Canada OAP and US Social Security

So the way it works is if you are entitled to reduced OAS because of years out of the country, and you defer past age 65 to start collecting, then you are entitled to the greater of the following - an extra 1/40 per year of deferral - an extra 0.6% per month of deferral So after any reasonable lengt...