Search found 150 matches
- 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: 5104
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.
- 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: 32009
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 ...
- 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: 32009
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 ...
- 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: 5104
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...
- Tue Feb 20, 2024 4:36 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Proving Dual Citizenship For Covered Expat Exemption
- Replies: 1
- Views: 638
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...
- Tue Feb 20, 2024 3:54 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Tax Filing Software
- Replies: 6
- Views: 610
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...
- Sat Dec 30, 2023 4:43 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canada OAP and US Social Security
- Replies: 29
- Views: 113201
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...
- Sat Oct 14, 2023 4:48 pm
- Forum: Canada / United States Tax & Accounting
- Topic: WEP 75% Reduction
- Replies: 18
- Views: 23111
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...
- Sun Oct 01, 2023 5:18 pm
- Forum: Canada / United States Tax & Accounting
- Topic: WEP 75% Reduction
- Replies: 18
- Views: 23111
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 ...
- Sun Oct 01, 2023 5:06 pm
- Forum: Canada / United States Tax & Accounting
- Topic: WEP 75% Reduction
- Replies: 18
- Views: 23111
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...
- Sun Oct 01, 2023 4:54 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Case Studies: Social Security, WEP, and CPP
- Replies: 27
- Views: 32966
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...
- Sun Jul 16, 2023 6:53 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Social Security Pension Splitting
- Replies: 4
- Views: 2746
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 ...
- Mon May 15, 2023 2:09 am
- Forum: Canada / United States Tax & Accounting
- Topic: Canada OAP and US Social Security
- Replies: 29
- Views: 113201
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...
- Thu May 11, 2023 1:25 am
- Forum: Canada / United States Tax & Accounting
- Topic: Canada OAP and US Social Security
- Replies: 29
- Views: 113201
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...
- Wed May 10, 2023 11:47 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canada OAP and US Social Security
- Replies: 29
- Views: 113201
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...