Search found 16 matches
- Mon Apr 11, 2022 10:22 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US citizen - Board member and signing officer for Canadian not-for-profit corporation
- Replies: 0
- Views: 65735
US citizen - Board member and signing officer for Canadian not-for-profit corporation
I'm a US citizen living in Canada (and also a Canadian citizen, but that's less relevant) and am currently a member of the Board of Directors for a local (Canadian) charity, which is incorporated as a not-for-profit corporation. I've been asked to take on an officer position on the Board next year, ...
- Mon Apr 06, 2015 10:38 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Avoiding double taxation of US investment income
- Replies: 8
- Views: 4164
Thanks, Nelson. I really appreciate your explanations. Once we apply form 2555, our remaining income is pretty low, and we have two dependents, so in some years we've not owed any US tax, but that has been changing over the past few years. I am definitely using software. I switched from TurboTax to ...
- Mon Apr 06, 2015 4:26 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Avoiding double taxation of US investment income
- Replies: 8
- Views: 4164
One followup question... is there a more principled way to figure out what portion of our US taxes are attributable to a particular income item other than just calculating what we owe with and without that item included? That doesn't seem like the right way to do it, but i can't think of a better wa...
- Mon Apr 06, 2015 4:05 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Avoiding double taxation of US investment income
- Replies: 8
- Views: 4164
Hi Nelson, Thank you for your reply. I'm a US citizen (and naturalized Canadian citizen, too, but I think only the resident part matters for taxation). I do have the 2555 and 1116 general, and 1116 passive for Canadian investments. I also have dividends and capital gains from Vanguard. I did not und...
- Mon Apr 06, 2015 2:17 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Avoiding double taxation of US investment income
- Replies: 8
- Views: 4164
Avoiding double taxation of US investment income
Hi all, I've tried to find information on this topic elsewhere in the forum, but I haven't been successful in searching for it - apologies if I am asking something that has already been answered. My husband and I are US citizens living in Canada. We have some Vanguard mutual funds that we purchased ...
- Wed Apr 09, 2014 11:39 pm
- Forum: Canada / United States Tax & Accounting
- Topic: A Canadian mutual fund that provides PFIC/QEF statements
- Replies: 24
- Views: 22577
- Wed Apr 09, 2014 1:17 pm
- Forum: Canada / United States Tax & Accounting
- Topic: A Canadian mutual fund that provides PFIC/QEF statements
- Replies: 24
- Views: 22577
Does Tax Act let you directly edit any of these forms? (8621, 8949, Schedule D?) Now that I've figured out what I want to do with the numbers, I can't get TurboTax to let me actually do it, and I'm trying to decide if it's worth switching software this late in the game or if there's a workaround. In...
- Tue Apr 08, 2014 10:21 pm
- Forum: Canada / United States Tax & Accounting
- Topic: A Canadian mutual fund that provides PFIC/QEF statements
- Replies: 24
- Views: 22577
- Tue Apr 08, 2014 9:57 pm
- Forum: Canada / United States Tax & Accounting
- Topic: A Canadian mutual fund that provides PFIC/QEF statements
- Replies: 24
- Views: 22577
Hi Sunnysga, Thanks for your reply. I was also looking at form 8949 in between my earlier post and reading this, so I hope that means we're on the right track! I agree with you that as long as the numbers end up on Schedule D and more importantly form 1040 in the right place, it is probably ok. I to...
- Tue Apr 08, 2014 3:09 pm
- Forum: Canada / United States Tax & Accounting
- Topic: TD and ING TFSA savings account, trust, not trust?
- Replies: 7
- Views: 5589
- Tue Apr 08, 2014 3:03 pm
- Forum: Canada / United States Tax & Accounting
- Topic: A Canadian mutual fund that provides PFIC/QEF statements
- Replies: 24
- Views: 22577
I have another question about the QEF election on form 8621, just in case Sunny or someone else has figured this out. In my current case, the paperwork I got from Fidelity indicates no ordinary earnings (lines 6a/b/c on 8621) but does include capital gains (lines 7a/b/c). The instructions next to li...
- Sun Apr 06, 2014 10:37 pm
- Forum: Canada / United States Tax & Accounting
- Topic: A Canadian mutual fund that provides PFIC/QEF statements
- Replies: 24
- Views: 22577
Hi Sunnysga, Thanks very much for your reply and for letting me know what you've learned. What you said you're doing with the form makes as much sense as anything (which is not much, unfortunately!) I guess that as long as we keep filing every year, the offset years will be accounted for in the end ...
- Sun Apr 06, 2014 12:01 am
- Forum: Canada / United States Tax & Accounting
- Topic: A Canadian mutual fund that provides PFIC/QEF statements
- Replies: 24
- Views: 22577
Late to the party on this one, but I only realized last week that Fidelity is now providing PFIC annual information statements, and I just got mine in the mail yesterday. I am confused about how to use the information they have provided, though, since it is for the year May 1 2012 - April 30 2013 in...
- Thu May 10, 2012 8:25 am
- Forum: Canada / United States Tax & Accounting
- Topic: Form 8938 -- CSB issuer type? Life ins. reportable?
- Replies: 15
- Views: 12486
- Fri May 04, 2012 9:53 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Form 8938 -- CSB issuer type? Life ins. reportable?
- Replies: 15
- Views: 12486