Search found 95 matches

by rafa02
Sun Dec 31, 2023 9:08 pm
Forum: Canada / United States Tax & Accounting
Topic: Inheriting RRIFSs/TFSA as a non-resident of Canada
Replies: 7
Views: 16122

Re: Inheriting RRIFSs/TFSA as a non-resident of Canada

nelsona, I want to make sure I understand your comment, and it applies to a non-resident of Canada.: "So, this provides a tip for others in the same situation: While there may be some probate and tax advantages from naming someone directly beneficiary in a RRSP or RRIF, when the intended inheri...
by rafa02
Mon Nov 06, 2023 4:27 pm
Forum: Canada / United States Tax & Accounting
Topic: New CRA trust reporting requirements
Replies: 2
Views: 3287

New CRA trust reporting requirements

I am resident of Canada and have a US bank account and have designated a family member as a "Paid on Death" beneficiary. I understand this is considered a Totten Trust in the US, but I have not seen this characterization in Canada. A few years ago, I spoke with a person at CRA in the Trust...
by rafa02
Fri Mar 24, 2023 3:26 pm
Forum: Canada / United States Tax & Accounting
Topic: death, taxes and filing requirements
Replies: 1
Views: 774

death, taxes and filing requirements

Anyone have experience with IRS filing requirements for a Canadian estate? If I understand correctly, the death of a taxpayer automatically creates an estate, which is a trust, of some sort. I do not know, but I expect this would require the filing of a 3520 and perhaps a 3520A. I currently have des...
by rafa02
Mon Mar 13, 2023 6:43 pm
Forum: Canada / United States Tax & Accounting
Topic: Delay receiving notice of e-filed US tax return
Replies: 9
Views: 1669

Re: Delay receiving notice of e-filed US tax return

I received an e-mail informing of an update to the tax software, which was the reason my return was not accepted, and I should submit my return again, which I did, and it was accepted almost immediately. Big relief!
by rafa02
Thu Mar 09, 2023 12:55 pm
Forum: Canada / United States Tax & Accounting
Topic: Delay receiving notice of e-filed US tax return
Replies: 9
Views: 1669

Re: Delay receiving notice of e-filed US tax return

I am still waiting. I did e-file again a few days ago (at the suggestion of customer support) but still no word from the IRS. I did e-file a family members return recently, and it was accepted in less than an hour. Apparently something about my return needs further checking.
by rafa02
Sat Mar 04, 2023 2:17 pm
Forum: Canada / United States Tax & Accounting
Topic: Delay receiving notice of e-filed US tax return
Replies: 9
Views: 1669

Re: Delay receiving notice of e-filed US tax return

I do not know why the return was rejected, there was a generic IRS error code, but it did not help. I think some software is simply better for international filers.
by rafa02
Sat Mar 04, 2023 1:11 pm
Forum: Canada / United States Tax & Accounting
Topic: Delay receiving notice of e-filed US tax return
Replies: 9
Views: 1669

Re: Delay receiving notice of e-filed US tax return

An IRS rejection can certainly be a problem with the tax software. Several years ago I received a rejection and went thoroughly over my return, made a couple of minor adjustments(such as a space in the Canada postal code) filed again and received another rejection, again went through my return and t...
by rafa02
Fri Mar 03, 2023 12:44 pm
Forum: Canada / United States Tax & Accounting
Topic: Delay receiving notice of e-filed US tax return
Replies: 9
Views: 1669

Delay receiving notice of e-filed US tax return

Has anyone e-filed their 2022 US tax return and experienced a significant delay receiving acceptance or rejection fom the IRS? I e-filed 6 days ago and still have not received notice. Perhaps this is the new normal, but I have never waited more than 24 hours, and most years only a few hours. I have ...
by rafa02
Thu Mar 11, 2021 1:20 pm
Forum: Canada / United States Tax & Accounting
Topic: TaxAct
Replies: 7
Views: 5091

Re: TaxAct

Try using a US zip code when it requests a US address.
by rafa02
Tue Mar 02, 2021 1:49 pm
Forum: Canada / United States Tax & Accounting
Topic: Do US Stimulus payments reduce FTC in Canada
Replies: 2
Views: 1258

Do US Stimulus payments reduce FTC in Canada

Apparently the US stimulus payments are not taxable in Canada; however they are defined as a refundable tax credit, and would this credit reduce or eliminate a Foreign Tax Credit in Canada?
by rafa02
Tue Jan 26, 2021 2:22 pm
Forum: Canada / United States Tax & Accounting
Topic: RESP Rev Proc 2020-17
Replies: 14
Views: 7475

Re: RESP Rev Proc 2020-17

Thanks for the explanation.
by rafa02
Mon Jan 25, 2021 3:26 pm
Forum: Canada / United States Tax & Accounting
Topic: RESP Rev Proc 2020-17
Replies: 14
Views: 7475

Re: RESP Rev Proc 2020-17

Thanks nelsona, the linked document seems quite definitive, other than a section from page two: The Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) INTEND to issue proposed regulations that would modify the requirements under section 6048 to exclude eligible i...
by rafa02
Sun Jan 24, 2021 1:22 am
Forum: Canada / United States Tax & Accounting
Topic: RESP Rev Proc 2020-17
Replies: 14
Views: 7475

RESP Rev Proc 2020-17

As has been reported, in early March of 2020, the IRS released an advance version of Rev. Proc. 2020-17 to provide an exemption from the information reporting requirements under section 6048 for certain U.S. citizens and resident individuals with respect to their transactions with, and ownership of,...
by rafa02
Wed Mar 04, 2020 3:12 pm
Forum: Canada / United States Tax & Accounting
Topic: Relief for RESP penalty
Replies: 7
Views: 5211

Re: Relief for RESP penalty

This is a very interesting and welcome development...for RESP's, unfortunately it does not appear to apply to TFSA's, although a TFSA may not be reportable anyway, but it would be good if the IRS would clarify their position on TFSA's.