Search found 95 matches
- Tue Jan 02, 2024 2:56 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Inheriting RRIFSs/TFSA as a non-resident of Canada
- Replies: 7
- Views: 29576
- 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: 29576
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...
- Mon Nov 06, 2023 4:27 pm
- Forum: Canada / United States Tax & Accounting
- Topic: New CRA trust reporting requirements
- Replies: 2
- Views: 3477
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...
- Fri Mar 24, 2023 3:26 pm
- Forum: Canada / United States Tax & Accounting
- Topic: death, taxes and filing requirements
- Replies: 1
- Views: 890
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...
- 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: 2106
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!
- 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: 2106
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.
- 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: 2106
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.
- 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: 2106
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...
- 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: 2106
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 ...
- Thu Mar 11, 2021 1:20 pm
- Forum: Canada / United States Tax & Accounting
- Topic: TaxAct
- Replies: 7
- Views: 7297
Re: TaxAct
Try using a US zip code when it requests a US address.
- 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: 1397
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?
- Tue Jan 26, 2021 2:22 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RESP Rev Proc 2020-17
- Replies: 14
- Views: 9308
Re: RESP Rev Proc 2020-17
Thanks for the explanation.
- Mon Jan 25, 2021 3:26 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RESP Rev Proc 2020-17
- Replies: 14
- Views: 9308
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...
- Sun Jan 24, 2021 1:22 am
- Forum: Canada / United States Tax & Accounting
- Topic: RESP Rev Proc 2020-17
- Replies: 14
- Views: 9308
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,...
- Wed Mar 04, 2020 3:12 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Relief for RESP penalty
- Replies: 7
- Views: 5415
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.