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I am a dual CAN/US citizen and last year started my first RRIF withdrawals in a periodic payment fashion, thus being taxed by Canada at 15%. From a US perspective I understand how to calculate the US taxable portion based on book value vs. FMV at the beginning of the tax year. My question is whether...

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Great. That's how I did the return - I left the pension income off. Thanks for confirming.

Great. That's how I did the return - I left the pension income off. Thanks for confirming.

Great. That's how I did the return - I left the pension income off. Thanks for confirming.

Background: Dual CDN/US citizen residing permanently in the US as of Sept 2022. This is the first year filing a CDN Non-resident return (5013). The only sources of income from Canada for 2023 are: 1) life insurance disposition, and 2) company registered pension monthly benefits. For 1) the life insu...

Background: Dual CDN/US residents living in the US and starting RRIF periodic payments next year. Questions: 1. Are both Forms NR301 (for the payor) and NR5 (for CRA) required in order to obtain the tax treaty reduction in withholding from 25% to 15% ? 2. On the US side, is Form 8891 Worksheet still...

One more question on calculating the book value or "cost of the investment" for the RRSP/RRIF. As noted in a prior post on the forum, we immigrated to the US in 1993 so all RRSP contributions and realized growth would be non-taxable in the US up to that point. We returned to Canada in 2003...

Perfect. Thanks so much.

Background: husband and wife dual CDN/US citizens residing in US and preparing to start RRIF periodic payments next year I have reviewed IRS Pub 575 in relation to above. Assuming RRIF pension income is covered by Pub 575 then it seems the appropriate section falls under Taxation of Periodic Payment...

Background: dual US/CDN husband and wife citizens emigrated from CAN to US last year and are now non-residents of Canada for tax purposes. No assets remain in Canada except both RRSPs and small bank accounts and other residential ties with Canada are severed. Plan to start RRIF periodic payments nex...

We are dual CDN/US citizens residing in the US and are non-residents of Canada for tax purposes. My wife has just cancelled her CDN whole life insurance policy and received the CSV less withholding tax. My question is whether the CSV should be allocated in the Passive Income category on Form 1116 vs...

Emigrated from Canada to the US September 2022 and, of course, the deemed disposition rules apply (Forms 1243 and 1161). At the time of emigration I held only one asset (foreign in the US) to which the rule would apply. (All other assets had been capitalized before departure -- the remaining asset h...

Thanks, Nelson. Is your conclusion based on Treaty section XIII (5)(b)(ii) ? Is it possible the IRS could still apply taxes in this circumstance using the "saving" clause XXIX (2) ?

Hello, dual citizens residing in Canada who sold principal residence Sep 22/22 and moved permanently to the U.S. 1 day later on Sep 23/22. Is the capital gain on the sale of the house taxable in the U.S.? ( it is a pre-arrival gain) The Can-US Treaty XIII (4) seems to indicate "No", but XI...