Search found 34 matches

by bwafusion
Wed Feb 28, 2024 5:02 pm
Forum: Canada / United States Tax & Accounting
Topic: federal surtax
Replies: 4
Views: 156

Re: federal surtax

Great. That's how I did the return - I left the pension income off. Thanks for confirming.
by bwafusion
Wed Feb 28, 2024 5:02 pm
Forum: Canada / United States Tax & Accounting
Topic: federal surtax
Replies: 4
Views: 156

Re: federal surtax

Great. That's how I did the return - I left the pension income off. Thanks for confirming.
by bwafusion
Wed Feb 28, 2024 5:02 pm
Forum: Canada / United States Tax & Accounting
Topic: federal surtax
Replies: 4
Views: 156

Re: federal surtax

Great. That's how I did the return - I left the pension income off. Thanks for confirming.
by bwafusion
Wed Feb 28, 2024 1:01 pm
Forum: Canada / United States Tax & Accounting
Topic: federal surtax
Replies: 4
Views: 156

federal surtax

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...
by bwafusion
Thu Oct 12, 2023 12:19 pm
Forum: Canada / United States Tax & Accounting
Topic: CRA Forms required for RRIF distributions to non-resident
Replies: 1
Views: 1984

CRA Forms required for RRIF distributions to non-resident

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...
by bwafusion
Mon Oct 02, 2023 11:54 am
Forum: Canada / United States Tax & Accounting
Topic: Pub 575 and method of taxing RRIF withdrawals
Replies: 5
Views: 1150

Re: Pub 575 and method of taxing RRIF withdrawals

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...
by bwafusion
Thu Sep 28, 2023 4:02 pm
Forum: Canada / United States Tax & Accounting
Topic: Pub 575 and method of taxing RRIF withdrawals
Replies: 5
Views: 1150

Pub 575 and method of taxing RRIF withdrawals

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...
by bwafusion
Tue Aug 15, 2023 3:50 pm
Forum: Canada / United States Tax & Accounting
Topic: RRIF periodic payments location
Replies: 1
Views: 523

RRIF periodic payments location

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...
by bwafusion
Mon Jul 31, 2023 12:08 pm
Forum: Canada / United States Tax & Accounting
Topic: FTC category for life insurance CSV
Replies: 1
Views: 606

FTC category for life insurance CSV

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...
by bwafusion
Sat Mar 18, 2023 9:11 am
Forum: Canada / United States Tax & Accounting
Topic: elect a deemed disposition on emigration?
Replies: 1
Views: 669

elect a deemed disposition on emigration?

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...
by bwafusion
Tue Mar 14, 2023 9:19 am
Forum: Canada / United States Tax & Accounting
Topic: Sale of principal residence in Canada
Replies: 9
Views: 3639

Re: Sale of principal residence in Canada

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) ?
by bwafusion
Fri Feb 03, 2023 3:42 pm
Forum: Canada / United States Tax & Accounting
Topic: Sale of principal residence in Canada
Replies: 9
Views: 3639

Re: Sale of principal residence in Canada

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...
by bwafusion
Fri Feb 03, 2023 3:03 pm
Forum: Canada / United States Tax & Accounting
Topic: U.S. tax on RRIF rollover upon death
Replies: 1
Views: 605

U.S. tax on RRIF rollover upon death

We are dual citizens residing permanently in the U.S. (Florida) and with each having a RRIF remaining in Canada. Should either one of us die I understand that the RRIF proceeds can be transferred to the RRIF of the other spouse (named as successor annuitant) free of tax in Canada, whether or not the...
by bwafusion
Wed Jun 08, 2022 8:44 pm
Forum: Canada / United States Tax & Accounting
Topic: timing of RRSP conversion
Replies: 1
Views: 2462

timing of RRSP conversion

We are dual CDN/US citizens ages 67/64 currently living in Canada but departing permanently to the US later this year. Is it necessary to convert our RRSPs to RRIFs before departure or can this be done after departure? Any advantage to one vs. the other? thanks