Is the proper way to report mutual funds (PFIC) within a A TfSA and RESP is to report the income from the funds via a 3520\3520a and to make a MARK TO MARK election to report the growth of the funds on a form 8621 ?
Thanks
Search found 37 matches
- Sat Nov 05, 2016 12:56 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Reporting mutual funds held within a TFSA and RESP
- Replies: 1
- Views: 1569
- Fri Aug 26, 2016 10:36 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Treaty Return
- Replies: 2
- Views: 1711
- Fri Aug 26, 2016 1:23 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Treaty Return
- Replies: 2
- Views: 1711
Treaty Return
I'm confuded, for a business that has US income but no establishment in US and time spent in US < 6months with withholding tax when filing a 1120F with form 8833 does the return include all US income and expenses ? If so how do you reduce tax owing to zero ? What form do you need to support withhold...
- Mon Sep 07, 2015 6:12 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Treaty Based Return Disclosure
- Replies: 2
- Views: 2066
- Wed Sep 02, 2015 3:21 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Treaty Based Return Disclosure
- Replies: 2
- Views: 2066
Treaty Based Return Disclosure
If a corporation does business in the US and files a Treaty Based Return for no permanent establishment....does the corporation have to complete financial detail on 1120F ?
Thanks
Thanks
- Thu Mar 05, 2015 10:00 pm
- Forum: Canada / United States Tax & Accounting
- Topic: foreign tax credit for income distributed via form 3520 ?
- Replies: 0
- Views: 1645
foreign tax credit for income distributed via form 3520 ?
When a Canadian estate which I assume is a foreign non-grantor trusts files a T3 and pays tax on its income can it claim that tax as a foreign tax credit against the income that is allocated to beneficiaries via Form 3520 Schedule B ?
Thanks
Thanks
- Sat Nov 15, 2014 2:55 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRA beneficiary rollover to RRSP ?
- Replies: 1
- Views: 1578
IRA beneficiary rollover to RRSP ?
Forgive me if this topic has been discussed. I have searched and have not found the same particulars. I am a US and Canadian citizen living in Canada. My dad (lived in US) died last year and named me as a beneficiary of his Traditional IRA which I have received in 2014. I realize that I need to incl...
- Tue Nov 04, 2014 5:12 pm
- Forum: Canada / United States Tax & Accounting
- Topic: disposition of qualifying farm property
- Replies: 1
- Views: 1787
disposition of qualifying farm property
I am a US citizen and my wife is not and we live in Canada. I own qualifying farm property which if sold will have significant capital gains which will for the most part be offset by the Cdn Lifetime Capital Gains Exemption. Is there anyway I can legally avoid US capital gains if I sell this propert...
- Tue Sep 30, 2014 12:33 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Deemed disposition
- Replies: 1
- Views: 1613
Deemed disposition
In the US if one has a rental home which becomes a vacation property for personal use is there a deemed disposition as there would be in Canada ?
Thanks
Thanks
- Mon Sep 08, 2014 7:03 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Foreign Non-Grantor Trust Beneficiary Statement
- Replies: 1
- Views: 1731
Foreign Non-Grantor Trust Beneficiary Statement
Where does one find the Foreign Non-Grantor Trust Beneficiary Statement as referred to on line 30 of the Form 3520 Instructions ?
I've looked all over.
Thanks
I've looked all over.
Thanks
- Wed Jul 23, 2014 7:11 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian gambling winnings in the US
- Replies: 12
- Views: 17712
- Tue Jul 22, 2014 11:01 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Trust Distribution to US/Cdn citizen
- Replies: 1
- Views: 1611
Maybe I need to clarify...the income that was reported on the t3 was capital gains on land which has been distributed to a US/CDN beneficiary. The beneficiary has reported the land distribution on 3520 and the trustee is proposing to prepare. 3520A with a beneficiary statement disclosing the land di...
- Tue Jul 22, 2014 6:01 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Trust Distribution to US/Cdn citizen
- Replies: 1
- Views: 1611
Canadian Trust Distribution to US/Cdn citizen
Is a distribution from a Canadian Situs Trust whose owner, Trustee and beneficiaries are Canadians and US citizens taxable to the US citizens ? If so, how ? The distribution was reported on the 3520 and 3520A Statement of Trust Beneficiary. The Trust paid Canadian tax via a T3. The Trust has no US s...
- Tue Dec 17, 2013 3:26 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Small Corp Dividends
- Replies: 6
- Views: 3354
- Tue Dec 17, 2013 2:56 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Small Corp Dividends
- Replies: 6
- Views: 3354