Search found 17 matches
- Mon Jan 20, 2014 2:15 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RRSP Withdrawls
- Replies: 3
- Views: 2435
- Sun Jan 19, 2014 11:41 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RRSP Withdrawls
- Replies: 3
- Views: 2435
RRSP Withdrawls
I moved to the US from Canada in 2012. I filed 8891 for RRSP accounts part of the 2013 tax return. I withdrew all the monies from RRSP accounts in 2013. So, for this year, I'll file the 8891 , include the full distribution as income in the return. What about the 25% penalty paid ?. Where do I need t...
- Mon Feb 11, 2013 12:12 am
- Forum: Canada / United States Tax & Accounting
- Topic: Canada return - U.S income - Medicare ,Social Security taxes
- Replies: 3
- Views: 2757
U.S income has to be reported on both Federal return and Quebec return. While I can claim U.S tax credit on the federal return, the tax software doesn't claim the credit on the Quebec return. Hence, it comes up with a huge provincial tax bill. I am still debating if the U.S source income is exempt f...
- Sun Feb 10, 2013 11:53 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Where to send the forms ?
- Replies: 1
- Views: 1774
Where to send the forms ?
http://www.irs.gov/uac/Where-to-File-Addresses-for--Taxpayers-and--Tax-Professionals-Filing-Form-1040 Link mentions, If filing 2555-EZ, send to Department of the Treasury Internal Revenue Service, Austin, TX 73301-0215 , USA But what about the California return, does it also go to Austin address or ...
- Sun Feb 10, 2013 1:38 am
- Forum: Canada / United States Tax & Accounting
- Topic: 8891 for the first time
- Replies: 2
- Views: 2204
- Sun Feb 10, 2013 1:09 am
- Forum: Canada / United States Tax & Accounting
- Topic: 8891 for the first time
- Replies: 2
- Views: 2204
8891 for the first time
I am filing this for the first time. 6a) No 6c) check the box 7a, 7b) 0 (no distributions taken) 8) FMV balance of the account in USD 9) Contributions : 0 (none after becoming U.S resident) 10) Pls clarify It seems like on 6c) I am asking to defer the undistributed earnings, but 10 saya enter the ea...
- Sat Feb 09, 2013 7:31 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Taking stab at 3520, -A for TFSA
- Replies: 157
- Views: 216417
Hi, Looked at the 3520A today. I have stock as well as Index Mutual Funds in my Self directed RESP. TD reports both a book value and market value for these in the monthly statements. In the trust income (line 18/19), should I report the unrealized gain in the stock and include it on Page 3 and 1040 ...
- Thu Jan 31, 2013 11:15 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Forms for RRSP and RESP - Canadian citizen on TN in USA
- Replies: 10
- Views: 5949
- Thu Jan 31, 2013 1:37 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canada return - U.S income - Medicare ,Social Security taxes
- Replies: 3
- Views: 2757
Canada return - U.S income - Medicare ,Social Security taxes
Hi, To report U.S employment income on Canadian tax return, what is the income and tax paid I need to report. As there are medicare taxes and social security taxes are paid from the income do I need to subtract them from the income ?. Similarly, for the taxes paid, just add the federal and state tax...
- Thu Jan 31, 2013 12:32 am
- Forum: Canada / United States Tax & Accounting
- Topic: Canada departure date
- Replies: 4
- Views: 2706
Thanks, What could be the ramifications, If I go ahead and put my actual depature date - April in my return and Septmeber in my wife's return and not include the U.S income in my return, but only report my U.S income in wife's return (Spouse's worldwide income) i.e I do the taxes as if I hadn't subm...
- Wed Jan 30, 2013 2:00 am
- Forum: Canada / United States Tax & Accounting
- Topic: Canada departure date
- Replies: 4
- Views: 2706
Canada departure date
CRA has determined my departure date to be September (submitted form NR74) as my family left Canada in September , while I actually left in April. Do I have to include my U.S income from April to September on the Canadian tax and get a tax credit for taxes paid to U.S or simply put my departure date...
- Wed Jan 16, 2013 5:51 pm
- Forum: Canada / United States Tax & Accounting
- Topic: does a Canadian RESP need to get a US EIN?
- Replies: 4
- Views: 6134
- Tue Jan 15, 2013 2:34 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Algorithm for doing a 3520-3520A in 2nd year and beyond
- Replies: 28
- Views: 27751
- Mon Jan 07, 2013 8:20 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Forms for RRSP and RESP - Canadian citizen on TN in USA
- Replies: 10
- Views: 5949
Thanks for the clarification. 1)My spouse and kids moved to he U.S in September. My spouse had Canadian wages until September (and continues to work remotely for Canadian employer from US). Since I am planning to opt to file as full year resident for both of us, how much of her foreign source income...
- Mon Jan 07, 2013 7:30 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Forms for RRSP and RESP - Canadian citizen on TN in USA
- Replies: 10
- Views: 5949
Hi Nelsona,
I think I don't pass the Bona fide resident test due to the following :
Form 2555. My answers to this are Yes and No.
I have notified Canada that I have moved to US and hence a non-resident and not required to pay taxes in Canada.
13 a Have you submitted a statement to the authorities of the foreign country where you claim bona fide
residence that you are not a resident of that country? See instructions . . . . . . . . . . . . Yes No
b Are you required to pay income tax to the country where you claim bona fide residence? See instructions . Yes No
If you answered “Yes†to 13a and “No†to 13b, you do not qualify as a bona fide resident. Do not complete the rest of this part.
I think I don't pass the Bona fide resident test due to the following :
Form 2555. My answers to this are Yes and No.
I have notified Canada that I have moved to US and hence a non-resident and not required to pay taxes in Canada.
13 a Have you submitted a statement to the authorities of the foreign country where you claim bona fide
residence that you are not a resident of that country? See instructions . . . . . . . . . . . . Yes No
b Are you required to pay income tax to the country where you claim bona fide residence? See instructions . Yes No
If you answered “Yes†to 13a and “No†to 13b, you do not qualify as a bona fide resident. Do not complete the rest of this part.