Search found 154 matches

by ND
Sun Oct 25, 2020 2:18 pm
Forum: Canada / United States Tax & Accounting
Topic: Working in California TN Visa, with idle $CAD sitting idle
Replies: 4
Views: 136

Re: Working in California TN Visa, with idle $CAD sitting idle

Wayne E. Baxter wbaxter@onecapital.com is dually licensed and can do so for you.

Executive Director

3075 Townsgate Road, Suite 350

Westlake Village, CA 91361

D: 805.719.4211

Toll Free: 877.348.0045

T: 805.409.8150

F: 805.870.7677
by ND
Sun Oct 25, 2020 2:16 pm
Forum: Canada / United States Tax & Accounting
Topic: US Foreign Tax Credit Applied to Spouse's RPP Withdrawal
Replies: 2
Views: 35

Re: US Foreign Tax Credit Applied to Spouse's RPP Withdrawal

If you file a joint return, you can claim the credit based on the total of any foreign income tax paid or accrued by you and your spouse.
https://www.irs.gov/individuals/interna ... tax-credit
by ND
Wed Sep 02, 2020 8:18 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian citizen, US tax resident. Will I get the stimulus check?
Replies: 5
Views: 286

Re: Canadian citizen, US tax resident. Will I get the stimulus check?

Your wife's ITIN disqualifies you both from stimulus. To claim the credit on your 2020 1040 next year, you would need to file separately
by ND
Wed Sep 02, 2020 8:03 pm
Forum: Canada / United States Tax & Accounting
Topic: Ending 3520/3520A for RESP
Replies: 3
Views: 180

Re: Ending 3520/3520A for RESP

Make sure to note that you can contribute a lifetime maximum of CAD $50,000 per beneficiary to an RESP. Note that RESPs that are designed as family plans with more than four named beneficiaries can exceed the $200,000 US lifetime contribution threshold and thereby lose said 3520 exemption. ‘Contribu...
by ND
Fri Jan 17, 2020 11:51 am
Forum: Canada / United States Tax & Accounting
Topic: treaty resident or citizen (pension 0% vs 15%)
Replies: 1
Views: 652

treaty resident or citizen (pension 0% vs 15%)

Can a taxpayer use 0% (Art XX pensions https://www.irs.gov/pub/irs-trty/india.pdf) of India-USA treaty for an Indian citizen who lives and works full time here in Canada under permanent resident status (immigration), versus 15% rate on periodic (XVIII CAN-USA treaty)? Since it’s an inheritance and w...
by ND
Tue Dec 24, 2019 9:47 pm
Forum: Canada / United States Tax & Accounting
Topic: US/CANADA Accountant recommendation?
Replies: 4
Views: 1445

Re: US/CANADA Accountant recommendation?

Why not google US tax accountants in Toronto or other major Cdn cities and see which non-advertised firms received the highest ratings?
by ND
Tue Jul 30, 2019 1:53 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 8965 for Canadian
Replies: 6
Views: 2010

Re: Form 8965 for Canadian

The United States Department of Health and Human Services, the agency responsible for approving plans as MEC, has not approved Canadian universal health care. Where you live is irrelevant.
by ND
Fri Jul 12, 2019 12:10 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 8938 and FBAR
Replies: 3
Views: 799

Re: Form 8938 and FBAR

FBAR includes any accounts you have access to
8938 threshold test includes your wife's assets but the actual 8938 reporting doesn't
by ND
Fri Jul 12, 2019 12:08 pm
Forum: Canada / United States Tax & Accounting
Topic: Dormant Consulting Company and Form 5471
Replies: 1
Views: 456

Re: Dormant Consulting Company and Form 5471

File just page 1 of 5471 and mark it dormant citing Rev Proc
by ND
Wed Feb 06, 2019 8:00 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual Citizen living in US - Made interest on CDN bank account
Replies: 8
Views: 909

Re: Dual Citizen living in US - Made interest on CDN bank account

Don't forget to consider 8938 on your 1040 if you exceed the minimum threshold thru this and any other non-US specified assets. RE: If you know of a good accountant in the Bay area please let me know. Contact Wayne Baxter wbaxter@onecapital.com Executive Director 3075 Townsgate Road, Suite 350 Westl...
by ND
Wed Feb 06, 2019 7:18 pm
Forum: Canada / United States Tax & Accounting
Topic: 3520-A Penalty
Replies: 23
Views: 10318

Re: 3520-A Penalty

RE: And yes, they do think that TFSAs are trusts! I asked! Whoopdy do, the low level minimum wage processor, one of 100,000 IRS employees, told you you over the phone such and without citation. That employee probably doles out incorrect info on a regular basis. I personally spoke with the top intl t...
by ND
Wed Jan 02, 2019 10:25 am
Forum: Canada / United States Tax & Accounting
Topic: 3520-A Penalty
Replies: 23
Views: 10318

Re: 3520-A Penalty

RE: Hard to undo the fact that he has (a) already filed 3520 for previous years and (b) filed 3520-A late this year. The poster views it as a trust. Under that logic if a taxpayer mistakenly filed 3520 every year on account of owning a banana and thinking that requires 3520, the taxpayer cannot make...
by ND
Thu Dec 27, 2018 9:13 pm
Forum: Canada / United States Tax & Accounting
Topic: 3520-A Penalty
Replies: 23
Views: 10318

Re: 3520-A Penalty

note that a number of practitioners believe that TFSA is not a foreign trust and therefore not subject to 3520 filing at all. This argument provides one avenue of push-back. In fact, you can google and find template letters to IRS on web spelling out the reasoning and citations for such argument, a ...
by ND
Thu Dec 27, 2018 9:09 pm
Forum: Canada / United States Tax & Accounting
Topic: non resident filing jointly and FBAR
Replies: 4
Views: 766

Re: non resident filing jointly and FBAR

If outside the USA for 12 mos, can file obamacare exemption form (Code C) and be exempt from health care tax; if using tax software, once you input that info, it will zero out the tax.