Search found 216 matches

by ND
Thu Jul 28, 2022 11:59 am
Forum: Canada / United States Tax & Accounting
Topic: Question about cross-border kiddie tax
Replies: 13
Views: 182

Re: Question about cross-border kiddie tax

There are circumstances where kids' “unearned income” will instead be subject to trust income tax rates meaning that taxable income exceeding $12,500 (or so) will be taxed at the top rate of 37 percent. Under superseded law, under the “kiddie tax” rules, certain children are taxed at their parents' ...
by ND
Fri Jul 22, 2022 2:37 pm
Forum: Canada / United States Tax & Accounting
Topic: help?
Replies: 1
Views: 81

Re: help?

double tax. don't use LLC, bad for Cdns
by ND
Thu Jul 21, 2022 3:53 pm
Forum: Canada / United States Tax & Accounting
Topic: W-9
Replies: 5
Views: 426

Re: W-9

"W-9 is to prove to the bank that you are a US person, and are not subject to backup withholding. It is normal procedure for any bank/investment company dealing with a US person, inside US or outside." This is NOT the reason Cdn banks are requesting W-9> The requests are FATCA driven. The ...
by ND
Thu Jul 21, 2022 3:51 pm
Forum: Canada / United States Tax & Accounting
Topic: CRA Canadian taxes
Replies: 14
Views: 1240

Re: CRA Canadian taxes

CRA lets one amend many T1 items directly online at 'my account', see if you can simply do that to mark 2020 exit, bc if so, that will alleviate need to file amended return. Have done so for FTC claims.
by ND
Thu Jul 21, 2022 3:44 pm
Forum: Canada / United States Tax & Accounting
Topic: Gift tax - tution
Replies: 5
Views: 396

Re: Gift tax - tution

Investigate 'The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts. Tuition expenses you pay for someone (the educational exclusion). https://www.irs.gov/businesses/small-businesses-self-employed/fre...
by ND
Thu Jul 21, 2022 3:42 pm
Forum: Canada / United States Tax & Accounting
Topic: U.S. FTC Calc for Dual Citizen, MFS, Canadian Pension Splitting with NRA Spouse
Replies: 9
Views: 655

Re: U.S. FTC Calc for Dual Citizen, MFS, Canadian Pension Splitting with NRA Spouse

RE: Most filers use tax ACCRUED on their 1116 (using the results of their Cdn tax return to figure the max credit), but there is another option: tax PAID by you in the tax year (and not refunded). Note that IRS says (e.g., in IRS FTC webinar available on IRS site) once accrued or paid is selected on...
by ND
Sun Jul 10, 2022 12:19 pm
Forum: Canada / United States Tax & Accounting
Topic: Recommended crossborder fee-only, advice only advisor?
Replies: 7
Views: 5334

Re: Recommended crossborder fee-only, advice only advisor?

Wayne Baxter wbaxter@onecapital.com who is a dually licensed broker-dealer who manages cross-border investments and has familiarity with cross-border tax
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
Thu Jul 07, 2022 8:50 pm
Forum: Canada / United States Tax & Accounting
Topic: US Tax on sale of CDN principle residence
Replies: 10
Views: 6558

Re: US Tax on sale of CDN principle residence

RE: That is why transfer "just before the sale" as you said previously was not coirrect. The only thing incorrect was your spelling of 'correct'. Sometimes these transfers can work out fine in one lump-sum before the sale. RE: Good source you found ND, please give them credit Good point. D...
by ND
Tue Jul 05, 2022 8:26 pm
Forum: Canada / United States Tax & Accounting
Topic: US Tax on sale of CDN principle residence
Replies: 10
Views: 6558

Re: US Tax on sale of CDN principle residence

Most USC Cdn residents who would face only IRS tax on house sale are NOT following your advice, instead they engage a lawyer and/or tax pro to plan for optimal result for any spousal transfers made prior to your sale and when planning is started (or effected) years ahead of a sale, often do a stradd...
by ND
Sun Jul 03, 2022 11:09 am
Forum: Canada / United States Tax & Accounting
Topic: US Tax on sale of CDN principle residence
Replies: 10
Views: 6558

Re: US Tax on sale of CDN principle residence

If married to NRA, transfer to NRA before the sale
by ND
Sun May 22, 2022 9:30 am
Forum: Canada / United States Tax & Accounting
Topic: Form 8840
Replies: 2
Views: 1714

Re: Form 8840

Q25c isn't referring to 1040. https://www.law.cornell.edu/cfr/text/26/301.7701(b)-2 (x) The types of official forms and documents filed by the individual, such as Form 1078 (Certificate of Alien Claiming Residence in the United States), Form W-8 (Certificate of Foreign Status) or Form W-9 (Payer's R...