Search found 32 matches

by eeyore
Tue May 26, 2020 8:48 am
Forum: Canada / United States Tax & Accounting
Topic: File a Corrected Return to Claim $500 Benefit for Dependant Kids?
Replies: 6
Views: 819

Re: File a Corrected Return to Claim $500 Benefit for Dependant Kids?

IRS says that these Economic Impact Payments are not taxable in U.S.

Does anyone know if they are CRA-taxable for a U.S. citizen living in Canada?
by eeyore
Sun May 10, 2020 9:06 am
Forum: Canada / United States Tax & Accounting
Topic: File a Corrected Return to Claim $500 Benefit for Dependant Kids?
Replies: 6
Views: 819

Re: File a Corrected Return to Claim $500 Benefit for Dependant Kids?

Yes, both kids have SSNs, which were recorded in the Dependents section at the beginning of my 2019 Form 1040. I was unaware of the ACTC, probably because my tax situation would have derived no benefit from it. It still seems odd that it wasn't enough to simply base my eligibility on the declaration...
by eeyore
Sun May 10, 2020 1:09 am
Forum: Canada / United States Tax & Accounting
Topic: File a Corrected Return to Claim $500 Benefit for Dependant Kids?
Replies: 6
Views: 819

Re: File a Corrected Return to Claim $500 Benefit for Dependant Kids?

I just checked, and I did actually declare my two kids in the Dependents section for my 2019 Form 1040, although the Child Tax Credit worksheet resulted in a zero value recorded on line 13a of Form 1040.

So is the benefit for dependent kids on a separate check, or was it based on the 2018 return?
by eeyore
Sun May 10, 2020 12:43 am
Forum: Canada / United States Tax & Accounting
Topic: File a Corrected Return to Claim $500 Benefit for Dependant Kids?
Replies: 6
Views: 819

File a Corrected Return to Claim $500 Benefit for Dependant Kids?

I'm a U.S. citizen living in Canada. Each year when I file my tax return with the IRS, I don't normally declare my two kids as dependants, since I don't need those credits to bring my taxes down to nothing. I file as married filing separately, since my husband in not a U.S. citizen. Yesterday, I rec...
by eeyore
Sat Apr 04, 2020 1:35 pm
Forum: Canada / United States Tax & Accounting
Topic: 3520 no longer required for RESP?
Replies: 4
Views: 992

Re: 3520 no longer required for RESP?

IRS probably doesn't want to issue a definitive ruling, since the status quo keeps lots of accountants (and IRS staff) employed processing 3520's.
by eeyore
Sat Apr 04, 2020 1:17 pm
Forum: Canada / United States Tax & Accounting
Topic: RRSP Declaration with Tax Return?
Replies: 1
Views: 420

RRSP Declaration with Tax Return?

I'm a U.S. citizen living in Canada. Just wanting to confirm something, since the RRSP requirements have changed several times over the years. My understanding is that RRSPs are declared as part of Foreign Financial Assets on Form 8938. If I don't reach the filing threshold for Form 8938, however, d...
by eeyore
Sat Jan 19, 2019 1:05 pm
Forum: Canada / United States Tax & Accounting
Topic: Inheritance Question
Replies: 1
Views: 401

Inheritance Question

Our family lives in Canada and we're all dual citizens (Canada/U.S.). We recently received inheritance money from a U.S. citizen ($15K US for parents, $12K US for each of the four kids). Are there any tax or reporting requirements on the U.S. side. other than the FBAR and (potentially) Form 8938? Th...
by eeyore
Thu Apr 28, 2016 7:17 pm
Forum: Canada / United States Tax & Accounting
Topic: Register New Home in Both Spouses' Names or Just One?
Replies: 9
Views: 2524

Is it a valid approach to initially register the home in names of both U.S. spouse and Canadian spouse, then remove the U.S. spouse from title if the home's value starts to flirt with the exemption limit? If we leave the U.S. spouse off the title initially, and if the home's value doesn't increase e...
by eeyore
Mon Apr 25, 2016 7:30 pm
Forum: Canada / United States Tax & Accounting
Topic: Register New Home in Both Spouses' Names or Just One?
Replies: 9
Views: 2524

[quote="nelsona"]duration NEVER has any impact on cap gains. US taxpayers know the rules.[/quote]

Never? Don't cap gains on a primary residence have exemptions that depend in part on duration (e.g., at least two years owning and residing, etc.)?
by eeyore
Mon Apr 25, 2016 7:21 am
Forum: Canada / United States Tax & Accounting
Topic: Register New Home in Both Spouses' Names or Just One?
Replies: 9
Views: 2524

So is it corrrect to say that the duration of residence in the sold home has no impact on the application of cap gains to a principal residence? If not, that means that if we sell after 20 years in same home, we are at a disadvantage compared to someoe who sells their home, say, once every year. Tha...
by eeyore
Sun Feb 21, 2016 6:48 pm
Forum: Canada / United States Tax & Accounting
Topic: FATCA Exempts Dual Citizens from Reporting TFSAs, RESPs?
Replies: 1
Views: 1154

FATCA Exempts Dual Citizens from Reporting TFSAs, RESPs?

Back in 2014 when CRA made an agreement with IRS regarding FATCA, there were several news articles that indicated that CRA had extracted concessions from the IRS regarding the reporting of TFSAs, RESPs, and RDSPs. These news stories claimed that these types of investments would not be reportable to ...
by eeyore
Sun Feb 21, 2016 3:50 pm
Forum: Canada / United States Tax & Accounting
Topic: Register New Home in Both Spouses' Names or Just One?
Replies: 9
Views: 2524

Register New Home in Both Spouses' Names or Just One?

Situation: Husband is Cdn citizen only; wife is joint US and Cdn citizen; both are living in Canada. We are about to buy a bigger home. Is it better to register home in husband's name only to avoid having to report cap gains later when the house is ultimately sold? Yes, there would be probate implic...
by eeyore
Thu Sep 03, 2015 6:53 pm
Forum: Canada / United States Tax & Accounting
Topic: TransferWise
Replies: 0
Views: 1144

TransferWise

Has anyone used TransferWise to transfer funds out of the U.S.? Just wondering if they're worth using.

Thanks.
by eeyore
Fri Apr 03, 2015 1:57 pm
Forum: Canada / United States Tax & Accounting
Topic: Cdn Tax on Freight for Items Delivered to U.S. Border Point?
Replies: 5
Views: 1475

[quote="nelsona"]I guess you wasted your time shipping it to the border.[/quote]

Not quite. Shipping and brokerage charges to Canada can be outrageous, compared to a U.S. border point. (Try shipping UPS to Canada, and you'll see what I mean.)
by eeyore
Fri Apr 03, 2015 12:27 pm
Forum: Canada / United States Tax & Accounting
Topic: Cdn Tax on Freight for Items Delivered to U.S. Border Point?
Replies: 5
Views: 1475

[quote="nelsona"]It should be only the item value including tax.[/quote] That's what I thought. But the border guy said I had to pay tax on the total amount I paid, including what it cost me to get it to the border. I was sure I had seen this scenario explained on the CBSA website in the past, but I...