Search found 35 matches
- Tue Apr 06, 2021 9:14 am
- Forum: Canada / United States Tax & Accounting
- Topic: Election to Defer Income from RRSP
- Replies: 1
- Views: 1094
Election to Defer Income from RRSP
I'm a U.S. citizen living in Canada. My husband also lives in Canada but is not a U.S. citizen. I file a U.S. income tax return as Married Filing Separately, since my husband does not file a U.S. income tax return. I'm a homemaker with no earned income, but I earn a few thousand dollars each year in...
- Thu Apr 01, 2021 8:02 am
- Forum: Canada / United States Tax & Accounting
- Topic: Recommended Tax Software for US Persons in Canada
- Replies: 2
- Views: 1356
Re: Recommended Tax Software for US Persons in Canada
For Canadian tax returns I've used GenuTax for many years. It's free.
- Wed Mar 31, 2021 11:39 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Can I Claim Dependents on my 1040?
- Replies: 1
- Views: 1067
Can I Claim Dependents on my 1040?
I'm a U.S. citizen living in Canada. My husband also lives in Canada but is not a U.S. citizen. I file a U.S. income tax return as Married Filing Separately, since my husband does not file a U.S. income tax return. On our Canadian tax returns, my husband claims me as a dependent, since I'm a homemak...
- 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: 3159
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?
Does anyone know if they are CRA-taxable for a U.S. citizen living in Canada?
- 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: 3159
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...
- 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: 3159
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?
So is the benefit for dependent kids on a separate check, or was it based on the 2018 return?
- 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: 3159
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...
- Sat Apr 04, 2020 1:35 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 3520 no longer required for RESP?
- Replies: 4
- Views: 3287
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.
- Sat Apr 04, 2020 1:17 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RRSP Declaration with Tax Return?
- Replies: 1
- Views: 1377
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...
- Sat Jan 19, 2019 1:05 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Inheritance Question
- Replies: 1
- Views: 1405
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...
- 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: 5507
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...
- 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: 5507
- 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: 5507
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...
- 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: 2224
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 ...
- 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: 5507
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...