Search found 14 matches
- Fri Mar 30, 2018 2:50 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Spousal loan for RRSP contribution - IRS considerations?
- Replies: 0
- Views: 5984
Spousal loan for RRSP contribution - IRS considerations?
Hoping you can all help me think through a solution. Husband is dual US/Canadian citizen, I am Cdn and we reside in Canada (permanently). We have some GICs maturing in the next year (originating from hubby's income) and trying to decide where to invest the money. His RRSP and my TFSA are maxed out f...
- Sun Feb 09, 2014 7:40 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Algorithm for doing a 3520-3520A in 2nd year and beyond
- Replies: 28
- Views: 27321
- Sun Jan 19, 2014 6:00 pm
- Forum: Canada / United States Tax & Accounting
- Topic: What trust type and owner should I choose for RESP?
- Replies: 0
- Views: 1887
What trust type and owner should I choose for RESP?
I am non-US and my husband and daughter are USCs. Previously we had a RESP with my husband as owner and filed a 3250 & 3250-A each year, reporting the CESG on his Schedule B as passive income. We closed that account and opened one in my name only. First question: How should we classify this new ...
- Wed May 29, 2013 5:10 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Non-compliance with a transferred RRSP
- Replies: 16
- Views: 10993
I find that shocking... so somebody could go years, maybe even decades, deferring RRSP income and then stop filing with their US spouse at retirement (or renounce their own citizenship) and never have to pay the piper. It seems bizarre that the IRS would make filers go to all the trouble of accounti...
- Wed May 29, 2013 4:54 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Is a foreign margin account a foreign trust?
- Replies: 1
- Views: 2125
Is a foreign margin account a foreign trust?
It seems as though a margin account holding Cdn company shares would be a specified foreign financial asset, but does that make it a trust, reportable on the 3520, etc?
- Wed May 29, 2013 3:54 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Non-compliance with a transferred RRSP
- Replies: 16
- Views: 10993
OK, you've convinced me I should defer. I'll do it starting on the 2006 amended return and cross my fingers. Thanks for your time on this. I realize you're not pro, but you're certainly informed and I will feel better informed when I do talk to an accountant. Also, one more thing that made me do a d...
- Wed May 29, 2013 2:26 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Non-compliance with a transferred RRSP
- Replies: 16
- Views: 10993
Your point about the internal losses/gains/distributions is well taken. I have financial statements for this fund and the amount per-share for each is hard to figure out. But if they are low enough (I don't own a lot of shares) then the amounts may be less than my exemptions. Wouldn't it make sense ...
- Wed May 29, 2013 12:34 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Non-compliance with a transferred RRSP
- Replies: 16
- Views: 10993
- Wed May 29, 2013 12:09 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Govt Grants and 1040 Reporting
- Replies: 28
- Views: 19253
- Wed May 29, 2013 10:36 am
- Forum: Canada / United States Tax & Accounting
- Topic: Non-compliance with a transferred RRSP
- Replies: 16
- Views: 10993
- Wed May 29, 2013 10:17 am
- Forum: Canada / United States Tax & Accounting
- Topic: Non-compliance with a transferred RRSP
- Replies: 16
- Views: 10993
- Tue May 28, 2013 8:46 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Non-compliance with a transferred RRSP
- Replies: 16
- Views: 10993
Non-compliance with a transferred RRSP
Here's a situation I haven't read in the forums yet I hope you can help me with. While I was a perm resident in the US from 2006-2010, I had a pre-existing RRSP with CIBC which I had no idea I needed to report via 8891. During that whole time, there were no contributions, no dividends and no distrib...
- Mon May 27, 2013 5:23 pm
- Forum: Canada / United States Tax & Accounting
- Topic: CESG grants taxable by IRS?
- Replies: 7
- Views: 5245
- Mon May 27, 2013 11:13 am
- Forum: Canada / United States Tax & Accounting
- Topic: CESG grants taxable by IRS?
- Replies: 7
- Views: 5245
I've been reading all the RESP threads but I'm still a bit confused by something. From what I've read so far, because RESPs are grantor trusts, if U.S. citizen parent was a subscriber, they would have to report the CESG/CLB and all dividends/interest for the year to the IRS. However, it also appears...