Search found 9 matches

by DrJFM
Mon Apr 01, 2019 8:58 pm
Forum: Canada / United States Tax & Accounting
Topic: 3520 - Accounting for merger of trusts
Replies: 2
Views: 470

Re: 3520 - Accounting for merger of trusts

I accomplished this several years ago and can detail what I did. No issues arose, but that does not mean that what I did was the only or the best or the most compliant way to do this --- just means it worked once for me. YMMV In general, I have always balanced the new years 3520A incoming statement ...
by DrJFM
Mon Apr 01, 2019 7:04 pm
Forum: Canada / United States Tax & Accounting
Topic: IRA management for Canadian residents
Replies: 10
Views: 2018

Re: IRA management for Canadian residents

I also have a TD Ameritrade IRA and can do pretty much everything on line with my Canadian Mailing Address on record -- but you may need to be dual/American citizen for this to be true. It may be impossible to open the TD Ameritrade IRA after you relocate to Canada -- so if you are still there, get ...
by DrJFM
Mon Apr 01, 2019 4:22 pm
Forum: Canada / United States Tax & Accounting
Topic: IRS asking for a Form 1041 incorrectly
Replies: 4
Views: 1265

Re: IRS asking for a Form 1041 incorrectly

When you requested the EIN for a Foreign Trust, the IRS likely assumed you are creating a new Trust Entity. This new Trust entity may well need an EIN to deal with all its employees busily creating trust after trust. What I am trying to convey is that you do not need an IRS EIN number unless you are...
by DrJFM
Tue Apr 05, 2016 3:11 pm
Forum: Canada / United States Tax & Accounting
Topic: Where Does RESP Withdraw by Student go on his US 1040?
Replies: 27
Views: 14763

Thanks, nirvana_1959. As a US Citizen, I have to track all yearly gains in a trust ie RESP on my US fillings (3520, 3520A and 1040), so in the end I just settled for the government grant and a low rate of simple interest in a money market (cash) holding. Cash hasn't been a bad place to be for the la...
by DrJFM
Thu Mar 10, 2016 6:21 pm
Forum: Canada / United States Tax & Accounting
Topic: Where Does RESP Withdraw by Student go on his US 1040?
Replies: 27
Views: 14763

Where Does RESP Withdraw by Student go on his US 1040?

I am living with all the 3520, 3520A stuff. I do FBAR reporting and report my RESP gains on my own 1040. US Owner --me-- of RESP; US Beneficiary --my son-- just began withdrawing for university, Both dual Citizens of Canada and US. This is the first time I had to help my son report his RESP withdraw...
by DrJFM
Wed Mar 02, 2016 8:54 pm
Forum: Canada / United States Tax & Accounting
Topic: Algorithm for doing a 3520-3520A in 2nd year and beyond
Replies: 28
Views: 17476

Dear MGeorge (and any others fighting w these things) Yes, as you suspected, my RESP beneficiary is a US/Canadian Dual Citizen student who is reluctant to renounce (expensive too) US citizenship until certain he may not want to study in US (and would save out of country tuition as a US citizen). He ...
by DrJFM
Sun Feb 21, 2016 4:49 pm
Forum: Canada / United States Tax & Accounting
Topic: Algorithm for doing a 3520-3520A in 2nd year and beyond
Replies: 28
Views: 17476

[quote="DaveM"]Just some thoughts, regarding some of the above, after a year spent on this subject: The accountant that initially helped me with the first RESP 3520/A forms suggested making myself (as Trustee) the U.S. agent. And, in fact, the IRS 2014 3520A Instructions on p5 give a good template (...
by DrJFM
Sun Feb 21, 2016 3:41 pm
Forum: Canada / United States Tax & Accounting
Topic: Taking stab at 3520, -A for TFSA
Replies: 157
Views: 132761

[quote="aoleung"]Am also using the Dept of Treasury EOY exchange rates for 2014 for the Beginning of Year figures, and the rate for 2015 for the End of Year figures. Should I be using the same exchange rate (2015) for both columns instead?[/quote] I use the Bank of Canada yearly average, but Dept of...
by DrJFM
Wed Jun 05, 2013 7:15 pm
Forum: Canada / United States Tax & Accounting
Topic: Best plan for US retirement accounts after moving to Canada
Replies: 20
Views: 16973

This thread is a bit aged, but assuming others may hit upon it still, like I did, I wanted to offer my experience as dual citizen living in Canada with an IRA in US... I will assume that ExpatAmerican will or has flopped his 401 etc funds into a regular IRA account. (Or for others who have an IRA se...