Search found 10 matches
- Mon Jan 04, 2021 5:47 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US-Cad citizen vs Norbert's Gambit
- Replies: 9
- Views: 23082
Re: US-Cad citizen vs Norbert's Gambit
My broker, TD Direct Investing, employs a system of two sub-accounts to facilitate trading in both $ US and $ CND. I have seen references to systems in this forum to other bank based brokerages that sound about the same. The Main account, say Acct # 12345 has a CND $ sub-account #12345-i and a US ...
- Mon Apr 01, 2019 8:58 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 3520 - Accounting for merger of trusts
- Replies: 2
- Views: 2976
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 ...
In general, I have always balanced the new years 3520A incoming statement ...
- Mon Apr 01, 2019 7:04 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRA management for Canadian residents
- Replies: 10
- Views: 17191
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 ...
- Mon Apr 01, 2019 4:22 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRS asking for a Form 1041 incorrectly
- Replies: 9
- Views: 11586
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 ...
- 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: 37942
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 ...
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 ...
- 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: 37942
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 ...
This is the first time I had to help my son report his RESP ...
- 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: 38182
- 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: 38182
[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 ...
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 ...
- Sun Feb 21, 2016 3:41 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Taking stab at 3520, -A for TFSA
- Replies: 157
- Views: 272902
[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 ...
I use the Bank of Canada yearly average, but Dept ...
- 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: 51018
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 ...
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 ...