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: 8
- Views: 4974
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: 1856
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 ...
- Mon Apr 01, 2019 7:04 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRA management for Canadian residents
- Replies: 10
- Views: 6448
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: 6772
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: 27753
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...
- 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: 27753
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...
- 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: 27665
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 ...
- 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: 27665
- Sun Feb 21, 2016 3:41 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Taking stab at 3520, -A for TFSA
- Replies: 157
- Views: 214555
- 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: 28306
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...