Search found 21 matches

by tdott
Mon Sep 19, 2016 5:28 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian w US green card - apply US citizen, move back?
Replies: 7
Views: 1072

Re: Canadian w US green card - apply US citizen, move back?

[quote="CanadianN-400"]Hello! .. Lastly - after I move back to Canada I will be looking for a tax advisor / firm to take care of both my Canadian and US tax needs. ... thank you[/quote] If you are in the Vancouver area, you can consider SKL Tax. I've used them, as well as some other people I know.
by tdott
Mon Sep 19, 2016 5:23 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian w US green card - apply US citizen, move back?
Replies: 7
Views: 1072

Re: Canadian w US green card - apply US citizen, move back?

[quote="CanadianN-400"]Hello! ... I am not a tax expert! What major considerations am I missing? ... [/quote] Ways that a USC in Canada can end up owing taxed: - Gains above $250K USD on the sale of your principal residence are taxed (exclusion is $500K USD for a USC couple). - Gains in the sale of ...
by tdott
Mon Sep 19, 2016 5:06 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian w US green card - apply US citizen, move back?
Replies: 7
Views: 1072

[quote="CanadianN-400"]This is so helpful, thank you! Another question. My US friend was telling me that there is a US exit tax if you relinquish US citizenship. Is this something I need to be concerned about before I get my dual US citizenship as a Canadian citizen already?[/quote] Look up form 885...
by tdott
Fri Feb 06, 2015 8:44 pm
Forum: Canada / United States Tax & Accounting
Topic: Just found out - am I bankrupt now?
Replies: 53
Views: 13657

relinquish?

@mrbacon You said you "looked up renouncing citizenship and it looks absolutely brutal, way more expensive than complying". Again, I'm not sure what you mean. There's a $2350 fee to renounce, but that's the "only" additional cost. Note that it sounds like you *might* (emphasis "might") be able to cl...
by tdott
Fri Feb 06, 2015 8:18 pm
Forum: Canada / United States Tax & Accounting
Topic: Just found out - am I bankrupt now?
Replies: 53
Views: 13657

[quote="mrbacon"]tdott, Is there any UPSIDE to being a USC in Canada? It seems everything you posted makes it a really terrible deal financially. Like a burden I will bear that others don't. I made really poor gains since the crash back in 2008. We're talking $10,000 or less total in gains across al...
by tdott
Fri Feb 06, 2015 5:46 pm
Forum: Canada / United States Tax & Accounting
Topic: Just found out - am I bankrupt now?
Replies: 53
Views: 13657

Re: Getting compliant

Link above is borked because the period was incorrectly incorporated into it.

Streamlined Program:
http://www.irs.gov/Individuals/Internat ... Procedures
by tdott
Fri Feb 06, 2015 5:43 pm
Forum: Canada / United States Tax & Accounting
Topic: Just found out - am I bankrupt now?
Replies: 53
Views: 13657

Getting compliant

You can get compliant using the Streamlined Program - it's the official way for non-resident non-filers to get compliant. There will almost certainly be no penalties (I've yet to hear of any), but there may be back taxes plus interest. Ignore/Avoid/Run from OVDP (unless you are a genuine tax evader)...
by tdott
Thu Nov 20, 2014 7:13 pm
Forum: Canada / United States Tax & Accounting
Topic: Does the IRS recognize Canadian common law marriage?
Replies: 4
Views: 2284

[quote="nelsona"]This has been the case long before 2013, but, yes, you can elect to be treated as married.[/quote]

@nelsona
You use the word "elect" - does that mean that one has a choice of being treated as married vs being treated as single?
by tdott
Wed Apr 23, 2014 9:29 pm
Forum: Canada / United States Tax & Accounting
Topic: Taxation of Income from Joint Accounts: U.S. vs. Canada
Replies: 13
Views: 4717

[quote="rlb"]tdott, re form 8854. Nope. Not, at least, according to Phil Hodgen's presentations. ... [/quote]

I'm not so sure, Phil Hodgen seems to say that you can divide community property here: http://hodgen.com/community-property-an ... nce-sheet/
by tdott
Wed Apr 23, 2014 8:12 pm
Forum: Canada / United States Tax & Accounting
Topic: Taxation of Income from Joint Accounts: U.S. vs. Canada
Replies: 13
Views: 4717

[quote="nelsona"]Canada is community property as far as I know.[/quote]

Does that mean that when filling in form 8854, one can just total up the husband-wife net worth and divide by 2 to arrive at the renunciant's net worth?
by tdott
Mon Jan 20, 2014 5:18 pm
Forum: Canada / United States Tax & Accounting
Topic: Pre- US naturalization but return to Canada: Should I do it?
Replies: 9
Views: 1732

Which only adds insult to injury that a person living in Canada (public health care) should have to pay it.
by tdott
Mon Jan 20, 2014 5:03 pm
Forum: Canada / United States Tax & Accounting
Topic: Pre- US naturalization but return to Canada: Should I do it?
Replies: 9
Views: 1732

I believe the NIIT is new and started in the 2013 tax year.

BTW, rather than expect things to get better, (e.g., TFSA gains become non-taxable), I'd expect things to get worse (e.g., NIIT). The US is hurting for money and expats are an easy, voice-less target.
by tdott
Mon Jan 20, 2014 3:13 pm
Forum: Canada / United States Tax & Accounting
Topic: Pre- US naturalization but return to Canada: Should I do it?
Replies: 9
Views: 1732

Forgot to mention the Net Investment Income Tax (NIIT). If it applies to you, this 3.8% tax is NOT creditable against foreign tax. So it is truly a case of double taxation.
by tdott
Mon Jan 20, 2014 2:42 pm
Forum: Canada / United States Tax & Accounting
Topic: Pre- US naturalization but return to Canada: Should I do it?
Replies: 9
Views: 1732

You would file a 1040. You will have to make this decision on a personal level - nobody can do it for you. However, one thing to be aware of is that the US taxes multiple things that are tax-free in Canada, so a Canada-resident US citizen can indeed end up owing taxes to the US: - If you sell your p...
by tdott
Thu Sep 26, 2013 4:54 pm
Forum: Canada / United States Tax & Accounting
Topic: A Canadian mutual fund that provides PFIC/QEF statements
Replies: 24
Views: 12412

Yes, they are PFICs. However, Canadian mutual funds are treated differently from US mutual funds, which is the sort of thing NAFTA is supposed to prevent w.r.t. cross-border trade. It's like a Canadian manufactured widget. It may be a "foreign" widget as far as the US concerned, but due to NAFTA it ...