Search found 22 matches

by mcmoxley
Tue Nov 15, 2016 9:43 pm
Forum: Canada / United States Tax & Accounting
Topic: Becoming an Enrolled agent
Replies: 1
Views: 885

You will need a PTIN, if you don't already have one. The requirements to become an Enrolled Agent then are pretty straightforward. I'm not sure how a Canadian person would get a PTIN, since the first requirement is to have a Social Security Number, but this article implies it can be done: https://ww...
by mcmoxley
Sat Jun 30, 2012 12:24 am
Forum: Canada / United States Tax & Accounting
Topic: US Citizen residing in Canada - IRA trading solution?
Replies: 38
Views: 16734

Got a letter from Fidelity...they have noticed my Canadian address and after August 6, 2012, they will no longer be able to service my non-retirement account. No additional deposits of cash or securities allowed, no new security purchases. I can only sell positions and withdraw funds. So bottom line...
by mcmoxley
Sun Jun 10, 2012 3:04 pm
Forum: Canada / United States Tax & Accounting
Topic: US Citizen residing in Canada - IRA trading solution?
Replies: 38
Views: 16734

Yes, I'm still using xetrade and have been for over 5 years. Never had a problem...highly recommend them.
by mcmoxley
Fri Mar 16, 2012 9:48 pm
Forum: Canada / United States Tax & Accounting
Topic: Reporting Canadian Capital Gains in US
Replies: 22
Views: 8580

The US exempts from taxation the capital gains that result from the sale of a principal residence, just as Canada does.
by mcmoxley
Sun Feb 26, 2012 4:41 pm
Forum: Canada / United States Tax & Accounting
Topic: US Citizen residing in Canada - IRA trading solution?
Replies: 38
Views: 16734

It's a complicated situation for them, perhaps. I use a US mailing address for all my Fido accounts, because that eliminates the unnecessary and wasteful mailing of trade confirmations when I do trade ETFs/mutual funds in my retirement accounts. Only when you have a US mailing address will they stop...
by mcmoxley
Sun Feb 26, 2012 1:51 am
Forum: Canada / United States Tax & Accounting
Topic: US Citizen residing in Canada - IRA trading solution?
Replies: 38
Views: 16734

Yes, I do have a non-retirement account at Fidelity but I don't use it to trade any stocks, bonds, or mutual funds. The account has only a cash reserves position that holds my US$ "emergency" funds.
by mcmoxley
Tue Feb 21, 2012 1:41 am
Forum: Canada / United States Tax & Accounting
Topic: US Citizen residing in Canada - IRA trading solution?
Replies: 38
Views: 16734

As nelsona said, Fidelity is OK with allowing you to transact in retirement accounts from Canada...retirement accounts meaning traditional IRA and/or Roth IRA. No need to sell Vanguard funds to buy Fidelity when you make the switch. Just make sure you ask Fidelity to perform a "custodian to cus...
by mcmoxley
Sun Feb 19, 2012 8:07 pm
Forum: Canada / United States Tax & Accounting
Topic: US Citizen residing in Canada - IRA trading solution?
Replies: 38
Views: 16734

Yes, it is a problem. Vanguard does not allow account-holders who have a Canadian address to add new funds, buy new investments, or switch between investments (which is a sell/buy). Once Vanguard knows you are a Canadian resident, you will only be able to sell your holdings or reinvest dividends/cap...
by mcmoxley
Mon Sep 05, 2011 1:37 pm
Forum: Canada / United States Tax & Accounting
Topic: Free Tax Filing Software for U.S. Income Taxes?
Replies: 4
Views: 2114

Crikey, unbelievable. Thanks for setting me straight.
by mcmoxley
Mon Sep 05, 2011 12:41 pm
Forum: Canada / United States Tax & Accounting
Topic: Free Tax Filing Software for U.S. Income Taxes?
Replies: 4
Views: 2114

When you say you have almost no income, would that be less than US $9,350 in 2010, for example? If so, than strictly speaking, you don't need to file a US return at all. You would be under the amount of std. deduction + personal exemption (equivalent to Canadian basic personal amount) that would req...
by mcmoxley
Wed Aug 31, 2011 9:50 am
Forum: Canada / United States Tax & Accounting
Topic: US citizen inherits money from Canada (lives in US)
Replies: 3
Views: 2231

No. Inheritance of liquid assets is a non-taxable, non-reportable event in either country. If the inheritance consists of property or investments (stocks, bonds, mutual funds, real estate), you should make note of the fair market value of the property as of the date of the person's death. When the p...
by mcmoxley
Mon Aug 29, 2011 2:11 pm
Forum: Canada / United States Tax & Accounting
Topic: Credit card accounts and FBAR?
Replies: 7
Views: 3563

Good point about the line of credit...I hadn't considered those.
by mcmoxley
Mon Aug 29, 2011 1:33 pm
Forum: Canada / United States Tax & Accounting
Topic: Credit card accounts and FBAR?
Replies: 7
Views: 3563

The FBAR filing requirement would seem to cover "prepaid credit card" accounts only. And by "prepaid", I assume they are talking about what I would call a "secured" credit card. If I have a poor credit history, or no credit history at all (landed immigrant, e.g.), I can...
by mcmoxley
Sat Aug 27, 2011 6:39 pm
Forum: Canada / United States Tax & Accounting
Topic: FBAR penalties and soft disclosure
Replies: 16
Views: 10117

Btw, the IRS has extended the deadline for the current OVDI program to Sept. 9, 2011 because of the likely disruptions to be caused by Hurricane Irene.
by mcmoxley
Sat Aug 27, 2011 6:38 pm
Forum: Canada / United States Tax & Accounting
Topic: US Citizen residing in Canada - IRA trading solution?
Replies: 38
Views: 16734

[quote="mcmoxley"]Btw, the IRS has extended the deadline for the current OVDI program to Sept. 9, 2011 because of the likely disruptions to be caused by Hurricane Irene.[/quote] What this forum needs is a good old-fashioned DELETE button for when the original poster puts something in the w...