Search found 59 matches
- Thu Apr 27, 2023 10:25 am
- Forum: Canada / United States Tax & Accounting
- Topic: T1135 and Term life insurance
- Replies: 8
- Views: 2480
Re: T1135 and Term life insurance
LJBill wrote: > Jonhello wrote: > > I recently became a Canadian resident for tax purposes. I have a US TERM > > life insurance policy. Do I need to file it on the T1135 as it is only a > > term policy? > > While on the phone with CRA some week back I actually asked them about this. Listing > a TERM...
- Mon Mar 27, 2023 1:58 am
- Forum: Canada / United States Tax & Accounting
- Topic: T1135 and Term life insurance
- Replies: 8
- Views: 2480
Re: T1135 and Term life insurance
Sorry. i didn't make it clear that the ETFs are from the New York Stock Exchange and in USD.
- Mon Mar 06, 2023 9:40 am
- Forum: Canada / United States Tax & Accounting
- Topic: T1135 and Term life insurance
- Replies: 8
- Views: 2480
Re: T1135 and Term life insurance
Jonhello wrote: > I recently became a Canadian resident for tax purposes. I have a US TERM life insurance policy. Do I need to file it on the T1135 as it is only a term policy? I have searched far and wide and so far I haven't found a answer to this question. Nelson, would you know the answer to thi...
- Mon Mar 06, 2023 9:35 am
- Forum: Canada / United States Tax & Accounting
- Topic: T1135 and Term life insurance
- Replies: 8
- Views: 2480
Re: T1135 and Term life insurance
Jonhello wrote:
> Also from what I understand, US$ funds in a Canadian financial institution
> (such as Questrade) does not need to be included in the T1135. Is that
> correct?
I found out this was true. I do need to include my US ETFs from Questrade in the T1135.
> Also from what I understand, US$ funds in a Canadian financial institution
> (such as Questrade) does not need to be included in the T1135. Is that
> correct?
I found out this was true. I do need to include my US ETFs from Questrade in the T1135.
- Thu Mar 02, 2023 12:11 am
- Forum: Canada / United States Tax & Accounting
- Topic: T1135 and Term life insurance
- Replies: 8
- Views: 2480
Re: T1135 and Term life insurance
Also from what I understand, US$ funds in a Canadian financial institution (such as Questrade) does not need to be included in the T1135. Is that correct?
- Thu Mar 02, 2023 12:06 am
- Forum: Canada / United States Tax & Accounting
- Topic: T1135 and Term life insurance
- Replies: 8
- Views: 2480
T1135 and Term life insurance
I recently became a Canadian resident for tax purposes. I have a US TERM life insurance policy. Do I need to file it on the T1135 as it is only a term policy?
- Fri Dec 10, 2021 8:16 am
- Forum: Canada / United States Tax & Accounting
- Topic: Simple tax residency question
- Replies: 2
- Views: 935
Re: Simple tax residency question
Thanks, Nelson, for the quick and clear reply.
- Thu Dec 09, 2021 3:03 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Simple tax residency question
- Replies: 2
- Views: 935
Simple tax residency question
If I officially move to Canada in May, do I pay CAD taxes from May going forward or on the whole year since I will have lived in Canada for more than 6 months out of the year?
- Sat Jun 12, 2021 10:42 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Tax gain harvesting in a TFSA for a US citizen CA resident
- Replies: 5
- Views: 1840
Re: Tax gain harvesting in a TFSA for a US citizen CA resident
One thing that I am trying to figure out is how to report Capital Gains in my TFSA (as well as non-registered USD accounts) to the IRS. I think I understand keeping track of ACB and its complexities especially with USD conversion needed for USD ETFs. I will use the website adjustedcostbase.ca to hel...
- Fri Jun 04, 2021 10:22 am
- Forum: Canada / United States Tax & Accounting
- Topic: Tax gain harvesting in a TFSA for a US citizen CA resident
- Replies: 5
- Views: 1840
Re: Tax gain harvesting in a TFSA for a US citizen CA resident
"By the way, why would you lose any US withholding? You simply include it on your return and get it refunded." Good point. It seems that the TFSA has been deemed in a few latest court decisions as not a trust and not requiring a 3530. This is seeming to become a more attractive option for ...
- Fri Jun 04, 2021 5:09 am
- Forum: Canada / United States Tax & Accounting
- Topic: Tax gain harvesting in a TFSA for a US citizen CA resident
- Replies: 5
- Views: 1840
Tax gain harvesting in a TFSA for a US citizen CA resident
Setting aside whether a 3530 needs to be filed or not, can a US citizen residing in Canada practice tax gain harvesting in their TFSA in relationship to US taxes? If a joint married couple's income is under 80,000 USD, then capital gains are 0%. I am wondering whether this could make a TFSA worth wh...
- Fri May 14, 2021 1:08 pm
- Forum: Canada / United States Tax & Accounting
- Topic: moving a Roth 403b to Roth IRA
- Replies: 6
- Views: 2274
Re: moving a Roth 403b to Roth IRA
Thank you
- Fri May 14, 2021 12:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: moving a Roth 403b to Roth IRA
- Replies: 6
- Views: 2274
Re: moving a Roth 403b to Roth IRA
Would I need to write the CRA and tell them that the ROTH 403b that I asked for a one time exclusion is now a ROTH IRA?
- Fri May 14, 2021 10:25 am
- Forum: Canada / United States Tax & Accounting
- Topic: moving a Roth 403b to Roth IRA
- Replies: 6
- Views: 2274
Re: moving a Roth 403b to Roth IRA
nelsona wrote:
> Whether you will be able to open a new Roth while in Canada is a matter of
> policy for the firm(s) you deal with.
Thanks, Nelson. I already have a Roth IRA at Fidelity. So it will be easy for me to transfer the 403b to them.
> Whether you will be able to open a new Roth while in Canada is a matter of
> policy for the firm(s) you deal with.
Thanks, Nelson. I already have a Roth IRA at Fidelity. So it will be easy for me to transfer the 403b to them.
- Wed May 12, 2021 10:24 pm
- Forum: Canada / United States Tax & Accounting
- Topic: moving a Roth 403b to Roth IRA
- Replies: 6
- Views: 2274
moving a Roth 403b to Roth IRA
Sometime after moving to Canada, I would like to transfer (rollover) my Roth 403b to a Roth IRA and my traditional 403b to a traditional IRA (there will be NO Roth conversion). Would this be allowed? I can't do this transfer now as I will still be employed with the organization that holds the 403b f...