Search found 10 matches

by tdiddy
Wed Feb 28, 2018 8:02 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 3520 gift from foreign person
Replies: 0
Views: 744

Form 3520 gift from foreign person

Just wondering what IRS means by "a person related to a foreign corporation" If an alien gives gift US resident from their after tax personal account, and said alien owns a CCPC does that make that mean the ~15K reporting cutoff for form 3520 applies? Or would this only be the case if the funds were...
by tdiddy
Sat Jul 29, 2017 10:32 pm
Forum: Canada / United States Tax & Accounting
Topic: tips on best unreg investment practice for dual citiz
Replies: 0
Views: 1063

tips on best unreg investment practice for dual citiz

hi everyone, two physician household trying to sort out new corporate tax policies our situation is one CCPC held by Cdn citizen with US/Cdn citizen as employee. Previously USD/CDN drawing only 140K for living expenses and RRSP room/contributions. With new changes proposed will now for tax efficienc...
by tdiddy
Fri Jul 04, 2014 2:17 pm
Forum: Canada / United States Tax & Accounting
Topic: New 3.8% Obamacare Tax on investment income - Canadian tax
Replies: 17
Views: 6825

Has there been any updates on how this is all working out? My wife will be over the income for the tax to apply. Are RRSPs subject to this tax? How about when they are withdrawn upon retirement? Can someone confirm that a dual citizen living in Canada cannot claim FTC for this tax? I'm assuming her ...
by tdiddy
Tue Jun 24, 2014 6:56 pm
Forum: Canada / United States Tax & Accounting
Topic: reasonable price for accounting dual citizen
Replies: 7
Views: 2166

stewak2 thanks for the info, yes I know its deductible. But every little thing puts us a bit closer towards renouncing.

But in the interimI have taken nelsona's advice and recontacted our Montreal guy
by tdiddy
Tue Jun 24, 2014 11:06 am
Forum: Canada / United States Tax & Accounting
Topic: reasonable price for accounting dual citizen
Replies: 7
Views: 2166

yeah that is an option for sure I guess. he has made a couple or errors that do not instill a lot of confidence so we were leaning towards moving to someone else (before getting these quotes), although is a partner and CA in a reputable firm there so perhaps we are reading into them too much just no...
by tdiddy
Tue Jun 24, 2014 10:53 am
Forum: Canada / United States Tax & Accounting
Topic: reasonable price for accounting dual citizen
Replies: 7
Views: 2166

reasonable price for accounting dual citizen

Hello My partner and I have been on the fence regarding her renouncing for sometime. We discussed things with a tax lawyer who assured us with the right plan we won't have to pay any additional taxes (although i'm not clear how we will eventually avoid obamacare tax short of my partner avoiding all ...
by tdiddy
Wed Feb 05, 2014 8:13 pm
Forum: Canada / United States Tax & Accounting
Topic: question about US exit tax, dual citizen living in Canada
Replies: 0
Views: 877

question about US exit tax, dual citizen living in Canada

Since FACTA has been in the news all day, it has reopened my question about whether I should renounce US citizenship, as I do not picture myself working outside of Canada in the future. Presently, all my US returns are up to date, and I would not be covered under the exit tax. As my earning have rec...
by tdiddy
Sun Nov 10, 2013 6:20 pm
Forum: Canada / United States Tax & Accounting
Topic: home buyer plan recognized by IRS
Replies: 4
Views: 1622

home buyer plan recognized by IRS

Hi I have another quick question for you guys regarding dual US-Canadian citizens. My wife and I are looking to buy a house, I'm wondering if she can withdraw from her Canadian RRSP under the Home Buyer Plan ($25,000) and not pay tax on this income in the USA? Does the IRS recognize the Home Buyer p...
by tdiddy
Thu Oct 17, 2013 11:18 am
Forum: Canada / United States Tax & Accounting
Topic: dual citizen living in Canada, question re: marriage
Replies: 17
Views: 6508

Thanks for the reply!

I think we will hold off on the legal marriage... one less thing for the irs to come after in the future as you said.

It also may come into play if she starts a ULC (unlimited liability cooperation) in the future...
by tdiddy
Thu Oct 17, 2013 12:31 am
Forum: Canada / United States Tax & Accounting
Topic: dual citizen living in Canada, question re: marriage
Replies: 17
Views: 6508

dual citizen living in Canada, question re: marriage

My fiancee has dual citizenship (Cdn/US), I have only Cdn. We have a complicated situation arising as we are looking to start a small medical office togehter. We now have a tax lawyer and accountant who specialize in these sorta things. But there still remains one question unanswerd... should we get...