Search found 32 matches
- Tue Apr 21, 2015 12:19 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Investments in Canada
- Replies: 2
- Views: 2493
You can try Interactive Brokers. They permit cash holdings in multiple currencies (including CAD), and you can trade TSX securities there if you like. You won't want to invest in Canadian mutual funds or ETFs due to PFIC regulations, so that's about your only real option if you don't want to convert...
- Fri Mar 27, 2015 11:47 am
- Forum: Canada / United States Tax & Accounting
- Topic: Correct calculation of effective US tax rate on 1116 vs T1
- Replies: 8
- Views: 6256
- Fri Mar 27, 2015 11:35 am
- Forum: Canada / United States Tax & Accounting
- Topic: Correct calculation of effective US tax rate on 1116 vs T1
- Replies: 8
- Views: 6256
Nelsona, aren't you supposed to be on vacation?! :-) The biggest problem was that I hadn't figured the 1116 correctly. In particular, I had a $3,000 capital loss carryover. I didn't realize (until after I analyzed the formulas used by the 1116) that this $3,000 was the equivalent of a not-definitely...
- Thu Mar 19, 2015 11:53 am
- Forum: Canada / United States Tax & Accounting
- Topic: Correct calculation of effective US tax rate on 1116 vs T1
- Replies: 8
- Views: 6256
Thanks again for the responses! Thinking through the 1116 re-sourcing calculation more: this is interesting, but it feels like I'm using double-dipping if I use a different effective rate than in the 1116. Suppose that I have $100 of US-source interest income, which attracts $16 of USA taxes @ 16% (...
- Wed Mar 18, 2015 2:43 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Correct calculation of effective US tax rate on 1116 vs T1
- Replies: 8
- Views: 6256
- Wed Mar 18, 2015 11:31 am
- Forum: Canada / United States Tax & Accounting
- Topic: Correct calculation of effective US tax rate on 1116 vs T1
- Replies: 8
- Views: 6256
Correct calculation of effective US tax rate on 1116 vs T1
Hi all, I've been working through the last steps of my dual filings as a USC resident in Canada. When calculating the effective tax rates on both sides of the returns manually, I notice that I am coming up with a different rate than what form 1116 seems to provide. Based on past posts here, I had th...
- Sat Mar 14, 2015 3:56 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Capital gains and "like tax" application to FTCs f
- Replies: 1
- Views: 1738
Capital gains and "like tax" application to FTCs f
As a US citizen residing in Canada, if I incur any capital gains from investment sales, I will be taxed on those gains in both countries. I understand that I can use foreign tax credits to eliminate double taxation in many cases. Despite that, there are many scenarios in which I will recognize a gai...
- Mon Mar 09, 2015 1:29 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Unrealized Foreign Exchange
- Replies: 5
- Views: 3253
Wouldn't he be subject to FX gains or losses based on the US$ cost at which he acquired the CDN$, as of the time he disposed of the CDN$? (Assuming the transaction gain was over $200, of course.) Or at least that's what I thought nelsona wrote here many moons ago: http://forums.serbinski.com/viewtop...
- Wed Feb 25, 2015 3:03 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Is a 3520 unnecessary for a Tangerine TFSA?
- Replies: 41
- Views: 28387
If it were me, I certainly wouldn't rely on a webpage...I'd at least call Tangerine and ask them, specifically, how their TFSA is structured. Canadian law (http://laws-lois.justice.gc.ca/eng/acts/I-3.3/page-254.html#h-80) seems to allow TFSAs to be structured as one of the following: * a trust * an ...
- Wed Feb 25, 2015 12:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Is a 3520 unnecessary for a Tangerine TFSA?
- Replies: 41
- Views: 28387
If you look at the article you posted, there is a "Is There a “Trust�" section that seems to describe what you are looking for.
It does matter what Tangerine says in some senses, in that their assertions of how the account is structured could presumably influence whether or not the US considers it to be a trust.
It does matter what Tangerine says in some senses, in that their assertions of how the account is structured could presumably influence whether or not the US considers it to be a trust.
- Tue Feb 24, 2015 11:23 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Is a 3520 unnecessary for a Tangerine TFSA?
- Replies: 41
- Views: 28387
- Mon Feb 23, 2015 11:22 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Deemed Appreciation on US Cash for CRA reporting?
- Replies: 11
- Views: 7180
After reading the ITA 39(1.1) itself, it looks like the credit card ACB of payment-vs-individual-charge question becomes mostly irrelevant: My reading of the tax act section above is that the $200 is a per-YEAR exemption and not a per-transaction exemption, so if you have over $200 of gains or losse...
- Mon Feb 23, 2015 10:01 am
- Forum: Canada / United States Tax & Accounting
- Topic: Deemed Appreciation on US Cash for CRA reporting?
- Replies: 11
- Views: 7180
@rlb, it's possible and I'm trying to do it--with the help of software and already having had an electronic record of all of my financial transactions--it's just a serious pain in the ass. I believe nelsona previously wrote (correct me if I'm wrong!) that all of your US$ need to be pooled together a...
- Sat Feb 21, 2015 6:47 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Deemed Appreciation on US Cash for CRA reporting?
- Replies: 11
- Views: 7180
Linking to some older forum posts with specific examples and advice related to this topic that may be helpful: Examples of FX gain/loss calculations: * http://forums.serbinski.com/viewtopic.php?p=13683#13683 Cost basis for foreign currency (IRS): * Talking about IRS rules, I think (says can use LIFO...
- Fri Feb 20, 2015 10:21 am
- Forum: Canada / United States Tax & Accounting
- Topic: Taking stab at 3520, -A for TFSA
- Replies: 157
- Views: 216523