Search found 30 matches
- Sun Apr 13, 2014 11:09 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Life insurance needs to be reported in 8938?
- Replies: 1
- Views: 1643
- Tue Apr 08, 2014 8:54 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 8938 and $200,000 amount for joint accounts / joint fiing
- Replies: 3
- Views: 2528
- Tue Apr 08, 2014 12:43 pm
- Forum: Canada / United States Tax & Accounting
- Topic: "quiet disclosure" - what if I filed FBAR?
- Replies: 66
- Views: 33236
@chromium Thanks for the link. nelsona covers this. According to nelsona, this is only for Canadian residents, not US residents. I do have a feeling, though i am not sure as this isn't legal/tax advice, that within 1-2 years of living in the US and after doing what your link says, you might just be ...
- Mon Apr 07, 2014 9:01 pm
- Forum: Canada / United States Tax & Accounting
- Topic: "quiet disclosure" - what if I filed FBAR?
- Replies: 66
- Views: 33236
@ChromiumDioxide You're not hijacking. I know how you're feeling. You're in a very very tough situation as am I. I know that i paid taxes on all of my interest income in canada because I combined it with my canadian income and reported it to the CRA. I am desperately hoping to get foreign tax credit...
- Mon Apr 07, 2014 4:04 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Form 8938 definition of financial interest
- Replies: 6
- Views: 4863
- Mon Apr 07, 2014 3:39 pm
- Forum: Canada / United States Tax & Accounting
- Topic: "quiet disclosure" - what if I filed FBAR?
- Replies: 66
- Views: 33236
I know. It's going to be costly. I was budgeting $2000 - $3000 for amendments. And god knows how much more for 2013. But if it brings you into 'compliance' because that's the purpose of life - fill out obscure forms or it's a bullet between the eyes, then just think of it like a blown engine replace...
- Mon Apr 07, 2014 2:57 pm
- Forum: Canada / United States Tax & Accounting
- Topic: "quiet disclosure" - what if I filed FBAR?
- Replies: 66
- Views: 33236
Here's what my CPA in Canada who files with the IRS told me - if it's a TFSA that isn't some specific financial instrument held by the ING direct bank, it *is* a foreign trust. What the bank tells you is their (perhaps legal) opinion based off of reading the Canadian tax code. You should not rely on...
- Mon Apr 07, 2014 2:39 pm
- Forum: Canada / United States Tax & Accounting
- Topic: "quiet disclosure" - what if I filed FBAR?
- Replies: 66
- Views: 33236
I know how to file 3520. I just want to be certain. For 2013 and 2014 I will do them with my US accountant who's not nearly as expensive. Then I'll close my TFSA some time this year and won't have to do anything for 2015 that is provided I don't just leave in disgust. I will be paying $400 for my 35...
- Mon Apr 07, 2014 12:22 pm
- Forum: Canada / United States Tax & Accounting
- Topic: "quiet disclosure" - what if I filed FBAR?
- Replies: 66
- Views: 33236
Even my RRSP gain in 2012 was $380 but the 7k I paid in Canada more than makes up for my $12,000 in under reported income. I'll leave the US if it gets me in trouble. Talking to my employer about it. Not worth it. I can't believe other work permit holders and immigrants aren't in the same situation ...
- Mon Apr 07, 2014 12:19 pm
- Forum: Canada / United States Tax & Accounting
- Topic: "quiet disclosure" - what if I filed FBAR?
- Replies: 66
- Views: 33236
@gpancio I did talk to someone in Toronto. He'll write a letter in substitute for 3520-a. Here's my situation. I filed taxes in the US for 2012 on all US income. I was a US resident - married joint. I filed taxes in Canada on worldwide income by Canadian tax code for 2012. I paid 7k in taxes to cana...
- Thu Apr 03, 2014 11:09 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RRSP
- Replies: 13
- Views: 9716
what nelsona is saying is that: for 10 years you did not make an election to defer income in your RRSPs. if your RRSPs grew, those gains were subject to taxes. Even if they grew just a little bit and the gains were tiny, you were still liable to have made an election. Then there's a BS of fbar. You ...
- Thu Apr 03, 2014 7:09 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RRSP and form 8891
- Replies: 12
- Views: 9561
- Thu Apr 03, 2014 6:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: confirm receipt of 8893
- Replies: 3
- Views: 2500
You can check your account online. If they received your 1040, rest assured everything else would be in it. I have talked to many accountants and they say that penalties are rarely levied against people who're coming forth and trying their best (and have also paid them big $$). The odd penalty when ...
- Wed Apr 02, 2014 7:46 pm
- Forum: Canada / United States Tax & Accounting
- Topic: "quiet disclosure" - what if I filed FBAR?
- Replies: 66
- Views: 33236
- Wed Apr 02, 2014 6:56 pm
- Forum: Canada / United States Tax & Accounting
- Topic: "quiet disclosure" - what if I filed FBAR?
- Replies: 66
- Views: 33236
Well I have decided to show 2012 RRSP losses on backfiled 8891s. I might change that. But I don't know yet. I also don't know if I should file 8621 for mutual funds in one TFSA and one RRSP. But with the losses in RRSPs and TFSA income and wife's interest income for 2012 all added in, I overreported...