Search found 14 matches

by Stevecanada
Thu Feb 28, 2019 2:14 pm
Forum: Canada / United States Tax & Accounting
Topic: Calculating Net Worth on Form 8854 (Expatriation)
Replies: 2
Views: 234

Re: Calculating Net Worth on Form 8854 (Expatriation)

Just an additional question: My wife is a Canadian citizen and a Canadian resident. We own our home jointly in Canada. We have both worked and have earned (very roughly) equal amounts over the years. Would I include half of the value of our home in my net worth for form 8854? And if I include half o...
by Stevecanada
Wed Feb 27, 2019 11:29 pm
Forum: Canada / United States Tax & Accounting
Topic: Calculating Net Worth on Form 8854 (Expatriation)
Replies: 2
Views: 234

Calculating Net Worth on Form 8854 (Expatriation)

Hello - I am a dual US/Canadian citizen living in Canada for the past 45 years. I am considering renouncing my US citizenship. I understand that I must complete form 8854 after I renounce. In order to avoid "covered" status on form 8854, my net assets must be less than $2 million. While my assets ar...
by Stevecanada
Mon Jan 21, 2019 8:58 pm
Forum: Canada / United States Tax & Accounting
Topic: FBAR Reporting for GICs Held in Canadian Brokerage Account
Replies: 3
Views: 356

Re: FBAR Reporting for GICs Held in Canadian Brokerage Account

Thanks Nelson - this is very helpful.

Just to clarify, if I only hold GICs in my brokerage account, then PFIC / 3520 reporting should not be required. Is this correct?
by Stevecanada
Mon Jan 21, 2019 6:31 pm
Forum: Canada / United States Tax & Accounting
Topic: FBAR Reporting for GICs Held in Canadian Brokerage Account
Replies: 3
Views: 356

FBAR Reporting for GICs Held in Canadian Brokerage Account

Hello - I am a dual US/Canadian citizen living in Canada. I recently opened an account with TD Direct Investing. Through the TD Direct Investing account, I purchased GICs at various other banks and trust companies. My question: For FBAR reporting, is it sufficient to report the TD Direct Investing a...
by Stevecanada
Fri Apr 01, 2016 10:03 pm
Forum: Canada / United States Tax & Accounting
Topic: Questioning Treaty Article XVIII (5) for USC in Canada
Replies: 4
Views: 1149

I have the exact same question as K104XYZ above. I can't understand how Article XVIII (5) of the Canada-US Tax Treaty applies to a USC /Canadian resident who receives CPP and OAS.

Can anyone help explain this?
by Stevecanada
Mon Feb 29, 2016 12:59 am
Forum: Canada / United States Tax & Accounting
Topic: UCCB
Replies: 9
Views: 1966

Another question on the UCCB. I am a dual US-Canadian citizen, my wife is only Canadian. We are both residents of Canada. I file in the US as married, filing separately (my wife does not file US taxes). I am the higher income earner, so my wife is the one who includes the UCCB on her Canadian taxes....
by Stevecanada
Sun Mar 08, 2015 10:41 pm
Forum: Canada / United States Tax & Accounting
Topic: Unrealized Foreign Exchange
Replies: 5
Views: 1409

Thank you Nelsona for your prompt reply. Just to be sure I understand, if one of my Canadian GICs matures, and I deposit the proceeds in my Canadian checking account (in CDN$), I do not have to worry about an "unrealized" gain or loss in the value of the principle of the GIC relative to the US dolla...
by Stevecanada
Sat Mar 07, 2015 2:43 am
Forum: Canada / United States Tax & Accounting
Topic: Unrealized Foreign Exchange
Replies: 5
Views: 1409

Unrealized Foreign Exchange

I am a US citizen who has been living in Canada since I was a child. All my financial accounts (checking account, and GICs) are in CDN$ only. I report to the IRS all interest that I earn. I never convert Canadian$ to US$. Are unrealized / accrued foreign exchange gains/losses on my checking account ...
by Stevecanada
Sun Jul 06, 2014 12:38 am
Forum: Canada / United States Tax & Accounting
Topic: Form 1116 and "High Taxed Income" Category
Replies: 2
Views: 808

Thanks Nelsona - much appreciated!
by Stevecanada
Tue Jul 01, 2014 10:47 am
Forum: Canada / United States Tax & Accounting
Topic: Form 1116 and "High Taxed Income" Category
Replies: 2
Views: 808

Form 1116 and "High Taxed Income" Category

I am trying to fill out Form 1116 for the first time. I live in Canada, but I am a dual US - Canadian citizen. I have wages and a few thousand dollars of interest income (both from Canadian sources). What I am trying to figure out is whether the interest income fits within the "Passive Category" on ...
by Stevecanada
Sun Jun 01, 2014 8:34 pm
Forum: Canada / United States Tax & Accounting
Topic: RESP tranferred to grandparents
Replies: 18
Views: 4651

I am a dual US / Canadian citizen, living in Canada for more than 30 years, with a Canadian wife. Our children are dual citizens. A number of years ago, my wife and I opened an RESP (family plan) for our kids. I have seen a number of posts on this Forum suggesting that if I had my name removed from ...
by Stevecanada
Fri Apr 11, 2014 10:44 pm
Forum: Canada / United States Tax & Accounting
Topic: RESP tranferred to grandparents
Replies: 18
Views: 4651

Nelson and others - The 2013 instructions for Form 3520 state (near the top of page 3 - right side - 2nd paragraph): "If a trust makes a gratuitous transfer to another trust, the grantor of the transferor trust is treated as the grantor of the transferee trust, except that if a person with a general...
by Stevecanada
Sun Mar 30, 2014 4:33 pm
Forum: Canada / United States Tax & Accounting
Topic: Do I need to file Form 1040NR or 1041 for TFSA and RESPs
Replies: 6
Views: 1653

I should have mentioned that I file Form 1040 and all other required forms - I just wonder whether I should have been filing Forms 1040NR and/or 1041 for the TFSA and RESPs.
by Stevecanada
Sun Mar 30, 2014 4:30 pm
Forum: Canada / United States Tax & Accounting
Topic: Do I need to file Form 1040NR or 1041 for TFSA and RESPs
Replies: 6
Views: 1653

Do I need to file Form 1040NR or 1041 for TFSA and RESPs

I am a dual US / Canadian citizen living in Canada for many years. I have 2 RESP accounts and 1 TFSA. I have been filing Forms 3520 / 3520-A, but I am now wondering whether I should also file from 1040NR or Form 1041 as well. Please note that my RESPs and TFSA have no US source income.