Search found 24 matches

by Stevecanada
Tue Mar 19, 2024 1:33 pm
Forum: Canada / United States Tax & Accounting
Topic: Are Canadian Joint Bank Accounts Trusts for IRS 3520?
Replies: 1
Views: 103

Are Canadian Joint Bank Accounts Trusts for IRS 3520?

My elderly father and I are both residents of Canada - he is a US citizen, I am a Canadian citizen. We have a joint Canadian bank account. With the new CRA reporting requirements on bare trusts, I understand that I may have to report my father's bank account to the CRA as a Bare Trust. It never occu...
by Stevecanada
Tue Mar 22, 2022 11:04 am
Forum: Canada / United States Tax & Accounting
Topic: Is the "One-time Payment for Older Seniors" Taxable by the IRS?
Replies: 1
Views: 834

Is the "One-time Payment for Older Seniors" Taxable by the IRS?

Hello - my elderly father is a US citizen but a long time resident of Canada. In August, 2021 he received a $500 payment from the government of Canada - the payment was made to senior citizens aged 75 and older who received Canadian OAS. I know that OAS payments are not taxable by the IRS for US cit...
by Stevecanada
Sun May 30, 2021 11:35 pm
Forum: Canada / United States Tax & Accounting
Topic: IRS Treatment of RRSP Home Buyers' Plan
Replies: 1
Views: 900

IRS Treatment of RRSP Home Buyers' Plan

Hello, my daughter is a US/Canadian dual citizen, and a resident of Canada. She and her husband are buying their first home in Canada. She has a modest amount of funds in her RRSP which she would like to use to help with the down payment. I have seen a post on this forum from about 15 years ago whic...
by Stevecanada
Fri Apr 24, 2020 4:21 pm
Forum: Canada / United States Tax & Accounting
Topic: Foreign Tax Credit - Canadian vs. US Recognition of Income
Replies: 7
Views: 3715

Re: Foreign Tax Credit - Canadian vs. US Recognition of Income

Nelsona and testone, thank you for your help - very much appreciated. If I understand CRA rules correctly, interest income is not accounted for on a true accrual basis in Canada. For example, if I purchased a two-year non-cashable Canadian G.I.C on Feb 1, 2017, then interest income would be recogniz...
by Stevecanada
Thu Apr 09, 2020 3:52 pm
Forum: Canada / United States Tax & Accounting
Topic: Foreign Tax Credit - Canadian vs. US Recognition of Income
Replies: 7
Views: 3715

Foreign Tax Credit - Canadian vs. US Recognition of Income

My elderly father is a US citizen and a long term resident of Canada. He has a number of Canadian non-registered GICs, on which interest is recognized by the CRA on their anniversary date. For his US taxes, he has always used the cash method of recognizing interest income. For 2019, he has Canadian ...
by Stevecanada
Tue Mar 10, 2020 2:04 pm
Forum: Canada / United States Tax & Accounting
Topic: 1040 or 1040NR in Year of Expatriation?
Replies: 2
Views: 2883

Re: 1040 or 1040NR in Year of Expatriation?

Thank you for your response - it's very helpful. I can't understand why the IRS wouldn't have at least a sentence or two of guidance somewhere in one of their publications to cover someone in my situation. Frustrating!
by Stevecanada
Wed Mar 04, 2020 9:07 pm
Forum: Canada / United States Tax & Accounting
Topic: 1040 or 1040NR in Year of Expatriation?
Replies: 2
Views: 2883

1040 or 1040NR in Year of Expatriation?

I was a US / Canadian dual citizen, and a long time resident of Canada until May, 2019, when I gave up my US Citizenship (expatriated at a US consulate). I have not had any financial ties to the US for many decades. I see a number of websites that suggest filing as a "Dual Status" in the y...
by Stevecanada
Mon Feb 03, 2020 10:43 am
Forum: Canada / United States Tax & Accounting
Topic: FBAR in the year of Expatriation
Replies: 2
Views: 1872

Re: FBAR in the year of Expatriation

You are correct - its doesn't make any difference to me which way this is done. I was just trying to figure out if there was any clear direction from the IRS or U.S. Treasury on this situation. It feels kind of weird to report accounts which I opened after giving up my US citizenship, but if that is...
by Stevecanada
Mon Feb 03, 2020 12:24 am
Forum: Canada / United States Tax & Accounting
Topic: FBAR in the year of Expatriation
Replies: 2
Views: 1872

FBAR in the year of Expatriation

Until May, 2019, I was a dual US/Canadian citizen and a long time resident of Canada. In May, 2019, I gave up my US citizenship (expatriated at a US consulate). So I am now just a Canadian citizen and resident, with no financial ties to the US. My first question: For 2019, should I report the highes...
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: 1758

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: 1758

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...
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: 4
Views: 3150

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: 4
Views: 3150

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: 3076

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?