Search found 54 matches
- Sun Sep 09, 2018 5:08 am
- Forum: Canada / United States Tax & Accounting
- Topic: Re-invested Distributions by QEF
- Replies: 0
- Views: 8772
Re-invested Distributions by QEF
Hi, I'm a taxpayer making my first QEF election on Canadian mutual funds, and I'm trying to figure out my tax basis for the year. I'm receiving the Annual Information Statement, which gives values for deemed dispositions of property, but it doesn't say whether they were previously taxed. But it does...
- Sun Sep 09, 2018 4:53 am
- Forum: Canada / United States Tax & Accounting
- Topic: Catching up on Tax Compliance
- Replies: 8
- Views: 4875
Re: Catching up on Tax Compliance
Oh right... mutual funds. They are a mine field. And the computation of tax is inpenetrable, and impossible without software. You might want to call the Streamlined Hotline and ask them if they will let you make a retro-active QEF election... IF your mutual fund will supply you with the Annual Infor...
- Sun Sep 09, 2018 4:49 am
- Forum: Canada / United States Tax & Accounting
- Topic: Catching up on Tax Compliance
- Replies: 8
- Views: 4875
Re: Catching up on Tax Compliance
Hi Cathaea, Are you sure you have US citizenship? If you don't have a passport or other inditia, look up the rules on the immigration site. A single US parent does not automatically make you a citizen. Yes, I would definitely do a Streamlined submission as the FBAR penalties alone can bankrupt you. ...
- Sun Sep 17, 2017 4:18 am
- Forum: Canada / United States Tax & Accounting
- Topic: Changes coming to RRSP reporting
- Replies: 25
- Views: 25521
You likely would be seen as willful if you disclosed you had waited two more years in your certification. I don't know for sure. I don't think the US is organized to cross-check immigration records vs tax records, etc., except possibly for people who renounce. My sister got interrogated 3 hours at a...
- Sat Sep 16, 2017 1:21 am
- Forum: Canada / United States Tax & Accounting
- Topic: Changes coming to RRSP reporting
- Replies: 25
- Views: 25521
- Fri Sep 15, 2017 4:55 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Changes coming to RRSP reporting
- Replies: 25
- Views: 25521
By non-filier, do you mean you have never filed US income tax returns or FBAR's? You can file through the Streamlined Foreign Offshore Procedures and include a request to late defer RSP income in the certification you have to prepare. For good measure, I included the old 8891 with my three required ...
- Wed Apr 19, 2017 11:13 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Required to file Form 8965 (Health Coverage)?
- Replies: 12
- Views: 5923
- Wed Apr 19, 2017 11:09 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US revocable intervivos trust resident in Canada
- Replies: 0
- Views: 3408
US revocable intervivos trust resident in Canada
Hi there, I have a friend who moved from the US to Canada. She has a trust and is the trustee, so CRA says the trust is a resident of Canada and she must file a T3. Does this mean the trust has now become "foreign" for US tax purposes, and she has to file a 3520 for that trust, even though...
- Fri Mar 24, 2017 3:44 pm
- Forum: Canada / United States Tax & Accounting
- Topic: just learned about FBAR
- Replies: 8
- Views: 4832
- Mon Mar 20, 2017 7:33 pm
- Forum: Canada / United States Tax & Accounting
- Topic: ITIN Renewal nightmare/question
- Replies: 2
- Views: 1983
- Mon Mar 20, 2017 7:29 pm
- Forum: Canada / United States Tax & Accounting
- Topic: just learned about FBAR
- Replies: 8
- Views: 4832
- Mon Mar 20, 2017 4:35 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Renunciation and RRSP
- Replies: 5
- Views: 3432
No tax was due for my sister or mother. The only time tax comes due is in response to a return. You've elected to defer taxation on the RRSP income, and maintain that election until the moment you expatriate. When you expatriate, you only pay the exit tax if you are a covered citizen ($2m assets or ...
- Mon Mar 20, 2017 1:32 am
- Forum: Canada / United States Tax & Accounting
- Topic: Marketplace premiums qualify as a private health plan?
- Replies: 0
- Views: 3236
Marketplace premiums qualify as a private health plan?
Hi all,
CRA says I can count private health premiums as a medical deduction, but not government health premiums. Any idea if I can count marketplace health premiums as a Canadian medical deduction?
Thanks!
CRA says I can count private health premiums as a medical deduction, but not government health premiums. Any idea if I can count marketplace health premiums as a Canadian medical deduction?
Thanks!
- Mon Mar 20, 2017 1:29 am
- Forum: Canada / United States Tax & Accounting
- Topic: Do I need to file taxes in Canada?
- Replies: 3
- Views: 2671
- Mon Mar 20, 2017 1:24 am
- Forum: Canada / United States Tax & Accounting
- Topic: Renunciation and RRSP
- Replies: 5
- Views: 3432
I should correct one statement I made... Under the tax treaty, and Rev Proc 14-55, these taxes are NOT DUE, unless you fail to meet the criteria in Rev Proc 14-55. And if you do, you can come to MEET them through the Streamlined Procedure as long as you qualify for that program. But get help from an...