Search found 71 matches

by Russ
Thu Aug 10, 2023 1:51 pm
Forum: Canada / United States Tax & Accounting
Topic: US Social Security and CDN CPP
Replies: 11
Views: 1783

Re: US Social Security and CDN CPP

Thanks again.
by Russ
Wed Aug 09, 2023 6:22 pm
Forum: Canada / United States Tax & Accounting
Topic: US Social Security and CDN CPP
Replies: 11
Views: 1783

Re: US Social Security and CDN CPP

A couple of other questions: If I sold a non-primary residence property in Canada and there was a capital gain then I've heard that CPP will stop payments if that capital gain does not have a capital loss that could lower the 'income' from it below a certain threshold. 1. Is this also the case for S...
by Russ
Wed Aug 09, 2023 6:07 pm
Forum: Canada / United States Tax & Accounting
Topic: US Social Security and CDN CPP
Replies: 11
Views: 1783

Re: US Social Security and CDN CPP

Thanks again.
by Russ
Wed Aug 09, 2023 3:26 pm
Forum: Canada / United States Tax & Accounting
Topic: US Social Security and CDN CPP
Replies: 11
Views: 1783

Re: US Social Security and CDN CPP

This looks good as I have over 20 years paid in to the US so, hopefully, the amount of the WEP 'penalty' will not be too much. But if I understand correctly, the only thing that WEP is applied to is CPP so even 35% of just north of $100 CDN a month is not too damaging. One other question that probab...
by Russ
Tue Aug 08, 2023 5:19 pm
Forum: Canada / United States Tax & Accounting
Topic: US Social Security and CDN CPP
Replies: 11
Views: 1783

Re: US Social Security and CDN CPP

Oh and I'm now a Canadian resident and not working in the US.
by Russ
Tue Aug 08, 2023 5:17 pm
Forum: Canada / United States Tax & Accounting
Topic: US Social Security and CDN CPP
Replies: 11
Views: 1783

US Social Security and CDN CPP

I would like to start taking US Social Security and Canadian CPP now-ish if practical. I'm 62 years old. For CCA, I have the needed number of credits and would get a payment something like: $1500 US / month. For CPP, it's a small amount and would be something like: $120 CDN / month. I've looked over...
by Russ
Thu Apr 27, 2023 10:06 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian - non resident IRA holding TBills and CDs
Replies: 2
Views: 1064

Canadian - non resident IRA holding TBills and CDs

I worked in the US for many years and set up a self-directed IRA that's pretty large via TD Ameritrade (which Schwab bought?). I returned to Canada a few years ago and am still able to purchase stocks, etc. in that IRA from my online account. Now I've bought a CD and a couple of US Treasury bills an...
by Russ
Fri Aug 23, 2019 3:07 pm
Forum: Canada / United States Tax & Accounting
Topic: This is about Nelsona ..
Replies: 5
Views: 3359

Re: This is about Nelsona ..

Ditto - used his advice for many situations.
by Russ
Fri Aug 23, 2019 3:05 pm
Forum: Canada / United States Tax & Accounting
Topic: Withdraw funds from IRA to pay CDN capital gains on rental
Replies: 3
Views: 2050

Re: Withdraw funds from IRA to pay CDN capital gains on rental

Still hoping for an answer for this question. I realize that there's a way to take out money from a US IRA that one has, pay the tax in US, then apply that tax already paid in Canada for current year's income. However, I haven't be able to find out info on this site where the money made in Canada fo...
by Russ
Wed Jun 19, 2019 5:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Withdraw funds from IRA to pay CDN capital gains on rental
Replies: 3
Views: 2050

Withdraw funds from IRA to pay CDN capital gains on rental

I am a CDN citizen / resident. Moved back from US last year, from many years working in the US as TN. I have a large-ish IRA in US. Once I'm past 59 1/2, If I wanted to 'move' money from my US IRA to my CDN RRSP, but with using capital gain on a rental property would this be okay? For example, if I ...
by Russ
Mon Sep 10, 2018 2:50 pm
Forum: Canada / United States Tax & Accounting
Topic: IRA periodic withdrawals and how it works in Canada
Replies: 1
Views: 1221

IRA periodic withdrawals and how it works in Canada

I'm a Canadian citizen / US resident. This is a question for once I return to Canada and become a CDN resident / US non-resident. I understand that withdrawals from an IRA, after aged 59 1/2 would not be penalized 10% for early withdrawal I also understand that the institution could withhold 15% or ...
by Russ
Tue Aug 28, 2018 2:51 pm
Forum: Canada / United States Tax & Accounting
Topic: Convert part of IRA to Roth-IRA before returning to Canada
Replies: 1
Views: 1252

Convert part of IRA to Roth-IRA before returning to Canada

As a Canadian / US resident, I've researched what to do with my IRA before returning to Canada and becoming US non-resident on this forum. One option mentioned is to convert some of your IRA to a Roth-IRA first, then become NR of US and go from there. However, if I look at the rules when creating a ...
by Russ
Sun Apr 10, 2016 7:07 pm
Forum: Canada / United States Tax & Accounting
Topic: Can I reuse car I bought from my LLC in business?
Replies: 1
Views: 1634

Can I reuse car I bought from my LLC in business?

At the end of 2014, since I had depreciated my car in my LLC over 5 years, and had no depreciation left, I bought the car myself for the FMV. In 2015, I used this same car for business and pleasure use. The 2015 tax forms have to show the car I'm using to write off the expenses on it (but no depreci...