Search found 8 matches

by mgl
Mon Jul 31, 2006 2:16 pm
Forum: Canada / United States Tax & Accounting
Topic: reporting Roth IRA
Replies: 9
Views: 3563

Thank you. I approached it wrong. I put the 10% on line 53 instead of line 55. I'll change that and erase the info I entered on page 4 in the capital gains section. I had entered the tax withheld at source on line 66. Should that now be entered on line 59 since I have a 1042-S? One last question: wh...
by mgl
Sun Jul 30, 2006 12:19 pm
Forum: Canada / United States Tax & Accounting
Topic: reporting Roth IRA
Replies: 9
Views: 3563

I just realized I should have written my question more clearly. I know I enter Canada as the country. Are my capital gains from a Roth IRA effectively connected or not effectively connected? Which section do I write my capital gains into, if either? As well, it asks for the tax treaty article. ??? T...
by mgl
Sun Jul 30, 2006 12:12 pm
Forum: Canada / United States Tax & Accounting
Topic: reporting Roth IRA
Replies: 9
Views: 3563

Your advisor is dead wrong, unless you haven't waited five years since the Roths inception. A 1040Nr should be filed, only the growth will be reported as taxable income, the 10% penalty will obly be only on the growth , and the rest of your withholding you will get back. You will have nothing to re...
by mgl
Sun Mar 19, 2006 11:13 am
Forum: Canada / United States Tax & Accounting
Topic: reporting Roth IRA
Replies: 9
Views: 3563

I'm a Cnd living in Canada. i cashed in my Roth IRA because of the reporting issues here and because I was getting nickle and dimed on fees because it wasn't growing above the level required to avoid excessive fees. Vanguard sent me a 1042-S showing that they had withheld 30% US tax. My advisor tell...
by mgl
Mon Aug 01, 2005 8:43 am
Forum: Canada / United States Tax & Accounting
Topic: Help - with U.S. son buying condo/loft in Toronto
Replies: 2
Views: 1897

You cannot use your 401k to help with the mortgage downpayment without taking an early withdrawal penalty. If you had a Canadian RRSP and you were buying the home for yourself and it was your first home, you could use your RRSP with the downpayment I believe, but your 401k won't help with this purch...
by mgl
Sat Jul 30, 2005 11:47 pm
Forum: Canada / United States Tax & Accounting
Topic: IRAs and returning to Canada
Replies: 18
Views: 9388

I have a Roth IRA worth $5200. I'm Cnd, back in Canada, and plan to stay here. I'm trying to decide if I should cash it out now given what I've read here about capital gains and Cnd taxes. I put $4500 into the account. I believe it was worth around $3800 when I moved to Canada in late 2002 and now i...
by mgl
Sat Jul 30, 2005 11:41 pm
Forum: Canada / United States Tax & Accounting
Topic: Collect US Social Security or CAN CPP?
Replies: 16
Views: 8454

Thanks for the info.
by mgl
Wed Jul 27, 2005 11:11 pm
Forum: Canada / United States Tax & Accounting
Topic: Collect US Social Security or CAN CPP?
Replies: 16
Views: 8454

I've read the posts here but I'm still learning about social security. I'm 40, Canadian. I lived and worked in the US for almost 11 years, so I have met the 40 quarters rule. I plan to remain in Canada for the rest of my life and work until age 60. This should give me 28-30 years working in Canada. ...