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American mother-in-law passed away last summer.
The 4 children are equal-share beneficiaries.
Three of them are American citizens living in the USA.
The fourth child, my wife, is a Canadian citizen living in Canada.
(She renounced her US citizenship a few years ago).
The oldest son is the executor ...

Can001 wrote:
>
> We got US green card approved and plan to activate the card in a few
> months.
>

I’m curious as to what you mean by “activate the card”.
Once you get a green card, isn’t it automatically “active”?
Like a passport, once you receive it in the mail, it is “active”.
Unlike a credit ...

Thank you nelsona for the correction.

Update:
T Rowe Price is withholding 30% for the IRS and is sending us a check for the remaining 70%.
I argued for 15%. They said that the 15% rate is for periodic withdrawals only.
They said that for a full distribution the tax treaty calls for 30%.

Steps to come:
Next Spring I will claim a FTC for ...

My mother-in-law (US citizen living in the US) recently passed away.
My wife (Canadian citizen living in Canada, no longer a US citizen) and her siblings (US citizens living in the US) are equal-share beneficiaries of their mother's revocable living trust. The oldest son (i.e. my wife's oldest ...

brianbbc wrote:
> Spouse gets rollover advantage only. Some specific rule changes but
> generally everyone else has 10 years to withdrawal all funds from ira or
> Roth. Pretty advantageous now to prolong growth, and minimize tax burden
> when doing inheritance planning. Btw, the inheritance ira/roth ...

My brother is a Canadian citizen and resident. He is not a US person. He has never lived in the US. He has never filed a tax return with the IRS. However, he owns some US-listed ETFs (mainly ITOT) at a Canadian online discount brokerage. The total value of his US-listed ETFs is about 100,000 USD. I ...

One more question.
If the IRA is collapsed and paid as a lump sum, you said that the withholding tax (for the IRS) would be 25%.
Can the beneficiary get a foreign tax credit for the full 25% when they file their Canadian tax return or is the foreign tax credit limited to 15%?
If it is limited to 15 ...

Is it true that as a non-US person receiving only Social Security and distributions/withdrawals from an Inherited IRA (with 15% withholding), my wife would not be required to file a tax return with the IRS?

Thank you nelsona.
The US relative is my mother-in-law who recently passed away.
She actually has 2 IRAs, one at Vanguard and one at T. Rowe Price.
My wife and her 3 siblings are equal-parts beneficiaries.
The 3 siblings are US citizens living in the US.
My wife is a Canadian citizen. She renounced ...

Thank you nelsona.
The US relative is my mother-in-law who recently passed away.
She actually has 2 IRAs, one at Vanguard and one at T. Rowe Price.
My wife and her 3 siblings are equal-parts beneficiaries.
The 3 siblings are US citizens living in the US.
My wife is a Canadian citizen. She renounced ...

What happens when a Canadian citizen (living in Canada) inherits a traditional IRA from a US relative?
Are there tax-advantageous ways to proceed?

I did my son's tax return using Ufile.
I am going over the final T1 tax return and I am trying to understand every line.
I am down to one last unsolved mystery.

His T3 shows the following:
Box 25 (Foreign non-business income): $162.14
Box 34 (Foreign non-business income tax paid): $18.77

Being a ...

My wife recently applied for and started to received her SS benefits.
The WEP was applied due to her monthly QPP of about 625 CAD.
We have no idea what exchange rate was used for this 625 CAD.
We have no idea how much her SS monthly benefit would have been without WEP.
We have no idea how much WEP ...

Thanks again.

After doing additional searches online, I conclude that…
- As you pointed out, Medicare Part A is not sufficient for a Canadian travelling in the US. It is better to supplement it with a standard travel emergency health care insurance purchased from Desjardins and the likes.
- Yes, I ...