Search found 62 matches

by formerpatriot
Sat Mar 16, 2024 3:06 pm
Forum: Canada / United States Tax & Accounting
Topic: Foreign Tax Credit and Deduction under subsection 20(12)
Replies: 0
Views: 72

Foreign Tax Credit and Deduction under subsection 20(12)

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 stu...
by formerpatriot
Fri Dec 22, 2023 2:52 pm
Forum: Canada / United States Tax & Accounting
Topic: WEP 75% Reduction
Replies: 18
Views: 15941

Re: WEP 75% Reduction

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 r...
by formerpatriot
Wed Sep 06, 2023 6:17 pm
Forum: Canada / United States Tax & Accounting
Topic: US Medicare Part A for Canadians
Replies: 5
Views: 1372

Re: US Medicare Part A for Canadians

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 w...
by formerpatriot
Tue Sep 05, 2023 8:54 am
Forum: Canada / United States Tax & Accounting
Topic: US Medicare Part A for Canadians
Replies: 5
Views: 1372

Re: US Medicare Part A for Canadians

Thank you for the quick reply. One follow-up question: 4. At 65, when covered by Medicare Part A, will she still need to purchase emergency medical insurance when she travels to the US (car accident in the US? Heart attack in the US? Etc.) or will Medicare Part A be sufficient? And one related quest...
by formerpatriot
Tue Sep 05, 2023 8:27 am
Forum: Canada / United States Tax & Accounting
Topic: US Medicare Part A for Canadians
Replies: 5
Views: 1372

US Medicare Part A for Canadians

After working for in the US for 10 years (and acquiring the 40 credits to be eligible for Social Security benefits), my wife moved to Canada, became a Canadian citizen and renounced her US citizenship. She lives with me in Canada and she travels to the US on average twice a year for 7 to 10 days to ...
by formerpatriot
Tue Aug 08, 2023 10:23 pm
Forum: Canada / United States Tax & Accounting
Topic: US Social Security and CDN CPP
Replies: 11
Views: 1781

Re: US Social Security and CDN CPP

My wife is 62 and she is in the process of applying for SS. She had her phone interview yesterday. We do not know yet how much she will get but here are the rough numbers. Before WEP, she would get about 1000 USD per month. She started her QPP (Quebec equivalent to CPP) 2 year ago. Her QPP is about ...
by formerpatriot
Tue Jul 25, 2023 7:21 pm
Forum: Business & Personal Immigration to the United States
Topic: Ramifications of Renouncing Citizenship
Replies: 3
Views: 15121

Re: Ramifications of Renouncing Citizenship

My wife and my son both renounced their US citizenship a few years ago. The main benefit is that they no longer have to file tax returns with the IRS. They still go to the US whenever they want, as tourists using their Canadian passports. My wife will still get her Social Security pension benefits. ...
by formerpatriot
Thu Jun 08, 2023 3:24 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian with US pension income
Replies: 5
Views: 1658

Re: Canadian with US pension income

You are right!
It’s on page 7 of the instructions for 1040-NR.
by formerpatriot
Thu Jun 08, 2023 12:17 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian with US pension income
Replies: 5
Views: 1658

Re: Canadian with US pension income

Thank you nelsona and ND for your replies. Regarding my first question, I was not patient enough to read the 50-page “Instructions to Form 1040-NR” but on the IRS website https://www.irs.gov/individuals/international-taxpayers/taxation-of-nonresident-aliens I found an exhaustive list of the scenario...
by formerpatriot
Wed Jun 07, 2023 1:59 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian with US pension income
Replies: 5
Views: 1658

Canadian with US pension income

In 2022, I had the following pension income from the USA: - Social Security - Pension from a former employer for whom I worked for a few years in the late 1980s and early 1990s. I retired in late 2021 and year 2022 was the first year for which I received such pension income. I am not a US citizen an...
by formerpatriot
Sun Apr 09, 2023 8:04 am
Forum: Canada / United States Tax & Accounting
Topic: reporting TFSA interest in 1040
Replies: 6
Views: 1813

Re: reporting TFSA interest in 1040

My wife used to be a dual citizen (Canada-USA) living in Canada. She had a TFSA. To keep things simple and to avoid potential problems, she invested only in GIC within her TFSA. All interest was declared on schedule B. We did everything in good faith, to the best of our knowledge. Some years ago she...
by formerpatriot
Wed Mar 29, 2023 4:02 pm
Forum: Canada / United States Tax & Accounting
Topic: Foreign tax credit for Quebec resident
Replies: 11
Views: 2417

Re: Foreign tax credit for Quebec resident

Final update: Today I was on the phone with the CRA and with Revenue Quebec. The conclusion is that you can’t choose how you want a foreign tax credit to be split between Canada and Quebec. On line 3 of the T2209, you have to do as it says: write the smaller of the amount from line 1 and the amount ...
by formerpatriot
Sun Mar 26, 2023 7:02 pm
Forum: Canada / United States Tax & Accounting
Topic: Foreign tax credit for Quebec resident
Replies: 11
Views: 2417

Re: Foreign tax credit for Quebec resident

The software (UFILE) did not override it.
The CRA "corrected the error" (as the Notice of Assessment says).
Today the large CRA tax return was deposited in my bank account.
Now I am waiting to see what Revenue Quebec does.
by formerpatriot
Sun Mar 26, 2023 4:48 pm
Forum: Canada / United States Tax & Accounting
Topic: Canada OAP and US Social Security
Replies: 29
Views: 62402

Re: Canada OAP and US Social Security

By OAP do you mean OAS, the Old Age Security pension? My understanding is that the OAS pension will not affect your US Social Security benefits. It's the CPP (Canada Pension Plan) that would cause a reduction of your US Social Security benefit via the WEP. But do not take my word for the truth. I'll...
by formerpatriot
Sat Mar 18, 2023 1:56 pm
Forum: Canada / United States Tax & Accounting
Topic: Foreign tax credit for Quebec resident
Replies: 11
Views: 2417

Re: Foreign tax credit for Quebec resident

As mentioned above, on line 3 of my T2209, I caped my federal non-business foreign tax credit so that most of it could be used in my Quebec tax return. Today I filed my tax return using UFILE. Seconds later, an Express Notice of Assessment was deposited in My Account on the CRA website. The cap that...