Search found 2 matches
- Wed Jun 17, 2015 7:51 pm
- Forum: Canada / United States Tax & Accounting
- Topic: CRA Foreign Tax Credit - IRA withholding, penalties, refunds
- Replies: 1
- Views: 2867
CRA Foreign Tax Credit - IRA withholding, penalties, refunds
So, early distribution of an IRA by a Canadian resident triggers 20% withholding + 10% penalty at tax time on the US side, while must also be claimed as income in Canada. If certain credits such as the child tax credit are applied against this on the American-side of things so that it triggers a net...
- Fri Feb 27, 2015 8:04 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Algorithm for doing a 3520-3520A in 2nd year and beyond
- Replies: 28
- Views: 27694
I just wanted to chime in and say this has been extremely helpful in getting up to speed on the documentation and de-mystifying the process. Tacking 3520-A for my RESP which is invested in mutual funds. Well under the PFIC reporting minimum for all my investments at least. Most here seem to have the...