Search found 58 matches

by canadiandeserter
Sat Jul 08, 2023 3:31 am
Forum: Canada / United States Tax & Accounting
Topic: Holding US Mutual Funds as Canadian
Replies: 8
Views: 2607

Re: Holding US Mutual Funds as Canadian

Thank you nelsona for your continued help. Two more related questions if you do not mind. 1. On form T1135, should the cost amount be the original purchase price (prior to arrival to Canada) or the market value on the date of arrival (deemed acquisition on arrival)? 2. Are there any tax or filing co...
by canadiandeserter
Fri Jun 30, 2023 2:25 am
Forum: Canada / United States Tax & Accounting
Topic: Holding US Mutual Funds as Canadian
Replies: 8
Views: 2607

Re: Holding US Mutual Funds as Canadian

My concern is CRA technical interpretation 2015-0611141E5: https://taxinterpretations.com/cra/severed-letters/2015-0611141e5 https://www.wolterskluwer.com/en-ca/expert-insights/canadian-t1135-reporting-for-part-year-residents It argues that the full calendar year should be reported on form T1135, bu...
by canadiandeserter
Wed Jun 28, 2023 6:12 pm
Forum: Canada / United States Tax & Accounting
Topic: Holding US Mutual Funds as Canadian
Replies: 8
Views: 2607

Re: Holding US Mutual Funds as Canadian

Thanks nelsona! So no difference between holding US mutual funds and ETFs? While on the topic of T1135, my understanding is that returning residents would need to file form T1135 in the year of the move. If US securities were transferred from a taxable brokerage account in the US to a Canadian broke...
by canadiandeserter
Wed Jun 28, 2023 2:58 am
Forum: Canada / United States Tax & Accounting
Topic: Holding US Mutual Funds as Canadian
Replies: 8
Views: 2607

Holding US Mutual Funds as Canadian

I understand Americans should not hold foreign mutual funds as they are considered PFICs.

Are there any tax or filing consequences for a Canadian resident (and non-US person) holding US mutual funds in an IRA or HSA?
by canadiandeserter
Tue Feb 14, 2023 9:42 pm
Forum: Canada / United States Tax & Accounting
Topic: HSA Brokerage for Canadians
Replies: 0
Views: 37229

HSA Brokerage for Canadians

Any recommendations for an HSA brokerage who can service Canadian residents? Fidelity said that while Canadians can hold IRA and 401(k) accounts, they do not consider HSAs retirement accounts. The Fidelity HSA would remain open but securities would be restricted to liquidating trades only. Lively cl...
by canadiandeserter
Wed Dec 07, 2022 2:56 am
Forum: Canada / United States Tax & Accounting
Topic: $10,000 Exemption for Former Residents Moving to Canada
Replies: 6
Views: 1897

Re: $10,000 Exemption for Former Residents Moving to Canada

Thanks nelsona for the reminder!

When bring two cars on two different trips, do you know if the second car's value is "locked" at the first border crossing? And would I pay taxes and duties for the second car at the first or second border crossing?
by canadiandeserter
Tue Dec 06, 2022 4:42 am
Forum: Business & Personal Immigration to Canada
Topic: Import Car from US to Canada - Port of Entry and Tax
Replies: 3
Views: 10279

Re: Import Car from US to Canada - Port of Entry and Tax

My understanding is the CBSA only collects GST/HST and duties. ICBC collects PST when the vehicle is registered in BC.
by canadiandeserter
Tue Dec 06, 2022 4:39 am
Forum: Canada / United States Tax & Accounting
Topic: $10,000 Exemption for Former Residents Moving to Canada
Replies: 6
Views: 1897

Re: $10,000 Exemption for Former Residents Moving to Canada

Thanks nelsona, expert in income taxes and customs duties!
by canadiandeserter
Mon Nov 28, 2022 6:11 am
Forum: Canada / United States Tax & Accounting
Topic: $10,000 Exemption for Former Residents Moving to Canada
Replies: 6
Views: 1897

$10,000 Exemption for Former Residents Moving to Canada

If I am considered a former resident of Canada and import two cars while moving to Canada, does the $10,000 exemption on duties and taxes apply to both cars? For example, if my cars are worth $12,000 each, would I pay duties and taxes on $2,000 for both cars, or $2,000 for the first car and $12,000 ...
by canadiandeserter
Sat Sep 24, 2022 11:46 pm
Forum: Canada / United States Tax & Accounting
Topic: Giving up GC and staying permanently in Canada
Replies: 7
Views: 3825

Re: Giving up GC and staying permanently in Canada

If you have lots of capital gains on US property, selling during the non-resident portion of the dual-status return would save the 3.8% NIIT. On the other hand, the 1040NR Schedule A does not seem to allow claiming an itemized deduction for foreign taxes paid. Can one claim a foreign tax deduction o...
by canadiandeserter
Tue Aug 23, 2022 2:21 am
Forum: Canada / United States Tax & Accounting
Topic: Keep 401(k) or rollover to IRA before leaving US?
Replies: 11
Views: 3286

Re: Keep 401(k) or rollover to IRA before leaving US?

martinleroux wrote: > canadiandeserter wrote: > > Would you mind sharing which custodian would force your wife to close the > self-directed > > brokerage portion of the 401(k) plan? > > It's TIAA. Actually in her case it's a 403(b), not a 401(k). I don't know if that > makes a difference. Thank you ...
by canadiandeserter
Sat Aug 20, 2022 3:38 am
Forum: Canada / United States Tax & Accounting
Topic: Keep 401(k) or rollover to IRA before leaving US?
Replies: 11
Views: 3286

Re: Keep 401(k) or rollover to IRA before leaving US?

martinleroux wrote: > However, I'm not sure if this extends to self-directed brokerage accounts inside > 401(k) plans. At least in my wife's case she would have to transfer everything back > to the plan's core mutual fund options. Thank you martinleroux for sharing your experience! Would you mind sh...
by canadiandeserter
Thu Aug 18, 2022 3:34 am
Forum: Canada / United States Tax & Accounting
Topic: Keep 401(k) or rollover to IRA before leaving US?
Replies: 11
Views: 3286

Re: Keep 401(k) or rollover to IRA before leaving US?

Went through all of the tax treaty technical explanations on the IRS web site and found 6 countries that exempt Roth IRAs from taxation: Belgium, Canada, Chile, Malta, Poland, UK. However, only the Canadian one explicitly mentions Roth 401(k) arrangements. The others lump 401(a) plans into pensions;...
by canadiandeserter
Wed Aug 17, 2022 3:55 am
Forum: Canada / United States Tax & Accounting
Topic: Keep 401(k) or rollover to IRA before leaving US?
Replies: 11
Views: 3286

Re: Keep 401(k) or rollover to IRA before leaving US?

Thanks martinleroux for bringing that up! Are 401(k) accounts more likely to be kept open without restrictions compared to IRAs? My plan is to keep IRAs open at multiple brokerages so I can rollover accounts from custodians who may no longer serve non-residents in the future. TD Ameritrade used to b...