Search found 10 matches

by kev_indigo
Thu May 13, 2021 9:01 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Stocks in Roth IRA for Dividends
Replies: 5
Views: 2519

Re: Canadian Stocks in Roth IRA for Dividends

I should correct my earlier reply, I do understand why the dividend tax credit is applicable when the Roth IRA is taxable in Canada. When your U.S. Roth IRA account is deemed a taxable account in Canada due to having made a Canadian contribution, you pay Canadian taxes on the dividends earned in the...
by kev_indigo
Thu May 13, 2021 4:26 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax on Early SS Retirement Benefits
Replies: 1
Views: 995

Tax on Early SS Retirement Benefits

Situation: U.S. citizen living full time in Canada with PR status. Worked 21 years in U.S. before moving to Canada, have worked for 19 years now in Canada. I have sufficient credits to earn both SS Retirement benefits in the U.S. and CPP benefits in Canada. At the moment, I am still working and expe...
by kev_indigo
Thu May 13, 2021 4:10 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Stocks in Roth IRA for Dividends
Replies: 5
Views: 2519

Re: Canadian Stocks in Roth IRA for Dividends

In this situation the Roth is taxable in Canada due to contributions that were made to the Roth IRA after he moved to Canada. Unfortunately, I am in the same situation. I didn't know about the rules for "Canadian" contributions to a Roth IRA after moving to Canada until after I did it. Liv...
by kev_indigo
Sat Jul 27, 2019 3:12 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 1116 & Software
Replies: 3
Views: 1703

Re: Form 1116 & Software

I was asking more for what version should be used, or if there are software brands that are better for foreign returns. I was reading on the Turbo Tax site that even the cheapest Basic version will do all the forms including 1116, but with less built in interview assistance and help. I was thinking ...
by kev_indigo
Sat Jul 27, 2019 3:03 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Stocks in Roth IRA for Dividends
Replies: 5
Views: 2519

Re: Canadian Stocks in Roth IRA for Dividends

The dividend income in the Roth IRA is not reportable to the IRS in the U.S. so it is unlikely a US brokerage will generate any special statements or T5, other than regular brokerage account statements. The Roth IRA is taxable in Canada so the dividend income in the Roth is taxable in Canada and sel...
by kev_indigo
Sun Jul 21, 2019 1:49 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Stocks in Roth IRA for Dividends
Replies: 5
Views: 2519

Canadian Stocks in Roth IRA for Dividends

Situation is as follows: John Doe is a dual citizen CA/US, dual resident CA/US, originally from US, lived in Canada 20+ years, worked in both countries. John Doe has a Roth IRA in a US account that is taxable in Canada due to making contributions after arriving in Canada. The idea is to purchase Can...
by kev_indigo
Sat Jul 20, 2019 8:47 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 1116 & Software
Replies: 3
Views: 1703

Form 1116 & Software

Nelsona, back in March you wrote: Re: Unused Foreign Tax Paid Form 1116 Line 10 by nelsona » Sun Mar 24, 2019 11:06 am You are supposed to produce a statement each year. Your software does it, and it is sent with your return, even electronically . I never recommend doing 1116 without software. f you...
by kev_indigo
Sat Mar 24, 2018 3:28 pm
Forum: Canada / United States Tax & Accounting
Topic: How to Report Capital Loss on Form 1116 Line 5
Replies: 1
Views: 1425

How to Report Capital Loss on Form 1116 Line 5

I am a U.S. citizen living and working full time in Canada with Permanent Residence status. I file returns in both Canada and U.S. and have been doing this for 16 years now. I prepare my own returns manually (don't use any software). I have stock trading accounts in both Canada and the U.S. and repo...
by kev_indigo
Sat Mar 24, 2018 2:53 pm
Forum: Canada / United States Tax & Accounting
Topic: does capital loss carry over when FTC zeros out US taxes?
Replies: 4
Views: 2657

If I am not mistaken, the $1500 per person per year rule applies if your filing status is married filing separately. All other filing status situations are allowed to take up to $3000 loss per year on Sch D Line 21 and Form 1040 Line 13. Personally, I file single status and take the full $3000 loss ...
by kev_indigo
Sat Mar 24, 2018 2:24 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual Citizen TFSA Advice
Replies: 11
Views: 5173

Roth IRA is Taxable

I don't know about this particular situation when a Canadian moves to U.S. and opens a new Roth IRA in the U.S. However, I can tell you, as a U.S. citizen who moved to Canada, I do pay taxes in Canada on my U.S. Roth IRA because I made the mistake of adding money to my Roth after I moved to Canada. ...