Search found 10 matches
- Thu May 13, 2021 9:01 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Stocks in Roth IRA for Dividends
- Replies: 5
- Views: 2551
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...
- Thu May 13, 2021 4:26 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Tax on Early SS Retirement Benefits
- Replies: 1
- Views: 1017
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...
- Thu May 13, 2021 4:10 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Stocks in Roth IRA for Dividends
- Replies: 5
- Views: 2551
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...
- Sat Jul 27, 2019 3:12 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Form 1116 & Software
- Replies: 3
- Views: 1725
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 ...
- Sat Jul 27, 2019 3:03 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Stocks in Roth IRA for Dividends
- Replies: 5
- Views: 2551
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...
- Sun Jul 21, 2019 1:49 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Stocks in Roth IRA for Dividends
- Replies: 5
- Views: 2551
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...
- Sat Jul 20, 2019 8:47 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Form 1116 & Software
- Replies: 3
- Views: 1725
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...
- 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: 1438
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...
- 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: 2688
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 ...
- Sat Mar 24, 2018 2:24 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Dual Citizen TFSA Advice
- Replies: 11
- Views: 5196
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. ...