Search found 25 matches

by mikie
Sat Feb 16, 2019 1:56 pm
Forum: Canada / United States Tax & Accounting
Topic: RRIF mgmt fee deductible on US taxes?
Replies: 1
Views: 121

RRIF mgmt fee deductible on US taxes?

Dual national, US resident since 2015. As a Canadian NR, I no longer file in Canada. In 2018 I transferred my RRIF to a RRIF which has explicit management fees. These fees are not deductible in Canada. But would they be accepted as a legitimate deduction by the IRS?
by mikie
Mon Aug 14, 2017 7:11 am
Forum: Canada / United States Tax & Accounting
Topic: Resources for Dual Citizens - What do I need to know?
Replies: 2
Views: 1975

There are a couple of books on Canada - US tax issues. These also deal a little with financial planning. Do a Google. You might also consider hiring a financial planner that specifically deals with Canada - US investments and taxes. Although TFSAs are legal for dual national Canadian residents, most...
by mikie
Thu Jul 20, 2017 5:57 pm
Forum: Canada / United States Tax & Accounting
Topic: Recommendation for a good cross border Financial Planner
Replies: 6
Views: 3274

Although I am retired and I moved to the USA in 2015, I also have financial planning questions. See my earlier query re RRIF portfolio in this forum. As nelsona politely pointed out, however, financial planning per se may not be appropriate for a tax forum. If someone knows of a forum that specifica...
by mikie
Tue Jun 20, 2017 12:58 pm
Forum: Canada / United States Tax & Accounting
Topic: RRIF advice needed for US resident
Replies: 6
Views: 1228

Thanks, nelsona, your response helps a little. I should have added that I would be perfectly happy if the US $ equivalent of my RRIF showed modest growth. It seems to me that my options are (1) Withdraw all funds in the RRIF, let CRA have their 25% tax, and use the US foreign tax credit to pay the U...
by mikie
Fri Jun 16, 2017 9:55 am
Forum: Canada / United States Tax & Accounting
Topic: RRIF advice needed for US resident
Replies: 6
Views: 1228

RRIF advice needed for US resident

I have a RRIF of about $150K Cdn which I set up 3 years ago while a resident of Canada. I have been a resident of the USA since 2015,, will never move back to Canada, and am a US citizen. Although the RRIF portfolio is balanced, it has performed horribly mainly because of the decline of the Cdn $. A...
by mikie
Sun Jan 01, 2017 6:28 pm
Forum: Canada / United States Tax & Accounting
Topic: amend prior 1116s, revoke prior earned income exclusions?
Replies: 1
Views: 589

amend prior 1116s, revoke prior earned income exclusions?

It appears that the much needed spam cleanup inadvertently removed my thread, so I re-post my concerns. Having mainly used form 2555 and if necessary form 1116 to reduce my US income tax liability to 0 while an employed resident of Canada, I would now like to go back and generate more foreign tax cr...
by mikie
Tue Nov 01, 2016 11:06 am
Forum: Canada / United States Tax & Accounting
Topic: US/CDN citizen with RRIF and LIF
Replies: 14
Views: 2133

Thanks, nelsona. I suspected that you wouldn't be able to resist taking a swing, and you did indeed hit a home run. :)
by mikie
Tue Nov 01, 2016 8:53 am
Forum: Canada / United States Tax & Accounting
Topic: US/CDN citizen with RRIF and LIF
Replies: 14
Views: 2133

Re transfers between registered accounts being non events for IRS and CRA thanks, nelsona. Do you happen to have a link or IB reference for IRS at your fingertips on this topic? I have searched the IRS website with no luck.
by mikie
Mon Oct 31, 2016 12:22 am
Forum: Canada / United States Tax & Accounting
Topic: US/CDN citizen with RRIF and LIF
Replies: 14
Views: 2133

Related question. Dual national, US resident here. I have a Canada Life RRIF, about $80K, and Manulife RRIF, about $120K, having the required minimum monthly disbursement from each deposited to my non registered checking account. CRA is withholding 15%. If I transfer the entire Canadian Life RRIF to...
by mikie
Tue Oct 11, 2016 4:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Retaining US bank accounts after return to Canada
Replies: 10
Views: 1495

I recommend keeping US bank , credit cards, and checking accounts and using a US address for all of these. Some premium credit cards are not available to Canadian residents. There are a few other occasions when it is convenient to interpret one's country of residence with flexibility. :)
by mikie
Sat Oct 08, 2016 9:29 am
Forum: Canada / United States Tax & Accounting
Topic: IRS and State processing time in transition year
Replies: 14
Views: 3646

Update. A CRA agent told me that their computer automatically changes OAS and CPP amounts to match the tax slip no matter what the tax payer puts on their return. My T1 adjustment request is still (after 3 months) being processed.
by mikie
Thu Aug 04, 2016 3:52 pm
Forum: Canada / United States Tax & Accounting
Topic: IRS and State processing time in transition year
Replies: 14
Views: 3646

The CRA assessment simply stated that OAS and CPP amounts had been changed to agree with the info slips, and that related credits and calculations were changed accordingly. My March 31 departure from Canada was otherwise accepted by CRA, even though all info slips were not accurate. I did not notify...
by mikie
Fri Jul 29, 2016 10:04 am
Forum: Canada / United States Tax & Accounting
Topic: IRS and State processing time in transition year
Replies: 14
Views: 3646

I have prepared a T1 Adjustment Request. Can I somehow submit this online? When I try to use the Submit Documents tab on the CRA website, the 2015 Tax Year is not an option that comes up.
by mikie
Wed Jul 27, 2016 4:57 pm
Forum: Canada / United States Tax & Accounting
Topic: IRS and State processing time in transition year
Replies: 14
Views: 3646

Re CPP, I entered the portion of my total 2015 benefit received while a resident of Canada as my Retirement benefit, and noted that this portion was taxable. Re OAS, for Taxable pension paid I entered the portion received while a resident of Canada. Is this correct? Since the CRA agent used the info...
by mikie
Wed Jul 20, 2016 1:57 pm
Forum: Canada / United States Tax & Accounting
Topic: IRS and State processing time in transition year
Replies: 14
Views: 3646

Sorry, for the sake of brevity I grossly oversimplified. By apportioning my mainly pensionable income, I figured that I owed only $268 to the IRS in 2015. I was just wondering if that has been reviewed and accepted by the IRS. If I use the online procedure for checking on refunds, it comes back that...