Search found 21 matches
- Fri Jun 18, 2021 3:59 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Moving back to Canada, can I buy a house beforehand from the U.S.?
- Replies: 2
- Views: 1405
Moving back to Canada, can I buy a house beforehand from the U.S.?
Hello, I'm on a TN1 Visa working in the U.S. I am returning to Canada permanently and would ideally purchase a home before leaving the U.S. Since I'd still be. a U.S. resident when that purchase was made, is there anything I should be aware of? I.e., will there be any additional cross-border tax imp...
- Fri Apr 05, 2019 10:27 am
- Forum: Canada / United States Tax & Accounting
- Topic: Living in US, received inheritance in Canada
- Replies: 3
- Views: 2185
Re: Living in US, received inheritance in Canada
Hi Nelson,
Thanks for all the information provided below. Very helpful.
For form 3520, can you advise on what section I would fill out for an inheritance? It looks like Section IV (gifts or bequests) but could fall under Section III (beneficiary of trust).
Thanks again.
Thanks for all the information provided below. Very helpful.
For form 3520, can you advise on what section I would fill out for an inheritance? It looks like Section IV (gifts or bequests) but could fall under Section III (beneficiary of trust).
Thanks again.
- Wed Mar 13, 2019 1:00 am
- Forum: Canada / United States Tax & Accounting
- Topic: Living in US, received inheritance in Canada
- Replies: 3
- Views: 2185
Living in US, received inheritance in Canada
Hello, I am a Canadian citizen living in U.S as a permanent resident. A relative in Canada died in 2018 and I received an inheritance. Due to the time gap between this relative's death and the time I received the inheritance, there were investment gains on the estate account. I've since received T4A...
- Fri Sep 28, 2018 3:00 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Working in US on TN visa, wanting to invest an inheritance from Canada
- Replies: 2
- Views: 1547
Re: Working in US on TN visa, wanting to invest an inheritance from Canada
Nelson, thanks for the response. I wasn't at all aware I couldn't maintain or create an investment brokerage account in Canada. Much appreciated.
- Sun Sep 23, 2018 12:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Working in US on TN visa, wanting to invest an inheritance from Canada
- Replies: 2
- Views: 1547
Working in US on TN visa, wanting to invest an inheritance from Canada
Hello, I am a Canadian on a TN visa in the US and, have been here a year, and expect to remain for at least 5 more years. I'm considered a non-resident of Canada for income tax purposes. I recently received an inheritance from a deceased relative and am making plans to invest that money. I have even...
- Wed Sep 27, 2017 1:24 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Buying a home in U.S. as a Canadian non-resident
- Replies: 1
- Views: 1846
Buying a home in U.S. as a Canadian non-resident
Hi all, I just moved to Colorado permanently on a TN Visa and it appears I will be taxed in 2017 as a non-resident alien due to failing the substantial presence test. Come 2018, I will be considered a resident alien. I wanted to purchase a home in 2017 and am wondering if I will face unforeseen diff...
- Mon Mar 06, 2017 9:52 am
- Forum: Canada / United States Tax & Accounting
- Topic: 1040 NR filing after returning to Canada mid-year
- Replies: 3
- Views: 1978
Thanks nelsona. I'm not reporting as dual status but as non-resident. I was in the U.S. less than a year total on temporary work. In 2015 I filed all my U.S. income under 1040 NR as non-resident, filled out the 8833 treaty form, reported the foreign tax on my T1 and effectively paid all my tax to Ca...
- Sun Mar 05, 2017 9:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 1040 NR filing after returning to Canada mid-year
- Replies: 3
- Views: 1978
1040 NR filing after returning to Canada mid-year
I worked in the U.S from Jan-April 2016 under a TN Visa before moving back to Canada in May 2016. I am wondering whether I should bother applying for a child tax credit on the 1040 NR. It'll give me a larger U.S. refund of course, but as I understand it that's just extra money I'll have to pay CRA o...
- Fri Mar 11, 2016 3:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Confusion on making a Section 217 election
- Replies: 13
- Views: 5309
- Fri Mar 11, 2016 12:56 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Confusion on making a Section 217 election
- Replies: 13
- Views: 5309
This is very illuminating. I see two possible approaches for filing, both of which don't include a 217 for simplicity. Hopefully one of these is correct. 1. I report everything in 2015 on the 1040 married filing jointly. We also file as non-residents on our respective T1's and report income earned i...
- Fri Mar 11, 2016 11:32 am
- Forum: Canada / United States Tax & Accounting
- Topic: Tough call filing as resident or non-resident of Canada
- Replies: 8
- Views: 5270
- Fri Mar 11, 2016 11:29 am
- Forum: Canada / United States Tax & Accounting
- Topic: Confusion on making a Section 217 election
- Replies: 13
- Views: 5309
Wow, I thought I had a handle on this. Clearly I don't. Are my wife and I not dual status aliens according to the IRS for 2015? Their instructions suggest that we don't report income outside the U.S. for the time we were non-residents (i.e. Jan-April): ----------------------------- (copied from IRS ...
- Fri Mar 11, 2016 11:20 am
- Forum: Canada / United States Tax & Accounting
- Topic: Foreign Tax Credit on Canadian return
- Replies: 8
- Views: 4580
- Fri Mar 11, 2016 10:37 am
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian T4E on US taxes
- Replies: 15
- Views: 9756
- Fri Mar 11, 2016 10:29 am
- Forum: Canada / United States Tax & Accounting
- Topic: Foreign Tax Credit on Canadian return
- Replies: 8
- Views: 4580