Search found 62 matches

by nirvana_1959
Wed May 05, 2021 9:14 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian citizen worked in USA and retiring in Philippines
Replies: 5
Views: 289

Re: Canadian citizen worked in USA and retiring in Philippines

General rule: You have to pay tax on worldwide income to the country to which you are tax resident.
So, yes to your question. However, you would have paid taxes on the same income to USA which can be used to offset Canadian taxes.
by nirvana_1959
Tue May 04, 2021 7:02 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian citizen worked in USA and retiring in Philippines
Replies: 5
Views: 289

Re: Canadian citizen worked in USA and retiring in Philippines

Short answer is "NO". As a non-resident (of Canada) you pay taxes only on income from Canadian sources.
by nirvana_1959
Mon May 03, 2021 6:23 pm
Forum: Canada / United States Tax & Accounting
Topic: transferring funds to spouse
Replies: 2
Views: 113

Re: transferring funds to spouse

The above statement holds true from IRS perspective.

For CRA: I don't think it should be a problem (as long as you have record of withdrawals from her accounts). For TFSA you will have to wait till Jan 1 if you don't have room now. Note: withdrawal does create room right away.
by nirvana_1959
Mon May 03, 2021 6:16 pm
Forum: Canada / United States Tax & Accounting
Topic: transferring funds to spouse
Replies: 2
Views: 113

Re: transferring funds to spouse

I think you should be able to "gift" ~$150K / year to your non-citizen spouse without incurring any tax.
by nirvana_1959
Mon May 03, 2021 5:43 pm
Forum: Canada / United States Tax & Accounting
Topic: Guidance on Form 8938 with respoect to RRSPs
Replies: 53
Views: 40593

Re: Guidance on Form 8938 with respoect to RRSPs

Reviving an old thread...

If you're holding a self-directed RRSP account with a brokerage firm then, IMO, it should be reported in Section V. Section VI is for other financial instruments (physical share certificates, financial contracts, etc.). Comment/feedback ?
by nirvana_1959
Sun May 02, 2021 1:12 pm
Forum: Canada / United States Tax & Accounting
Topic: advantages and disadvantages of joint financial account in Canada
Replies: 4
Views: 565

Re: advantages and disadvantages of joint financial account in Canada

A little late. Perhaps others can benefit from it. My accountant advised me to make all accounts as joint (from estate planning perspective it's a good idea). However, each account is "owned" by only one of us. By "owned" I mean (a) puts money in and (b) reports income from the a...
by nirvana_1959
Thu Apr 29, 2021 9:48 am
Forum: Canada / United States Tax & Accounting
Topic: 1040 MFJ with 8833 XXV(1) -- Stimulus payment ?
Replies: 3
Views: 276

Re: 1040 MFJ with 8833 XXV(1) -- Stimulus payment ?

Thanks Nelson.

My wife and I both have SSN. However, SPT comes to 170 days :-(. So, I have to figure out a way not to claim the stimulus payment (may be lie that I received the payments to bypass the error).
by nirvana_1959
Thu Apr 29, 2021 7:53 am
Forum: Canada / United States Tax & Accounting
Topic: 1040 MFJ with 8833 XXV(1) -- Stimulus payment ?
Replies: 3
Views: 276

1040 MFJ with 8833 XXV(1) -- Stimulus payment ?

I have been filing 1040NR so far. For 2020 I fall (around 15 days) below 183 days on SPT. However, I decided to file 1040 MFJ with 8833 XXV(1).

My tax software is adding stimulus payments. Am I even eligible for that ?
by nirvana_1959
Thu Apr 29, 2021 7:16 am
Forum: Canada / United States Tax & Accounting
Topic: 1040 XXV(1) with 8833
Replies: 22
Views: 1598

Re: 1040 XXV(1) with 8833

nirvana_1959 wrote: > I have been filing 1040NR so far. For 2020 I fall (around 15 days) below > 183 days on SPT. However, I decided to file 1040 MFJ with 8833 XXV(1) (one > for me and one for my wife). I have couple of "questions”... Thanks! > > My tax software is adding stimulus payments. Am ...
by nirvana_1959
Mon Mar 01, 2021 9:48 am
Forum: Canada / United States Tax & Accounting
Topic: 1040 XXV(1) with 8833
Replies: 22
Views: 1598

Re: 1040 XXV(1) with 8833

nelsona wrote: > I always submit my return electronically. (In fact mine has already been > accepted by IRS). If I have anything that needs to be added that would have > forced me to paper file, I simply wait for the return to be processed, and > THEN send a 1040X with whatever needed paperwork. Thi...
by nirvana_1959
Tue Feb 16, 2021 4:37 pm
Forum: Canada / United States Tax & Accounting
Topic: Remote work on TD visa in the US
Replies: 3
Views: 317

Re: Remote work on TD visa in the US

IIRC your employer has to register as a foreign corporation be able to deduct payroll taxes and remit them...
by nirvana_1959
Tue Feb 16, 2021 4:32 pm
Forum: Canada / United States Tax & Accounting
Topic: 401k Deductions + Roth for Canadian Tax Return
Replies: 8
Views: 461

Re: 401k Deductions + Roth for Canadian Tax Return

1. Yes. Canadian income = W2 wages + 401K 2. Entire 401K amount can be deducted. "Had 10K RRSP room.." ? 3. Roth IRA <=> Canadian TFSA. "The treaty provides that if an individual who is a resident of Canada makes contributions to a Roth IRA while a resident of Canada, the Roth IRA wil...
by nirvana_1959
Tue Feb 16, 2021 2:41 pm
Forum: Canada / United States Tax & Accounting
Topic: Taxes for independent contractor on a TN visa on 1099 basis
Replies: 5
Views: 452

Re: Taxes for independent contractor on a TN visa on 1099 basis

If you get TN you may have problem with CBP. They do check at random (one in a million, may be; it happened to my friend) to ensure it is a legitimate set up. You prove it by showing US pay stubs and US bank statements (unless it's clearly stated in TN that its sole purpose is for attending meetings...
by nirvana_1959
Tue Feb 16, 2021 2:29 pm
Forum: Canada / United States Tax & Accounting
Topic: 1040 XXV(1) with 8833
Replies: 22
Views: 1598

Re: 1040 XXV(1) with 8833

Sure. Turbootax or Taxact can be used. With 8833 you have to do paper return (can't efile). If they miss a form or two (like 8621) you can download from IRS.
by nirvana_1959
Sun Feb 14, 2021 11:03 am
Forum: Canada / United States Tax & Accounting
Topic: 1040 XXV(1) with 8833
Replies: 22
Views: 1598

Re: 1040 XXV(1) with 8833

@Travel-ER-NURSE: Feel free :-). 1040NR (non-resident): Pay tax on US source income only (I think this is pretty much universal) 1040 (resident): Pay tax on all the (worldwide) income (I think this is also universal) Note: US treats citizens as "residents" for tax purposes immaterial of wh...