Search found 17 matches

by peer
Thu Feb 16, 2023 12:26 am
Forum: Canada / United States Tax & Accounting
Topic: Can I deduct my RRSP contribution on Schedule 1?
Replies: 5
Views: 1025

Re: Can I deduct my RRSP contribution on Schedule 1?

Thanks for the clear information, and the point about future taxable income. Didn't think about that.

I'll look at switching to the FTC instead of the FEIE this year.
by peer
Sun Feb 12, 2023 7:36 pm
Forum: Canada / United States Tax & Accounting
Topic: Can I deduct my RRSP contribution on Schedule 1?
Replies: 5
Views: 1025

Can I deduct my RRSP contribution on Schedule 1?

There's conflicting info online. This page from Serbinski suggests it's possible: https://www.serbinski.com/working-in-usa/rrsp Because an RRSP is not a "qualified" plan for U.S. tax purposes, contributions made in Canada are deductible for U.S. purposes in a limited way. Article XVIII(8) ...
by peer
Mon Dec 13, 2021 1:00 am
Forum: Canada / United States Tax & Accounting
Topic: Transferwise and similar: FBAR and 8938
Replies: 0
Views: 7783

Transferwise and similar: FBAR and 8938

Continuing my string of tax errors, it occurs to me that I should probably have been reporting my Transferwise "borderless" account, even though I've never used it. That leads to the question of whether I should have been reporting Transferwise before it offered a borderless account. Or wo...
by peer
Tue Apr 20, 2021 12:20 pm
Forum: Canada / United States Tax & Accounting
Topic: Very late election for Roth IRAs?
Replies: 8
Views: 3859

Re: Very late election for Roth IRAs?

Thanks, I've submitted a request for a consult, though I'm not expecting that before April 30. I think the key questions are (1) how I know whether my late election mailed on Dec 31, 2020 was received and accepted as valid, and (2) whether that absolves me from having to retroactively file T1135's a...
by peer
Mon Apr 19, 2021 1:46 pm
Forum: Canada / United States Tax & Accounting
Topic: Very late election for Roth IRAs?
Replies: 8
Views: 3859

Re: Very late election for Roth IRAs?

Sorry if I wasn't clear, but it was a rollover of a 401k with Traditional/Roth components into a new Traditional IRA and a new Roth IRA. This random link on the internet seems to suggest that would be okay if I had made the election: https://ca.rbcwealthmanagement.com/documents/359011/946626/Moving+...
by peer
Sun Apr 18, 2021 10:49 pm
Forum: Canada / United States Tax & Accounting
Topic: Very late election for Roth IRAs?
Replies: 8
Views: 3859

Re: Very late election for Roth IRAs?

I finally got around to filing the election in late 2020. Snail-mailed the Competent Authority Services Division as described here: https://www.canada.ca/en/revenue-agency/services/tax/technical-information/income-tax/income-tax-folios-index/series-5-international-residency/folio-3-cross-border-issu...
by peer
Sun Apr 18, 2021 10:09 pm
Forum: Canada / United States Tax & Accounting
Topic: US-Cad citizen vs Norbert's Gambit
Replies: 8
Views: 4885

Re: US-Cad citizen vs Norbert's Gambit

Numbersman61 wrote: > Simple solution for Norbert’s Gambit - trade an inter listed stock such AS > Royal Bank. Sell Royal Bank on NYSE and buy on TSX. Thanks, I was aware of that, but that adds equity risk on top of the currency risk. With my current broker it takes 4-5 days to complete NG. In retro...
by peer
Mon Apr 05, 2021 12:12 am
Forum: Canada / United States Tax & Accounting
Topic: US-Cad citizen vs Norbert's Gambit
Replies: 8
Views: 4885

Re: US-Cad citizen vs Norbert's Gambit

I just realized this evening that (as a US-expat) the multiple conversions I've done with Norbert's Gambit and DLR/DLR.U the last couple months are going to introduce me to PFIC land since DLR is a Toronto-listed ETF. Ironic since the whole point of doing the conversion to USD was to invest in only ...
by peer
Mon Apr 20, 2020 1:17 am
Forum: Canada / United States Tax & Accounting
Topic: Only received 1099-DIV not 1099-B
Replies: 0
Views: 7045

Only received 1099-DIV not 1099-B

I'm a US citizen living in Canada as a PR. In 2019, I opened a non-registered account with a robo-advisor (Wealthsimple). They have both Canadian and US branches, but this account was opened with their Canadian branch and I give them CAD. To avoid PFIC they only invest in US-listed ETFs. For my Cana...
by peer
Mon May 06, 2019 4:42 pm
Forum: Canada / United States Tax & Accounting
Topic: Physical Presence Test: does driving over the border count?
Replies: 3
Views: 2148

Re: Physical Presence Test: does driving over the border count?

Thanks Nelsona. I think that means I'm obligated to file amended 2555's for the last 5 years, recording those days?

And if that disqualifies me from using the Physical Presence Test for any year, take (or attempt to take) the Bona Fide Test for that year?
by peer
Mon May 06, 2019 11:27 am
Forum: Canada / United States Tax & Accounting
Topic: Physical Presence Test: does driving over the border count?
Replies: 3
Views: 2148

Physical Presence Test: does driving over the border count?

Maybe obvious in retrospect, but it just occurred to me that driving over the border to pick-up packages probably counts as a day in the USA (and conversely, not a day in a foreign country). Even if I'm there under 30 minutes. Am I missing something?
by peer
Tue Mar 06, 2018 3:22 am
Forum: Canada / United States Tax & Accounting
Topic: Thank you nelsona
Replies: 3
Views: 2887

Concur. Wish I knew about this forum before the move.
by peer
Tue Mar 06, 2018 3:15 am
Forum: Canada / United States Tax & Accounting
Topic: Very late election for Roth IRAs?
Replies: 8
Views: 3859

Thanks for the clear answers. That is super helpful.

It's too bad about (3). I was unemployed most of the year before the move, so that would have been the time to do it.
by peer
Sun Mar 04, 2018 11:47 pm
Forum: Canada / United States Tax & Accounting
Topic: Very late election for Roth IRAs?
Replies: 8
Views: 3859

Very late election for Roth IRAs?

I moved from the US to Canada on a work permit in 2014, and recently became a permanent resident. The problem is I just discovered I was supposed to make a one-time election of my Roth IRAs when becoming a resident as described here: https://serbinski.com/roth-ira-when-moving-canada I have 2 Roth IR...
by peer
Fri Apr 29, 2016 12:48 am
Forum: Canada / United States Tax & Accounting
Topic: Do I qualify for Streamlined Foreign Offshore Procedure?
Replies: 1
Views: 1651

I assume I qualify from this excerpt: "You must have been physically outside the U.S. for at least 330 full days in any one or more of the most recent three years for which the U.S. tax return due date (or properly applied for extended due date) has passed, and you must not have had a U.S. abod...