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.
Search found 17 matches
- 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: 1174
- 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: 1174
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) ...
- Mon Dec 13, 2021 1:00 am
- Forum: Canada / United States Tax & Accounting
- Topic: Transferwise and similar: FBAR and 8938
- Replies: 0
- Views: 11111
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...
- Tue Apr 20, 2021 12:20 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Very late election for Roth IRAs?
- Replies: 8
- Views: 3984
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...
- Mon Apr 19, 2021 1:46 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Very late election for Roth IRAs?
- Replies: 8
- Views: 3984
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+...
- Sun Apr 18, 2021 10:49 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Very late election for Roth IRAs?
- Replies: 8
- Views: 3984
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...
- Sun Apr 18, 2021 10:09 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US-Cad citizen vs Norbert's Gambit
- Replies: 9
- Views: 5146
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...
- Mon Apr 05, 2021 12:12 am
- Forum: Canada / United States Tax & Accounting
- Topic: US-Cad citizen vs Norbert's Gambit
- Replies: 9
- Views: 5146
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 ...
- Mon Apr 20, 2020 1:17 am
- Forum: Canada / United States Tax & Accounting
- Topic: Only received 1099-DIV not 1099-B
- Replies: 0
- Views: 9929
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...
- 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: 2188
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?
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?
- 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: 2188
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?
- Tue Mar 06, 2018 3:22 am
- Forum: Canada / United States Tax & Accounting
- Topic: Thank you nelsona
- Replies: 3
- Views: 2950
- Tue Mar 06, 2018 3:15 am
- Forum: Canada / United States Tax & Accounting
- Topic: Very late election for Roth IRAs?
- Replies: 8
- Views: 3984
- Sun Mar 04, 2018 11:47 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Very late election for Roth IRAs?
- Replies: 8
- Views: 3984
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...
- 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: 1680