Search found 9 matches
- Sun Sep 24, 2017 3:58 am
- Forum: Canada / United States Tax & Accounting
- Topic: Reporting RESP income and expenses on 1040
- Replies: 1
- Views: 2000
One thing I am confused about is that do I have to attach Schedule E and report the amounts from 3520-A owner statement into Part III of Sch. E (Income or loss from Trusts)? If I do that then does it mean I combine all of interest, dividends, other income as Passive income or as Ordinary Income? If ...
- Sun Sep 24, 2017 1:34 am
- Forum: Canada / United States Tax & Accounting
- Topic: Reporting RESP income and expenses on 1040
- Replies: 1
- Views: 2000
Reporting RESP income and expenses on 1040
I have a RESP in Canada that I hadn't closed before moving to USA. I have filed 3520 and 3520-A. However, I am not sure what to do with the "Foreign Grantor Trust Owner Statement" that I issued to myself. Due to the nature of the account (Knowledge First Financial) I have interests, divide...
- Fri May 26, 2017 4:07 am
- Forum: Canada / United States Tax & Accounting
- Topic: Algorithm for doing a 3520-3520A in 2nd year and beyond
- Replies: 28
- Views: 27880
- Fri Apr 28, 2017 3:18 am
- Forum: Canada / United States Tax & Accounting
- Topic: Taking stab at 3520, -A for TFSA
- Replies: 157
- Views: 217625
- Fri Apr 28, 2017 3:13 am
- Forum: Canada / United States Tax & Accounting
- Topic: Help filling 3520 / 3520a for ING Direct TFSA Saving Account
- Replies: 13
- Views: 12274
- Sun Apr 23, 2017 8:39 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Help filling 3520 / 3520a for ING Direct TFSA Saving Account
- Replies: 13
- Views: 12274
- Mon Apr 17, 2017 1:58 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Help filling 3520 / 3520a for ING Direct TFSA Saving Account
- Replies: 13
- Views: 12274
[quote]For U.S. purposes, any income earned with in the trust and attributable to a U.S. beneficiary is taxable in the hands of the beneficiary.[/quote] I have an RESP set up with Knowledge First Financial in which both me and my wife have been mentioned as Subscribers and my daughter as the benefic...
- Sun Apr 16, 2017 11:44 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Taking stab at 3520, -A for TFSA
- Replies: 157
- Views: 217625
I am a US person and have an RESP in which both me and my wife are subscribers, and our daughter is a beneficiary. We became US person last year for tax purposes as I moved to USA on TN-1 status. We are Canadian citizens. I have gone through this thread in details and the help from all the contribut...
- Thu Jun 02, 2016 10:10 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Taxing Advice for US Person/Canadian Citizen
- Replies: 2
- Views: 2894
Taxing Advice for US Person/Canadian Citizen
Hi All, I believe these topics must have been discussed several times before and I did go through some of the suggestions on the various posts, but my situation is bit unique and hence I am not sure what to do or how to do it. So, here it is: a) My wife and I own a business in Canada (holding incorp...