Search found 29 matches

by minster
Fri Aug 10, 2018 2:24 am
Forum: Canada / United States Tax & Accounting
Topic: Taxes on Canadian GIC if I live in the US
Replies: 2
Views: 854

Re: Taxes on Canadian GIC if I live in the US

Thanks Nelsona! I went ahead and opened a GIC account.
by minster
Tue Aug 07, 2018 1:21 am
Forum: Canada / United States Tax & Accounting
Topic: Taxes on Canadian GIC if I live in the US
Replies: 2
Views: 854

Taxes on Canadian GIC if I live in the US

TLDR: Is income earned from a GIC in Canada considered purely interest income? Meaning there won't be any taxes held at source, and I just need to declare it on my 1040 using the NR4 I will receive? just like a regular bank account? Are there other complications I need to be aware of. Hi all, Contex...
by minster
Tue Feb 06, 2018 4:34 pm
Forum: Canada / United States Tax & Accounting
Topic: Filed a 1040NR in 2016, is it worth amending to a 1040 now?
Replies: 18
Views: 5413

Yep even filling jointly.
by minster
Tue Feb 06, 2018 4:24 pm
Forum: Canada / United States Tax & Accounting
Topic: Filed a 1040NR in 2016, is it worth amending to a 1040 now?
Replies: 18
Views: 5413

I definitely am in a sour spot. Since I was in Canada 3/4 of the year I had a good amount of Canadian income, and I received a decent sign up bonus in the 1/4 year I was in US which pushed me on a higher US bracket as well. All said and done it’s not a bad problem to have, I am just happy I tried ...
by minster
Tue Feb 06, 2018 2:02 pm
Forum: Canada / United States Tax & Accounting
Topic: Filed a 1040NR in 2016, is it worth amending to a 1040 now?
Replies: 18
Views: 5413

Figured it out! Method for calculating tax when there is a foreign income exclusion is not the same as without one. Without one you would just refer to the tax table. But with foreign income exclusion you actually get the tax amount from the table for the total of taxable income + foreign income, an...
by minster
Tue Feb 06, 2018 1:53 pm
Forum: Canada / United States Tax & Accounting
Topic: Filed a 1040NR in 2016, is it worth amending to a 1040 now?
Replies: 18
Views: 5413

The calculations with a 1040NR actually yielded a larger return. The part that I guess I’m failing to understand and that is bugging me is the tax calculation for my 1040 w/ Canadian income and exclusion vs without Canadian income and exclusion. Since both yield the same Taxable Income, how is it ...
by minster
Tue Feb 06, 2018 1:11 am
Forum: Canada / United States Tax & Accounting
Topic: Filed a 1040NR in 2016, is it worth amending to a 1040 now?
Replies: 18
Views: 5413

Thanks for pointing that out. I had ignored the exclusion as I though I was not eligible, but upon further investigation it seem that I am. However I think there might be something I am missing or an error in the calculations since changing to a 1040. I am looking at Total Income (line 8), Taxable I...
by minster
Mon Feb 05, 2018 1:13 am
Forum: Canada / United States Tax & Accounting
Topic: Thank you nelsona
Replies: 3
Views: 1724

Thank you nelsona

I just wanted to start a thread to show some appreciation to Nelsona. With his/hers help, I was able to take care of the financial implication of moving from Canada to the US myself, saving me huge headaches and $$ in tax preparation. I have started multiple threads from pre-move to post-move after ...
by minster
Mon Feb 05, 2018 1:09 am
Forum: Canada / United States Tax & Accounting
Topic: Filed a 1040NR in 2016, is it worth amending to a 1040 now?
Replies: 18
Views: 5413

Just a follow up:
It was not worth amending my taxes to a 1040 in my case. My Canadian income was taxed at a lower rate in Canada than it is in the US, and the extra deductions I get from filling a 1040 do not make up this tax difference.
by minster
Fri Jan 19, 2018 5:18 pm
Forum: Canada / United States Tax & Accounting
Topic: Filed a 1040NR in 2016, is it worth amending to a 1040 now?
Replies: 18
Views: 5413

I used taxact to file my 2016 return. I’ll just enter my Canadian income on iit and change my status to resident and see how it goes.
by minster
Fri Jan 19, 2018 4:51 pm
Forum: Canada / United States Tax & Accounting
Topic: Filed a 1040NR in 2016, is it worth amending to a 1040 now?
Replies: 18
Views: 5413

Married and my wife had no income.

I’ll go ahead and crunch some numbers then. Thank you nelsona again.
by minster
Fri Jan 19, 2018 3:04 pm
Forum: Canada / United States Tax & Accounting
Topic: Filed a 1040NR in 2016, is it worth amending to a 1040 now?
Replies: 18
Views: 5413

Thank you for your reply Nelsona. Is there a straightforward way to tell if its worth changing or not? I ask because I received a signing bonus and I just want to make sure i'm not leaving a significant amount on the table.
by minster
Tue Jan 16, 2018 1:22 am
Forum: Canada / United States Tax & Accounting
Topic: Filed a 1040NR in 2016, is it worth amending to a 1040 now?
Replies: 18
Views: 5413

Filed a 1040NR in 2016, is it worth amending to a 1040 now?

I moved to the US from Canada in October 2016. I did not meet the substantial presence test in 2016 so I filed a 1040NR. I've read that I can elect First Year Choice for 2016 and amend by return to a 1040 at this point. In what cases does this make sense? Is it a simple amendment with the 1040x or d...
by minster
Sun Sep 17, 2017 11:05 pm
Forum: Canada / United States Tax & Accounting
Topic: Confusion on 1st California taxes after move from Canada
Replies: 1
Views: 1363

Confusion on 1st California taxes after move from Canada

I moved in October 2016 with my wife on a TN visa (wife on TD). The plan was to file a 1040NR federally to keep it simple. Since I needed to get an ITIN # for my wife, I sent a W7 with my 1040NR, and was going to wait for the ITIN before doing my california taxes. Long story short, had a few back an...
by minster
Mon Mar 27, 2017 1:12 am
Forum: Canada / United States Tax & Accounting
Topic: Quick question on declaring RRSPs on 1040NR
Replies: 3
Views: 1687

Quick question on declaring RRSPs on 1040NR

Moved to California from Canada in October 2016. Filling a 1040NR for this year, and 1040 next year. I have an RRSP with Questrade that are earning dividends, which I am not withdrawing, but reinvesting. I received a 1040NR from them. I also sold certain investments in December, but didn't withdraw ...