Search found 7 matches

by paul1980
Thu Jan 17, 2019 10:20 am
Forum: Canada / United States Tax & Accounting
Topic: Rev Proc 10-19 Guidance
Replies: 5
Views: 1931

Re: Rev Proc 10-19 Guidance

Thanks again for all your help! Correct, I have not sold any of the Canadian investments yet. I will give this some more serious thought before deciding how best to proceed. Maybe adjusting my departure return might actually be the better way to go. I actually finally called my broker and told him a...
by paul1980
Wed Jan 16, 2019 3:36 pm
Forum: Canada / United States Tax & Accounting
Topic: Rev Proc 10-19 Guidance
Replies: 5
Views: 1931

Re: Rev Proc 10-19 Guidance

Ok thank you. My former principal residence is still in Canada and my elderly parents are now living there. I never changed my address with CRA or my investment advisor when I moved. They basically think I'm a cross border commuter. My income has been too high for GST or any other benefits, so nothi...
by paul1980
Tue Jan 15, 2019 8:14 pm
Forum: Canada / United States Tax & Accounting
Topic: Rev Proc 10-19 Guidance
Replies: 5
Views: 1931

Rev Proc 10-19 Guidance

I moved to the US several years ago on a TN visa, got married and now have a Green Card. I had no idea that I should have filed a departure return when I left Canada and have been filing returns in both Canada and the US each year, reporting my worldwide income in both. I now realize I’ve probably b...
by paul1980
Thu Sep 01, 2016 9:03 am
Forum: Canada / United States Tax & Accounting
Topic: File Retroactive Election?
Replies: 7
Views: 3109

Great, thanks!

Yes, not likely that I will be selling before the 3 year mark.

How do I determine what the value was on departure? Can an appraisal be done retroactively? What about a letter from a real estate agent, would that be acceptable?
by paul1980
Wed Aug 31, 2016 12:32 pm
Forum: Canada / United States Tax & Accounting
Topic: File Retroactive Election?
Replies: 7
Views: 3109

Thank you. I was doing some more reading on this forum and I came across something regarding an election for your principal residence. When I left Canada I also owned a home, and did not sell it or rent it out yet. My brother was renting and I let him move in to look after the property. He is still ...
by paul1980
Tue Aug 30, 2016 9:21 pm
Forum: Canada / United States Tax & Accounting
Topic: File Retroactive Election?
Replies: 7
Views: 3109

Thanks so much.

I've been in the US for about 2 and a half years, so looks like I may be in luck :)

Would I file an adjustment to my return when I arrived or just do it for the current year?
by paul1980
Tue Aug 30, 2016 4:18 pm
Forum: Canada / United States Tax & Accounting
Topic: File Retroactive Election?
Replies: 7
Views: 3109

File Retroactive Election?

I recently became aware that in the year of arrival to the US (after departure from Canada), the treaty allows me to step-up the ACB of my non-registered shares to the market value on my arrival date by filing an 8833 form with my return. However, I failed to do this upon arrival. Does anyone know i...