Search found 97 matches

by tony
Fri Jan 05, 2024 5:01 pm
Forum: Canada / United States Tax & Accounting
Topic: Married file jointly vs separately
Replies: 2
Views: 10812

Married file jointly vs separately

Canadian after working in california for several years under TN visa filing tax jointly, 1. can I begining 2024 filing separately? (we're not divorced) 2. then, after some time say 2026 filing jointly again? 3. a friend saying that once you file jointly, it can't be changed until divorce, is this tr...
by tony
Mon Dec 04, 2023 4:56 pm
Forum: Canada / United States Tax & Accounting
Topic: TN visa working in california wants to buy house in Canada
Replies: 3
Views: 5023

TN visa working in california wants to buy house in Canada

I've been working in california for x years now (also already paid exit tax before) I don't plan to go back to Canada yet BUT is planning to buy a house in canada just for an investment. If i do that, 1. will i be Canadian resident? it means i will have to pay tax to Canada for my salary here in cal...
by tony
Tue Sep 12, 2023 1:34 pm
Forum: Canada / United States Tax & Accounting
Topic: gift to parents after resign from US (cancel TN visa)
Replies: 6
Views: 1270

Re: gift to parents after resign from US (cancel TN visa)

Thanks, again.
My apology, I mean March 1st, 2024.
Then, March 2nd, 2024, I have no gift tax issue as I live <180days in 2024. (non resident for tax purposes in 2024).

thanks
by tony
Mon Sep 11, 2023 8:07 pm
Forum: Canada / United States Tax & Accounting
Topic: gift to parents after resign from US (cancel TN visa)
Replies: 6
Views: 1270

Re: gift to parents after resign from US (cancel TN visa)

thanks for prompt reply. So, i guess, whenever I am US resident for tax purposes, I need to pay on gift to even parents. But, 1. if I am Non Resident for US tax purposes, then that gift tax doesnt apply, correct? 2. it means, if i leave US for good on say March 1st 2023, i then can transfer gift wit...
by tony
Tue Sep 05, 2023 4:19 pm
Forum: Canada / United States Tax & Accounting
Topic: gift to parents after resign from US (cancel TN visa)
Replies: 6
Views: 1270

gift to parents after resign from US (cancel TN visa)

Say i choose a date Oct 1, 2023 to resign from my current job in California, then one month after I leave US to another country. 1. Can I make a gift say 100K USD to my parents? (without any impact on US Tax)? 2. say if the country that I choose is Canada. Does Canada have such gift tax implication?...
by tony
Mon Oct 31, 2022 4:00 pm
Forum: Canada / United States Tax & Accounting
Topic: send money out of USA
Replies: 4
Views: 4266

Re: send money out of USA

thank you Nelsona for the prompt reply. My main question still remain as I plan to buy a house using my father's name. So, 16,000 usd won't be enough, I am talking about >100k usd. When can I safely do it? is it right after i resign from my current job? Or, wait till the following year i.e. Jan 1st?...
by tony
Thu Oct 27, 2022 3:17 pm
Forum: Canada / United States Tax & Accounting
Topic: send money out of USA
Replies: 4
Views: 4266

send money out of USA

I understand if i send money out of USA >10k usd to my parents (in Asia), i will be penalized with gift tax. But, what about if i resign from my job say March 1st of a year, then leave USA to Asia (I am NOT GC holder, nor citizen). Questions: 1. when am i considered alien NON resident tax purposes? ...
by tony
Wed Jun 27, 2018 9:31 am
Forum: Canada / United States Tax & Accounting
Topic: Canada RRSP - PFIC?
Replies: 1
Views: 1532

Canada RRSP - PFIC?

Do I need to report Canada RRSP (if invested on mutual fund) to PFIC / 8621?
working in US using TN visa.
thanks
by tony
Thu May 24, 2018 10:25 am
Forum: Canada / United States Tax & Accounting
Topic: sell a pfic but less than 5k, which rule to follow?
Replies: 1
Views: 1713

sell a pfic but less than 5k, which rule to follow?

Since <5k no need 8621 reporting, how to calculate the tax?
Does it follow standard long term gain? or shall i use pfic default rule 1291 sec when no reporting? assuming invested in long term.

thanks
by tony
Thu May 17, 2018 12:06 pm
Forum: Canada / United States Tax & Accounting
Topic: PFIC with loss, doesn't matter?
Replies: 1
Views: 1841

PFIC with loss, doesn't matter?

If foreign mutual funds overall is a loss, can I ignore it? (don't declare on 8621). Hence, default 1291 rule won't have any effect because no profit anyway. Rather than difficulties in filing 8621 yearly, it's better to do it once for all when ceasing to be a US resident or when the fund is startin...
by tony
Thu May 17, 2018 10:16 am
Forum: Canada / United States Tax & Accounting
Topic: PFIC excess distribution of 125%. How to calculate?
Replies: 0
Views: 5297

PFIC excess distribution of 125%. How to calculate?

Questions about this example below: 1. It looks like this example ignores 125% excess distribution calculation? This example assumes 10 years (5 years before US res + 5 years later) of $1000 per year. 2. Why is it the last year is not considered as punitive? Why only previous 4 years? Consider the e...
by tony
Thu May 17, 2018 9:54 am
Forum: Canada / United States Tax & Accounting
Topic: what is the basis cost of PFIC?
Replies: 7
Views: 3872

understood.
Thanks Nelsona.

So, with no election & overall funds is a loss.
Can that loss be used? (assuming it is sold in the first year when I become a US resident)
by tony
Wed May 16, 2018 4:51 pm
Forum: Canada / United States Tax & Accounting
Topic: what is the basis cost of PFIC?
Replies: 7
Views: 3872

Nelsona, Let me clarify your answer again. Are you saying that if all funds are loosing money, I am NOT allowed to choose original price as the cost basis? (Actually, not all loosing money but some fund may win only $10 but others loosing a lot. Therefore, in total combined, those funds obviously lo...
by tony
Wed May 16, 2018 2:36 pm
Forum: Canada / United States Tax & Accounting
Topic: what is the basis cost of PFIC?
Replies: 7
Views: 3872

They're NOT TFSA or RESP just ordinary mutual fund and I did deemed disposition when I left Canada. If i did it, 1. Does the cost basis MUST follow that sell & buy when I left Canada? 2. Can i choose to use the original cost basis? This option is better for me because those funds are losing mone...