Search found 17 matches

by newperson09
Fri Jul 23, 2021 4:09 pm
Forum: Canada / United States Tax & Accounting
Topic: Send 100kUSD to parent
Replies: 1
Views: 2322

Send 100kUSD to parent

Live and work in California.
1. Is there any impact send 100k USD to parent? (outside USA)

I heard it is not allowed to even transfer to spouse. Is that true?

2. Is there a way to transfer money out of USA in a big sum efficiently?

thanks
by newperson09
Fri Apr 02, 2021 2:29 pm
Forum: Canada / United States Tax & Accounting
Topic: TN visa working in California
Replies: 4
Views: 1623

Re: TN visa working in California

even one thing for sure, I can even work part time on top of my full time but i need
CONCURRENT TN Visa on top of my TN visa.

So, it doesn't make sense if a foreigner can ' t do business.
Furthermore, what I know is that he can't take salary from his business but he can own a business in USA.
by newperson09
Fri Apr 02, 2021 2:26 pm
Forum: Canada / United States Tax & Accounting
Topic: TN visa working in California
Replies: 4
Views: 1623

Re: TN visa working in California

Thanks for the prompt reply.
BUt, when I google : how to do business in USA for foreigners....
a lot result come up;;
One of them is to register LLC.

Am i missing anything here?
by newperson09
Thu Apr 01, 2021 7:16 pm
Forum: Canada / United States Tax & Accounting
Topic: TN visa working in California
Replies: 4
Views: 1623

TN visa working in California

Besides working in a company in california, can I have a side business: 1. making mobile app and selling in google app store? a. for this kind of business, what is it clasiffied as ? business or W2? (self employed or business) b. what is best doing it? LLC? 2. part time online worldwide for another ...
by newperson09
Mon Oct 26, 2020 11:59 pm
Forum: Canada / United States Tax & Accounting
Topic: Working in California TN Visa, with idle $CAD sitting idle
Replies: 4
Views: 2001

Re: Working in California TN Visa, with idle $CAD sitting idle

Thank you all for your advice. That's what I think so, buying stock will create hazzle in tax reporting. But, buying a house, will be long term investment and not to mention its troublesomeness. Let me think it over either converting to USD or keep it there or buying a house in canada. thanks again....
by newperson09
Thu Oct 22, 2020 9:08 am
Forum: Canada / United States Tax & Accounting
Topic: Working in California TN Visa, with idle $CAD sitting idle
Replies: 4
Views: 2001

Working in California TN Visa, with idle $CAD sitting idle

Since I have cash $150K (not rssp) sitting idle, I want to invest in Canada. I don't want to bring to US due to low exchange rate. basically i want to invest but buying a house is too difficult and not liquid. 1. can i buy stock while being non resident in Canada and us resident for tax purposes? 2....
by newperson09
Mon Oct 12, 2020 1:17 pm
Forum: Canada / United States Tax & Accounting
Topic: TN visa working in California, but want to buy house in Canada
Replies: 1
Views: 1009

TN visa working in California, but want to buy house in Canada

I know there is no exit tax in USA for a foreigner working in USA like me and not intending to apply GC. I've cut ties with Canada 5y ago. I plan to buy a house in Canada,but still want to keep staying in california and working under TN visa. 1. how does the canada tax work for this case? 2. if i re...
by newperson09
Thu Aug 06, 2020 3:03 pm
Forum: Canada / United States Tax & Accounting
Topic: TN Visa leaving US back to canada
Replies: 1
Views: 1090

TN Visa leaving US back to canada

401K, Roth (no tax on capital gain) 1. when arriving in Canada, can i still do some transaction of the existing funds(sell & buy) 2. if the answer of number 1 is No, US has a rule on some equation to cease to be NR for tax purposes (assume i leave on dec 31), the following 6 months window period...
by newperson09
Mon Mar 25, 2019 9:26 pm
Forum: Canada / United States Tax & Accounting
Topic: brokerage accounts
Replies: 1
Views: 1135

brokerage accounts

Hi I am a canadian working in US california under TN visa. After 3y working, I am considering returning back to Canada. What preparation do i need to do? 1. do I need to close brokerage account inside 401K? ( I heard some that canadian law prohibit owning brokerage account) 2. Can I still keep my lo...
by newperson09
Thu Mar 14, 2019 8:32 pm
Forum: Canada / United States Tax & Accounting
Topic: Paid Family Leave / new born Bonding leave
Replies: 1
Views: 1162

Paid Family Leave / new born Bonding leave

I received a PFL payment. The form looks like W2 but no title W2 nor 1099.

I am confused as where to add those numbers to? to W2 additional? Or 1099?
(as some suggest to put that payment on 1099, unfortunately the form doesnt say 1099)
(i am living in california).

thanks
by newperson09
Fri Jul 13, 2018 10:38 am
Forum: Canada / United States Tax & Accounting
Topic: Questions when leaving US
Replies: 1
Views: 1217

Questions when leaving US

1. After working for few years in the US, if I decide to leave US will there any exit tax? Status: TN visa (no greed card). 2. Is there any number of years that will cause exit tax? 3. In order to enjoy social security benefit, one has to work for 10 years in the US. Does it have to be continuous? t...
by newperson09
Tue Nov 07, 2017 5:04 pm
Forum: Canada / United States Tax & Accounting
Topic: day care tax credit
Replies: 5
Views: 3103

that leads to other questions: 1. when claiming dependents (children), it asks for how many months does he live with you. If all my kids live overseas, it means i can't claim them. This situation means my taxable income is higher if (wife + kids) live overseas? 2. Coincidentally, I just have a new b...
by newperson09
Fri Nov 03, 2017 9:23 am
Forum: Canada / United States Tax & Accounting
Topic: day care tax credit
Replies: 5
Views: 3103

I have TN visa and therefore my wife not allowed to work in USA. Since the rent is extremely high and not able to work, there is no point for them to stay here. Better for them to live in China (she is Chinese citizen & Canada PR). So, I am still calculating which one gives me more profit than s...
by newperson09
Mon Oct 30, 2017 11:29 pm
Forum: Canada / United States Tax & Accounting
Topic: family overseas
Replies: 1
Views: 1490

family overseas

if my wife + kids live overseas, will I earn more here in USA?
Will I get credit for them? Or, my tax rate becomes single tax credit?
Can we still file tax together?

PS. My wife is china citizen, one kid is canadian, the other is US citizen.


thanks
by newperson09
Mon Oct 30, 2017 11:27 pm
Forum: Canada / United States Tax & Accounting
Topic: day care tax credit
Replies: 5
Views: 3103

day care tax credit

my wife just got a new born baby so our older son 2.5year old goes to day care (but my wife is not allowed to work anyway).

Any way that i can claim day care tax credit?

thanks