Search found 7 matches
- Tue Jan 28, 2020 5:54 pm
- Forum: Canada / United States Tax & Accounting
- Topic: How to calculate OID on C$ bonds
- Replies: 4
- Views: 2137
Re: How to calculate OID on C$ bonds
Thanks Nelsona, That's also what I thought (that interest income is only taxable by the IRS when received) until I came across publication P1212 from the IRS (https://www.irs.gov/publications/p1212). It states that accrued interest must be reported yearly on any multi-year bond purchased at a discou...
- Sat Jan 25, 2020 9:16 pm
- Forum: Canada / United States Tax & Accounting
- Topic: How to calculate OID on C$ bonds
- Replies: 4
- Views: 2137
Re: How to calculate OID on C$ bonds
Sorry for the typo...
Should have said: 5-Year C$5,000 Quebec Bond maturing on 31 Dec 2023...
Should have said: 5-Year C$5,000 Quebec Bond maturing on 31 Dec 2023...
- Sat Jan 25, 2020 9:11 pm
- Forum: Canada / United States Tax & Accounting
- Topic: How to calculate OID on C$ bonds
- Replies: 4
- Views: 2137
How to calculate OID on C$ bonds
Hi, I'm a Canadian citizen residing full-time in the US. This year, I have to start reporting accrued interest on Original Issue Discount (OID) bonds for the first time and my Canadian broker unfortunately does not provide me with a 1099-OID. I got it figured out for US T-Bills but I can't find any ...
- Thu Oct 10, 2019 5:37 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Calculation of IRS tax credit on RRIF distribution
- Replies: 3
- Views: 2077
Re: Calculation of IRS tax credit on RRIF distribution
Thank you, I will certainly take a look at Section 217.
Another question if I may: If I report accrued interest from OID (STRIP) securities held in Canada, on which there is no Canadian tax withheld, would these increase the FTC portion?
Thanks again for your valuable insight!
Another question if I may: If I report accrued interest from OID (STRIP) securities held in Canada, on which there is no Canadian tax withheld, would these increase the FTC portion?
Thanks again for your valuable insight!
- Sun Oct 06, 2019 11:21 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Calculation of IRS tax credit on RRIF distribution
- Replies: 3
- Views: 2077
Calculation of IRS tax credit on RRIF distribution
Hello, I have started to take periodic RRIF distributions this year. As expected, there is a 15% CRA withholding tax on the total amount. I have also computed the book value of the RRIF at the date I became a US resident so only the prorated amount of the distribution will be taxable by the IRS. My ...
- Sat Sep 09, 2017 11:15 am
- Forum: Canada / United States Tax & Accounting
- Topic: Total RRIF withdraw or IRS-taxable portion on 1116 1a ?
- Replies: 2
- Views: 1532
- Fri Sep 08, 2017 5:35 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Total RRIF withdraw or IRS-taxable portion on 1116 1a ?
- Replies: 2
- Views: 1532
Total RRIF withdraw or IRS-taxable portion on 1116 1a ?
Hi, green card holder for 7 years now. I'm planning to convert RRSP to RRIF and start periodic withdraws with 15% CRA tax withheld. On Foreign Tax Credit form 1116 line 1a, will I put the total amount of the withdrawal or only the amount that is taxable by the IRS? Putting the total amount reduces t...