Search found 32 matches

by TN Holder
Fri Jan 17, 2014 1:27 pm
Forum: Canada / United States Tax & Accounting
Topic: FATCA - RESP
Replies: 2
Views: 1274

FATCA - RESP

HI, I am a canadian citizen and reside in canada, we used to live in US from 2004 till 2013. My daughter was born in US and has dual citizenship. I am planning to open a RESP for my daughter in Canada and not sure if this would be taxable for her when she is going to use it (in 13 years from now). D...
by TN Holder
Mon Aug 29, 2011 6:19 am
Forum: Canada / United States Tax & Accounting
Topic: Surrendering GC and IRA?
Replies: 0
Views: 1246

Surrendering GC and IRA?

Hi, I am a Canadian citizen holding a valid green card for the last 2 years (I was on TN for 5 years prior), I have left North America since beginning of Jan 2011 to work and live in another country with my family. I was told by the US immigration officer on my recent entry (first entry after depart...
by TN Holder
Tue Nov 09, 2010 12:45 pm
Forum: Canada / United States Tax & Accounting
Topic: working in a 3rd country
Replies: 8
Views: 3377

thanks, you are correct, and I am very confused after reading IRS publications.

My plan was to leave US in Dec, then come back to US take my family with me in Jan then give up CG. May not be the smartest plan !

How can I get some private consultation? Can you recommend a good lawyer in Chicago area?
by TN Holder
Sat Nov 06, 2010 12:32 am
Forum: Canada / United States Tax & Accounting
Topic: working in a 3rd country
Replies: 8
Views: 3377

well, US and Kuwait do not have tax treaty, so the only way to be eligible for exclusion in to be in US less than 30 days each year, in this case my family and I will lose our CG anyway.

I do not undrestand what is the advantage of paying tax to IRS and lose the CG as well?

Thanks
by TN Holder
Thu Nov 04, 2010 10:37 pm
Forum: Canada / United States Tax & Accounting
Topic: working in a 3rd country
Replies: 8
Views: 3377

I did not understand what did you mean by "exclusion" first, I have read some IRS publications, although they were confusing, but I've got some ideas now. my offer is way above 90k , that's why my family and I are thinking of giving up the GC, just did not know if we have to give up all ou...
by TN Holder
Thu Nov 04, 2010 12:53 pm
Forum: Canada / United States Tax & Accounting
Topic: working in a 3rd country
Replies: 8
Views: 3377

Thanks Nelsona, Kuwait is a tax free country, so i will not pay a any tax on my income over there, I have worked in Kuwait 20 years ago. As I said I do not have any plan to come back to US ever so keeping GC does not have any advantage for me and will cost a lot if I have to pay tax to IRS. I have a...
by TN Holder
Thu Nov 04, 2010 12:38 pm
Forum: Canada / United States Tax & Accounting
Topic: working in a 3rd country
Replies: 8
Views: 3377

working in a 3rd country

Hi, I am a Canadian citizen and a Green Card holder , I live in US, lost my job and found another one in Kuwait. I do not want to pay tax neither to Canada nor to US. Since I have broken all my ties with Canada 6 years ago I should not have problem with Canada. But don’t know what to do with IRS. ...
by TN Holder
Wed Apr 12, 2006 3:24 pm
Forum: Canada / United States Tax & Accounting
Topic: 1st year tax filing on TN
Replies: 10
Views: 4162

Nelson, I am using UFile for my Canadian tax return. Just for fun, I selected the Non_Residant for entier 2005" option , but still software is calculating few thousands of dollar as my tax ballanc to CRA. Please correct me if I am wrong, I was thinking if you were not a residant of Canada (365 ...
by TN Holder
Fri Apr 07, 2006 3:27 pm
Forum: Canada / United States Tax & Accounting
Topic: Doing my own Cdn taxes
Replies: 10
Views: 4963

Yes, My wife moved to US on Oct 2005 and everything is fine. I owed money to IRS and State, both got thier money and Nelson, I've got ITIN for my wife Thanks for your help. BTW. I did file regular 1040 beacuse I was working from Jan 2005 in US as full year. But my wife moved with me on Oct. I did no...
by TN Holder
Fri Mar 17, 2006 1:07 pm
Forum: Canada / United States Tax & Accounting
Topic: Doing my own Cdn taxes
Replies: 10
Views: 4963

I used Turbo Tax for US tax, and happy with it, everything is fine.

But, Nelson I did not get the ITIN for my wife yet., I filed my tax one month ago, I owed few hundred dollors and IRS cashed the cheque but still no sign of ITIN?
by TN Holder
Mon Feb 06, 2006 6:29 pm
Forum: Canada / United States Tax & Accounting
Topic: W2 - to CRA
Replies: 14
Views: 7147

Yes you are right, I ment the sum of federal and state taxes paid based on 1040.

Actually based on new way of income and tax credit calculation I won't owe much to CRA, probably couple of thousands. :D

So many thanks to Mark and Nelson
by TN Holder
Mon Feb 06, 2006 3:56 pm
Forum: Canada / United States Tax & Accounting
Topic: W2 - to CRA
Replies: 14
Views: 7147

So, for tax paid to US we should sum up box 2 (federal) and Box 17 (state)? The result could be used for tax credit. (I mean "The Result multiply proportion of days resident Canada multiply Bank of Canada exchange rate") Also, I used my move expens as deduction to IRS, can deduct it from C...
by TN Holder
Thu Feb 02, 2006 3:10 pm
Forum: Canada / United States Tax & Accounting
Topic: W2 - to CRA
Replies: 14
Views: 7147

Nelson , what is FICA?

Thanks
by TN Holder
Fri Jan 27, 2006 4:50 pm
Forum: Canada / United States Tax & Accounting
Topic: First Time filing Tax - TN
Replies: 14
Views: 6176

Hey Mombo,

Please don’t make Nelson angry, we need him for his advices.
So far I learned a lot from him . Nelson, please don't let Mombo discourages you.

Thanks
by TN Holder
Fri Jan 27, 2006 11:12 am
Forum: Canada / United States Tax & Accounting
Topic: Tax credit
Replies: 2
Views: 1836

Thanks Mark,

In my straight forward situation, this means I can claim a little tax credit.
Approximately I should pay back CRA $13,000 :evil: :shock:

Who said the income tax difference between US and CAnada is not much? :?: