Search found 16519 matches

by nelsona
Tue Nov 24, 2020 11:41 am
Forum: Canada / United States Tax & Accounting
Topic: Change in use of house result in deemed disposition for non residents?
Replies: 6
Views: 385

Re: Change in use of house result in deemed disposition for non residents?

ND, you are correct. The MUST was more in contrast to it being optional in Canada.
I should have said in US one *must account* for depreciation, whether declared or not.
by nelsona
Fri Nov 20, 2020 9:49 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian/US tax implications for receiving Canadian pension
Replies: 8
Views: 125

Re: Canadian/US tax implications for receiving Canadian pension

Just so you know, when you collect CPP/OAS, Service Canada will send it to your US bank, in US dollars at the current exchange. No need for Cdn bank for that. If you haven't needed a Cdn bank account for these past 30 years, I wouldn't feel too much regret. Maybe the City can work something out for ...
by nelsona
Fri Nov 20, 2020 3:11 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian/US tax implications for receiving Canadian pension
Replies: 8
Views: 125

Re: Canadian/US tax implications for receiving Canadian pension

25% withholding would be the case if you are taking a lump-sum (or cashout) form your pension.
by nelsona
Fri Nov 20, 2020 3:10 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian/US tax implications for receiving Canadian pension
Replies: 8
Views: 125

Re: Canadian/US tax implications for receiving Canadian pension

Be careful. CPP is not private pension. Pensions like our poster is talking about will be subject to 15% withholding and will also need to be reported on one's US tax returns, with credit given for Cdn tax withheld. CPP is by treaty not taxed in canada for US residents, but taxed only in US. Not so ...
by nelsona
Fri Nov 20, 2020 3:03 pm
Forum: Canada / United States Tax & Accounting
Topic: insurance (disability) pay on/after TN
Replies: 1
Views: 38

Re: insurance (disability) pay on/after TN

If your employer does not offer this to you automatically for free, I wouldn't bother, but you may feel otherwise.
Be aware, that Most LTD policies would require constant supervision from employer-chosen medical staff. Leaving US would likely violate the policy.
by nelsona
Wed Nov 18, 2020 11:27 pm
Forum: Canada / United States Tax & Accounting
Topic: Working remotely for a US company from Canada on L1A status
Replies: 7
Views: 146

Re: Working remotely for a US company from Canada on L1A status

As I said, you would need to file your Cali tax. Cali has different rules on what is taxable in their state, and is not government. I would wait in sending money to CRA at this point. You will be paying in installments next year, whether self-imposed or not. You might as well wit to get the IRS refu...
by nelsona
Tue Nov 17, 2020 2:21 pm
Forum: Canada / United States Tax & Accounting
Topic: Section 217 & RPP Withdrawal
Replies: 3
Views: 77

Re: Section 217 & RPP Withdrawal

So that should result in *some* reduction in the RPP withdrawal. You could also spread the withdrawal over two years if the Pension fund allows it.
In other wirds, there is no advantage to doing this all in one year.
by nelsona
Mon Nov 16, 2020 9:11 pm
Forum: Canada / United States Tax & Accounting
Topic: Section 217 & RPP Withdrawal
Replies: 3
Views: 77

Re: Section 217 & RPP Withdrawal

Yes, couples can combine the foreign tax paid in one year. Remember that the RPP is 100% taxable in US. I presume spouse B has no other world income? You could also wait and do this in separate years, since foreign tax credits can be carried forward, in case this extra %50K in one year would raise y...
by nelsona
Mon Nov 16, 2020 10:07 am
Forum: Canada / United States Tax & Accounting
Topic: Working remotely for a US company from Canada on L1A status
Replies: 7
Views: 146

Re: Working remotely for a US company from Canada on L1A status

You do not need to file 8833. 1040NR has sufficient spaces to explain your situation.

For Cali tax, you would need to fije a state return, and see if you are taxable there or not.
by nelsona
Sun Nov 15, 2020 6:52 pm
Forum: Canada / United States Tax & Accounting
Topic: GC Holder returning to Canada. Is Foreign Employment income pro-rated or calculated?
Replies: 9
Views: 121

Re: GC Holder returning to Canada. Is Foreign Employment income pro-rated or calculated?

Since m=none of your 401(K) contribution were made while a Cdn resident, there is nothing to deduct in any event on your Cdn return. The earlier contributions will simply appear on your US return, making your US tax lower, ultimately reducing the foreign tax credit you will get on your CDn return.
by nelsona
Sun Nov 15, 2020 6:49 pm
Forum: Canada / United States Tax & Accounting
Topic: GC Holder returning to Canada. Is Foreign Employment income pro-rated or calculated?
Replies: 9
Views: 121

Re: GC Holder returning to Canada. Is Foreign Employment income pro-rated or calculated?

From what you say, since you became resisnt in august, the bonus will be taxable in Canada as well.
by nelsona
Sun Nov 15, 2020 6:45 pm
Forum: Canada / United States Tax & Accounting
Topic: GC Holder returning to Canada. Is Foreign Employment income pro-rated or calculated?
Replies: 9
Views: 121

Re: GC Holder returning to Canada. Is Foreign Employment income pro-rated or calculated?

If you had no RRSP room in 2020, none of your 401(K) contributions can be deducted in canada.