Search found 16069 matches

by nelsona
Mon Feb 17, 2020 12:18 pm
Forum: Canada / United States Tax & Accounting
Topic: Stranded RESP earnings / Transfer to RRSP
Replies: 1
Views: 180

Re: Stranded RESP earnings / Transfer to RRSP

Sure. As song as you find a brokerage that will accept "new" money into the RRSP you can do this.
by nelsona
Mon Feb 17, 2020 12:17 pm
Forum: Canada / United States Tax & Accounting
Topic: Filing joint IRS return with US spouse - Canadian interest income?
Replies: 2
Views: 212

Re: Filing joint IRS return with US spouse - Canadian interest income?

And any tax that you pay in Canada on that interest can be used on form 1116 (passive) to overcome the US tax.
by nelsona
Mon Feb 17, 2020 12:14 pm
Forum: Canada / United States Tax & Accounting
Topic: Wealthsimple Joint Cash Account
Replies: 4
Views: 206

Re: Wealthsimple Joint Cash Account

Have it only in her name
by nelsona
Mon Feb 17, 2020 12:13 pm
Forum: Canada / United States Tax & Accounting
Topic: Does my wife need to file my worldwide income
Replies: 1
Views: 192

Re: Does my wife need to file my worldwide income

She needs to include your income only on the front page, so that she does not collect any benefits that she is not entitled to based on your joint income. You are not taxable in Canada until you move there.
by nelsona
Mon Feb 17, 2020 12:11 pm
Forum: Canada / United States Tax & Accounting
Topic: Cash out RRSP less than $10,000 how to report to IRA
Replies: 1
Views: 170

Re: Cash out RRSP less than $10,000 how to report to IRA

You need to knw the value when you moved to US (in USD at that time). Then your report ALL the incme (8555) in USD as gross pension, and then whatever grew since 2010 as taxable pension. Then you use the 25% tax on form 1116 for credit. Explained here MANY times.
by nelsona
Sun Feb 09, 2020 7:44 pm
Forum: Business & Personal Immigration to the United States
Topic: TN Visa with Canadian Corp
Replies: 10
Views: 1507

Re: TN Visa with Canadian Corp

Yes. You client would be the sponsor, and would provide a TN letter (like an employer would) stipulating your tasks, remuneration, etc.
by nelsona
Sat Feb 08, 2020 8:09 pm
Forum: Canada / United States Tax & Accounting
Topic: Deemed Resident or Non resident for Tax purposes
Replies: 3
Views: 328

Re: Deemed Resident or Non resident for Tax purposes

You will tell them (on your 2020 tax return), it will be when you no longer live in the US: you moving day, in other words.
by nelsona
Thu Feb 06, 2020 6:16 pm
Forum: Canada / United States Tax & Accounting
Topic: Deemed Resident or Non resident for Tax purposes
Replies: 3
Views: 328

Re: Deemed Resident or Non resident for Tax purposes

You are non-resident. It has nothing to do with 183 days, you will not be resident until you move to Canada. On that day you will be resident.
by nelsona
Thu Feb 06, 2020 6:15 pm
Forum: Canada / United States Tax & Accounting
Topic: Does my Canadian Wife need to file US taxes
Replies: 10
Views: 537

Re: Does my Canadian Wife need to file US taxes

Regardless if your spouse wants to file or not, YOU must file as Married (either jointly or separately). In which country do you now reside?
by nelsona
Wed Feb 05, 2020 6:37 pm
Forum: Canada / United States Tax & Accounting
Topic: Selling RSUs while moving from US to Canada
Replies: 4
Views: 289

Re: Selling RSUs while moving from US to Canada

The FMV will be on the date you become resident, which is the date of arrival you indicate on your Cdn return. It is known as deemed acquisition on arrival and is the complement of deemed disposition on departure. US has no such scheme, since there is the assumption you will always be taxable (like ...
by nelsona
Wed Feb 05, 2020 1:29 pm
Forum: Canada / United States Tax & Accounting
Topic: RRSP withdrawals @ 25% tax, and claiming credits
Replies: 11
Views: 635

Re: RRSP withdrawals @ 25% tax, and claiming credits

Rental income is considered passive, otherwise I would have included it in the list I already gave you. And, again, as I explained, even if you were able to use the rental income and the 15% CDn tax, you would still need to use the 15% tax first, which would probably result in a little MORE carryfor...
by nelsona
Wed Feb 05, 2020 1:19 pm
Forum: Canada / United States Tax & Accounting
Topic: Selling RSUs while moving from US to Canada
Replies: 4
Views: 289

Re: Selling RSUs while moving from US to Canada

I assume you will be moving in 2020, not 2019. Your analysis is correct IF you are not a US taxpayer at that time. You would best do this in the year following your departure from US, since most file a full year tax 1040 in the year of departure. If you ARE a US citizen of GC holder, then there is n...
by nelsona
Tue Feb 04, 2020 9:54 pm
Forum: Canada / United States Tax & Accounting
Topic: RRSP withdrawals @ 25% tax, and claiming credits
Replies: 11
Views: 635

Re: RRSP withdrawals @ 25% tax, and claiming credits

I'm familiar with his book. He (mistakenly) treats RRSP income as passive income, which it is not bt IRS definition. As I said, the income you can use is any that is not part of the other categories (passive, etc). pensions, wages, royalties, etc. Even if it were passive income, one would be hard pr...
by nelsona
Tue Feb 04, 2020 7:03 pm
Forum: Canada / United States Tax & Accounting
Topic: grievance settlement
Replies: 9
Views: 586

Re: grievance settlement

You need to prepare the return accurately, and you can file whenever you want. Once you get the T-slip from your former employer, you can file.

But you do not need to wait to file before working on your US return. There is no required order of filing.