Search found 15910 matches

by nelsona
Thu Sep 12, 2019 6:23 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual US/CDN citizens contemplating retiring back to Canada
Replies: 1
Views: 52

Re: Dual US/CDN citizens contemplating retiring back to Canada

Given your assets and the complexity of your holdings, I would suggest professional help.
by nelsona
Thu Sep 12, 2019 6:17 pm
Forum: Canada / United States Tax & Accounting
Topic: Help Tax Planning on becoming a non-resident with Complications
Replies: 13
Views: 199

Re: Help Tax Planning on becoming a non-resident with Complications

It would be included on your 2019 tax return, since you will use October as your departure date. It will be added to your 2019 Cdn income.
By reporting the correct departure date, you will not have to include US income earned in Oct to Dec, 2019.
by nelsona
Thu Sep 12, 2019 7:59 am
Forum: Canada / United States Tax & Accounting
Topic: Help Tax Planning on becoming a non-resident with Complications
Replies: 13
Views: 199

Re: Help Tax Planning on becoming a non-resident with Complications

What about it? Either pay it back or include it on your 2019 departure return. Your choice.
by nelsona
Thu Sep 12, 2019 7:57 am
Forum: Canada / United States Tax & Accounting
Topic: Foreign Tax Credits
Replies: 2
Views: 42

Re: Foreign Tax Credits

Your accountant was incorrect. FICA taxes (both SS and Medicare) are foreign taxes eligible for foreign tax credit, and have nothing to do with pension, RRSP, etc.

A tax credit would always be better than a deduction in any event.
by nelsona
Thu Sep 05, 2019 5:46 pm
Forum: Canada / United States Tax & Accounting
Topic: Locked-In RRSP
Replies: 2
Views: 83

Re: Locked-In RRSP

You are undeniably a non-resident so I would not worry about that. You won't have to file a Cdn tax return, as the 25% tax is final.
by nelsona
Thu Sep 05, 2019 5:45 pm
Forum: Canada / United States Tax & Accounting
Topic: Locked-In RRSP
Replies: 2
Views: 83

Re: Locked-In RRSP

You do not need to wait until 55 to collapse a LIRA if you are non-resident, which is the reason for the NR73.

The entire withdrawal will be taxable in both Canada (25% withheld) and US (as pension) with credit given for the Cdn tax.
by nelsona
Tue Sep 03, 2019 9:21 pm
Forum: Canada / United States Tax & Accounting
Topic: Help Tax Planning on becoming a non-resident with Complications
Replies: 13
Views: 199

Re: Help Tax Planning on becoming a non-resident with Complications

As I said, you leave in October that is your departure date, doesn't matter who you "tell" or don't tell

, and, as I also said, US no longer accepts moving expenses as a deduction.
by nelsona
Tue Sep 03, 2019 9:17 pm
Forum: Canada / United States Tax & Accounting
Topic: RIF withdrawals, US taxability
Replies: 3
Views: 107

Re: RIF withdrawals, US taxability

The method of calculating the taxable portion of an RRSP/RRIF withdrawal has been described here countless times. Happy browsing.
by nelsona
Tue Sep 03, 2019 9:15 pm
Forum: Canada / United States Tax & Accounting
Topic: Revenue Canada Not accepting my Foreign Tax Claim
Replies: 3
Views: 119

Re: Revenue Canada Not accepting my Foreign Tax Claim

It is reasonable that they would treat your FICA payments and your tax withholding differently, since your FICA reported on W2 is final, but your tax payments are not finalized until your Fed/State tax returns are submitted. Tax withheld is really not what is eligible for foreign tax credit - tax ac...
by nelsona
Sun Aug 25, 2019 9:47 pm
Forum: Canada / United States Tax & Accounting
Topic: Help Tax Planning on becoming a non-resident with Complications
Replies: 13
Views: 199

Re: Help Tax Planning on becoming a non-resident with Complications

4). No, only moved within Canada are eligible for moving expenses. US, of course, no longer allows moving expenses.
by nelsona
Sun Aug 25, 2019 9:46 pm
Forum: Canada / United States Tax & Accounting
Topic: Help Tax Planning on becoming a non-resident with Complications
Replies: 13
Views: 199

Re: Help Tax Planning on becoming a non-resident with Complications

If you leave in October, that is your departure date. You then have 60 days to pay your HBP or it becomes taxable on your departure return for 2019, added to your other income for the year.

You don't have to do anything to be considered non-resident except move to US.
by nelsona
Sun Aug 25, 2019 9:40 pm
Forum: Canada / United States Tax & Accounting
Topic: apply for non-resident of Canada
Replies: 1
Views: 91

Re: apply for non-resident of Canada

He would be considered a deemed non-resident, which is exactly treated like a non-resident. This would be if he doesn't visit you, but instead you visit him.
He can generally decide this himself, and then only supply proof if asked. The starting date would be when he left Canada.
by nelsona
Tue Aug 20, 2019 9:54 am
Forum: Canada / United States Tax & Accounting
Topic: Tax treatment for a Canadian contractor working in Canada for US firm
Replies: 5
Views: 88

Re: Tax treatment for a Canadian contractor working in Canada for US firm

That is for you to decide. I would think contracting would be better, particularly if you get no benefits. Contracting pays MORE than employee typically, not the other way round.