Search found 16343 matches

by nelsona
Mon Apr 11, 2005 8:51 am
Forum: Canada / United States Tax & Accounting
Topic: Form 8891 questions here please!!!!
Replies: 174
Views: 84994

Yes, I read this, and am taking the following position: If you have already submitted documentation regarding transferor/transferee acounts, then there is no need to continue to do so, as the instructions on 8891 indicate that elections made on previous accounts apply to subsequent new ones as well....
by nelsona
Sun Apr 10, 2005 3:35 pm
Forum: Canada / United States Tax & Accounting
Topic: US DRIP- Tax implications Canadian resident
Replies: 1
Views: 2286

You are handling these correctly, in both Canada and US. My guess is that the 15% Us tax takes care of the fed tax on those dividends, with what's left not quite covering all of the prov tax. Unless your stocks have some real estate or natural resource component, you will have no tax or reporting li...
by nelsona
Sun Apr 10, 2005 7:31 am
Forum: Canada / United States Tax & Accounting
Topic: Form 8891 questions here please!!!!
Replies: 174
Views: 84994

You need to file sched b with your 1040 -- even if you don't have interest -- if you have foreign accounts (to check the boxes at the bottom). If you had any interest (excluding RRSP) then you have to file Sched B anyways. You file the TD form for all your foreign accounts (including RRSPs and broke...
by nelsona
Sun Apr 10, 2005 7:25 am
Forum: Canada / United States Tax & Accounting
Topic: Moved back to Canada and changed job
Replies: 3
Views: 2729

Did you declare yourself non-resident in 2003, by filing a 2003 Cdn return with a departure date of Oct 2003, and complying with all the requirements outlined in the CRA "Emigrant" guide. If so, then you are fine to call yourself a "newcomer" in sept 2004, otherwise, CRA never considers you left, an...
by nelsona
Sat Apr 09, 2005 7:36 pm
Forum: Canada / United States Tax & Accounting
Topic: Moved back to Canada and changed job
Replies: 3
Views: 2729

If the nine months you worked and lived in US was the only time you were in US, then it is unlikly that you are non-resident, and thus you should be reporting all income for entire year to CRA, as well as US. If you have been out of Canada for longer than nine months, and then returned to Canada las...
by nelsona
Fri Apr 08, 2005 2:28 pm
Forum: Canada / United States Tax & Accounting
Topic: Capital Gain
Replies: 9
Views: 4455

I think MCH has anoyther issue which he is dealing with and that is the WITHHOLDING of tax from the proceeds because he is considerd non-resident. I wouldn't suggest trying to exempt yourself from this by claiming to be a US resident, but I would look into some of the other ways to be excluded from ...
by nelsona
Fri Apr 08, 2005 11:05 am
Forum: Canada / United States Tax & Accounting
Topic: Form 8891 questions here please!!!!
Replies: 174
Views: 84994

If you read the thread, there is nothing to 'assume'. 7a and b is to report withdrawals. Since you had none, you write nothing theer. 8 is for year end balance, in USD. Since you are filing a paper return, I would simply add it now. It affects nothing on anything previously done by the preparer, and...
by nelsona
Fri Apr 08, 2005 10:41 am
Forum: Canada / United States Tax & Accounting
Topic: Capital Gain
Replies: 9
Views: 4455

Yeah I don't mind talking of issues, or helping when someone is <i>planning </i> to do something. It's just when someone moved to US last March 2004, and is just today realizing that they need to do their taxes, and suddenly they aren't as simple as when they were a student[8][:0], that I'm reticent...
by nelsona
Fri Apr 08, 2005 9:36 am
Forum: Canada / United States Tax & Accounting
Topic: Capital Gain
Replies: 9
Views: 4455

Real estate capital gains/losses will be reported in the country/state/provincewhere the property is located PLUS in the country of residence, if it is different. Other capital gains will be reported ONLY in the country of residence, regardless of where the broker is. For the purposes of applying th...
by nelsona
Fri Apr 08, 2005 9:32 am
Forum: Canada / United States Tax & Accounting
Topic: Cdn resident with 401k from US employer
Replies: 1
Views: 2072

You should INSIST on a Cdn solution to the 401(k), as this is an unneccary headache for you to be saddled with, considering you have no attachemnt to US. Canada does not recognize your 401(k) contributions as a tax deduction, so you will have to add it to your income. You should request that they al...
by nelsona
Fri Apr 08, 2005 5:54 am
Forum: Canada / United States Tax & Accounting
Topic: keeping 401k and IRA after moving to canada
Replies: 53
Views: 27781

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">Specified foreign property does not include: an interest in a U.S. Individual Retirement Account (IRA). <hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote...
by nelsona
Fri Apr 08, 2005 5:51 am
Forum: Canada / United States Tax & Accounting
Topic: do i file a U.S. tax return if i live in Canada
Replies: 3
Views: 2849

US citizens have to report ALL their income from WORLDWIDE sources.

Have you read Pub. 54 yet?

<i>nelsona non grata... and non pro</i>
by nelsona
Fri Apr 08, 2005 12:01 am
Forum: Canada / United States Tax & Accounting
Topic: keeping 401k and IRA after moving to canada
Replies: 53
Views: 27781

They can wonder all they want.

If they ask you, you can tell them what you have.

But NOT at least telling them that you have something foreign, can cost you a big fine.



<i>nelsona non grata... and non pro</i>
by nelsona
Fri Apr 08, 2005 12:00 am
Forum: Canada / United States Tax & Accounting
Topic: do i file a U.S. tax return if i live in Canada
Replies: 3
Views: 2849

US citizens must ALWAYS file a US tax return, regardless of where they live, unless they make less than about $8,000.

You should be looking at Irs website at IRS publication 54.



<i>nelsona non grata... and non pro</i>
by nelsona
Thu Apr 07, 2005 11:00 pm
Forum: Canada / United States Tax & Accounting
Topic: Deemed Disposition and Capital Losses
Replies: 2
Views: 2299

Actually, your winners, even if you don't sell them, will be allowed to take on the deemed value as their new cost basis with respect to IRS. This is part of a side agreement from Sept 18 2000, and though not yet in treaty, is in effect. Besides, even if you don't sell your winners, and such proviso...