Search found 16294 matches

by nelsona
Wed Mar 30, 2005 11:16 am
Forum: Canada / United States Tax & Accounting
Topic: TN tax
Replies: 21
Views: 5785

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">That, by itself, does not justify a treaty claim<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote"> I agree. Thats why in 5 years of these posts, I don't...
by nelsona
Wed Mar 30, 2005 10:43 am
Forum: Canada / United States Tax & Accounting
Topic: Deducting Moving Expenses Canada vs US
Replies: 18
Views: 4370

As I said, none of the moving expenses Ken is talking about are deductible in Canada. To make a move deductible one would first have to move to a place in Canada, but far enough away from their potential employer, then get hired, then move again close to work. In such a case only the move from Cdn H...
by nelsona
Wed Mar 30, 2005 10:37 am
Forum: Canada / United States Tax & Accounting
Topic: CAD income reporting on 1040
Replies: 4
Views: 3575

1. No. You report the entire wage. You *might* be able to exclude your pension contribution, if your pension plan meets IRS standards (you would need company to tell you). Your CPP premiums are foreign taxes (along with your EI premiums, final fed tax and final prov tax), so you can only claim these...
by nelsona
Wed Mar 30, 2005 9:53 am
Forum: Canada / United States Tax & Accounting
Topic: tax considerations: moving back to Canada
Replies: 17
Views: 10095

Again, barebones, as this is covered elsewher: 1. No. In Canada you will be a 'necomer' and will write an arrival date on your return, and only report world income AFTER that date. In the US you will have the same choices you had as the year you arrived. File 'dual-status' US-income only with no sta...
by nelsona
Wed Mar 30, 2005 9:47 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian tax preparation for TN status
Replies: 4
Views: 2364

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">I came here only in October 2004 and made less than 10,000 and therefore filled out the 1040NR's for both IRS and New Jersey State. I realize this qualifies for tax treaty benefi...
by nelsona
Tue Mar 29, 2005 7:12 pm
Forum: Canada / United States Tax & Accounting
Topic: RRSP redemptions and 1040
Replies: 15
Views: 10773

RRSPs are a trust.

Otherwise there would be no need for any of this Rev Proc, 8891 and 3520 nonsense.

IRS phone line is incorrect.



<i>nelsona non grata... and non pro</i>
by nelsona
Tue Mar 29, 2005 3:25 pm
Forum: Canada / United States Tax & Accounting
Topic: Collapsing RSP
Replies: 7
Views: 5621

LIne 16b, the taxable income.

The term 'gross' here refers to before any deductions (ie. the next several lines) from that are taken into account to determine your net foreign income for use in the credit calculation.





<i>nelsona non grata... and non pro</i>
by nelsona
Tue Mar 29, 2005 3:20 pm
Forum: Canada / United States Tax & Accounting
Topic: RRSP redemptions and 1040
Replies: 15
Views: 10773

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">I suppose that electing to have a deemed disposition on emigration (and posting of security to avoid paying the tax currently) might be prudent to avoid this.<hr height="1" nosha...
by nelsona
Tue Mar 29, 2005 2:33 pm
Forum: Canada / United States Tax & Accounting
Topic: RRSP redemptions and 1040
Replies: 15
Views: 10773

No. Under RRSP rules as outlined by IRS many years ago, must take into account the untriggered gains that occured before arrival. So, you bought at $5, moved to US when at $6, your basis is still $5. If you sell later at $12, your gain in IRS eyes is $7. That is why, universally, cross-border tax pr...
by nelsona
Tue Mar 29, 2005 1:12 pm
Forum: Canada / United States Tax & Accounting
Topic: RRSP redemptions and 1040
Replies: 15
Views: 10773

To establish basis, you need to deterrmine the value in US dollars at the time you bought the investment, which is not necessarily the day you moved to US. IRS generally doesn't like the 'yearly' exchange rate that you allude to as much as CRA does. They 'prefer' excahnges done on a per transaction ...
by nelsona
Tue Mar 29, 2005 12:27 pm
Forum: Canada / United States Tax & Accounting
Topic: RRSP redemptions and 1040
Replies: 15
Views: 10773

The basis and final figures MUST be determined at the time, so the basis would be in US$ at the time that the investment was purchased, and the dstribution would be in current US$ so, your first equation, with 2 different exchange rates would be more accurate. It is more likely a matter of needing s...
by nelsona
Tue Mar 29, 2005 11:40 am
Forum: Canada / United States Tax & Accounting
Topic: Tax question from TN & US resident
Replies: 6
Views: 4727

You report EVERYTHING (income and tax) on a US tax return in US$ of course.

You may use the exchange rate in effect for each transaction, or one that reflects the rate over the range of days you are reporting several transactions.

Simply be consistent.



<i>nelsona non grata... and non pro</i>
by nelsona
Tue Mar 29, 2005 11:38 am
Forum: Canada / United States Tax & Accounting
Topic: Taxing income earned before mid-year departure
Replies: 3
Views: 3142

Possibly. I would have to know more about her 'fixed-base' in Canada, but if she spends enough days in Canada in 2005, she might not be able to exempt it. Going forward, in 2006 she might (again depending on days and fixed-base) be able to use treaty to exempt it from Cdn tax (and then of course pay...
by nelsona
Tue Mar 29, 2005 10:03 am
Forum: Canada / United States Tax & Accounting
Topic: Deducting Moving Expenses Canada vs US
Replies: 18
Views: 4370

NONE of your moving expenses to enter Canada are deductible on your Cdn return, so don't worry about the vagueness of their rules. The costs associated with your move are tax deductible in US against your income, if you continue to report in US, and if you meet the other criteria (closer to work and...
by nelsona
Tue Mar 29, 2005 8:55 am
Forum: Canada / United States Tax & Accounting
Topic: Tax question from TN & US resident
Replies: 6
Views: 4727

I will give bare-bones answers as this is all covered elsewhere, and anyone else is free to answer here, too; this is not my site: 1. yes. 2.1) If you want to file full-year in US (to get joint and standard dedcution) you will have to include ALL his income. 2.2) only if he declares separately from ...