Search found 15910 matches

by nelsona
Wed Dec 01, 2004 7:13 pm
Forum: Canada / United States Tax & Accounting
Topic: Relocating back to Canada from US after 4 years
Replies: 4
Views: 5378

You keep saying that it is the relo company that is paying for this and that but, in fact, it will be be either your old or new firm. As such these will be taxable in US in either year; They would only be taxable in Canada if the total reimbursement was more than C$15,000 (half of the excess would b...
by nelsona
Tue Nov 30, 2004 5:17 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Tax Question
Replies: 4
Views: 5090

You should have filed a 2001 Cdn return in spring of 2002, a year after leaveing Canada, as a departing Cdn. You likely owe tax for any UI you received, and if you had any investments at that time. You get little personal exemption for partial years. The advice you got about 183 days was completely ...
by nelsona
Tue Nov 30, 2004 12:56 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Tax Question
Replies: 4
Views: 5090

A better Title for your post wouldn't have gone amiss... these are <i>ALL </i> Cdn tax questions. You should have filed a Cdn return in 2001 as a 'departing' Cdn, and you will have to file one as a 'newcomer' in 2005. For 2001-4 you are quite simply a NON-resident of Canada (presuming your immediate...
by nelsona
Mon Nov 29, 2004 8:02 pm
Forum: Canada / United States Tax & Accounting
Topic: selling USA property
Replies: 1
Views: 3508

First, you do have an obligation to report the mere existence of said property to CRA every year (there is a HUGE box on page one of your return to that effect, and a form to fill out). The fact that it is $300K and split 3 ways, may make it slip under the threshold for reporting however. Second, in...
by nelsona
Sun Nov 28, 2004 11:22 pm
Forum: Canada / United States Tax & Accounting
Topic: penalties & fees cashing out RRSP
Replies: 3
Views: 5182

All the 'sliding-scale' figures you refer to do NOT apply to you, because you are a NON-RESIDENT of Canada, and thus are subject to a FLAT 25% tax on all RRSP withdrawals. In US you will report the ENTIRE RRSP withdrawal (including the tax withheld) as 1040 line 16(a) income. The ammount that is tax...
by nelsona
Sun Nov 28, 2004 4:06 pm
Forum: Canada / United States Tax & Accounting
Topic: Please post about US credit/banking issues Here!!!
Replies: 4
Views: 5839

Using this pre-paid credit method is usually counterproductive to establishing credit. Such a card is a red flag on your credit report, and does NOT lead you to getting a good score. You probably would have qualified for a regular credit card after a few months anyways, and would not have had this m...
by nelsona
Sat Nov 27, 2004 4:16 pm
Forum: Canada / United States Tax & Accounting
Topic: Cdn Citizen working for US Company within Canada
Replies: 7
Views: 6334

Likely CRA would come after you for BOTH halves of CPP and EI.
They would also force you to pay your taxes in installments from then on.

They would also be contacting your employer to find out why they were remiss in their obligations.


<i>nelsona non grata</i>
by nelsona
Sat Nov 27, 2004 12:08 am
Forum: Canada / United States Tax & Accounting
Topic: Cdn Citizen working for US Company within Canada
Replies: 7
Views: 6334

If self-employed, you get no benefits (pension, medical, etc), so your personal situation matters here.

If you are self-employed, you should expect MUCH larger payment, as you will have expenses (deductible) and have to pay both ends of CPP.

<i>nelsona non grata</i>
by nelsona
Fri Nov 26, 2004 4:22 pm
Forum: Canada / United States Tax & Accounting
Topic: Cdn Citizen working for US Company within Canada
Replies: 7
Views: 6334

Your employer MUST set up a payroll for you as an employee, paying EI and CPP (their portion) and remitting Cdn and prov taxes withheld from you. This is their reponsibilty as an employer of a Cdn worker. 1000's of Cdns work this way. Their (and your) other option is for you to bcome self-employed, ...
by nelsona
Thu Nov 25, 2004 3:14 pm
Forum: Canada / United States Tax & Accounting
Topic: CRA confirms that US Social Security Taxes are tax
Replies: 1
Views: 3492

CRA confirms that US Social Security Taxes are tax

From time to time CRA wavers on their treatment of Social Security taxes, as to whether these are usable towards the foreign tax credit calculation on the Cdn tax return (for Cdn residents paying US soc Sec taxes, or FICA). In a recent Technical Release, they have clarifid that while, in general Soc...
by nelsona
Wed Nov 24, 2004 6:26 pm
Forum: Canada / United States Tax & Accounting
Topic: Offshore Immigrant Trust
Replies: 3
Views: 4513

The figure i've seen is $750K.

The true advantage is fir those who will only stay in Canada for less than 5 years.

<i>nelsona non grata</i>
by nelsona
Tue Nov 23, 2004 10:51 am
Forum: Canada / United States Tax & Accounting
Topic: Kids' Assets and Attribution Rules
Replies: 3
Views: 4187

No one, including children, has to report their assets when immigrating to Canada. Even if the money came directly from you, before you lived in Canada, the income generated would not be attributed to you. Any income they earn will be solely in their name, unless you the parents give them funds afte...
by nelsona
Sun Nov 21, 2004 12:29 am
Forum: Canada / United States Tax & Accounting
Topic: 401k Rollover to Self-Directed IRA
Replies: 2
Views: 3990

Whan leaving US, it is very important that one ESTABLISH their IRA/401(k) account <b>while STILL LIVING IN US</b>. After that, most US firms will continue to deal with you (and Cdn regulators allow it -- SEC does NOT prohibit this). The problem is getting such an account started AFTER leaving is dif...
by nelsona
Sun Nov 21, 2004 12:23 am
Forum: Canada / United States Tax & Accounting
Topic: Moving Back to Canada and Stock Options
Replies: 6
Views: 6453

Would the ISO capital gains be excludable from US taxation based on Art. XIII.4 of the treaty, if paula were to wait until after re-establishing Cdn residency?

I realize that the Cdn taxrate would be higher if she waited. Just wanted to know if options are excludable.

<i>nelsona non grata</i>