Search found 16346 matches

by nelsona
Mon Apr 04, 2005 12:26 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual Status & Residency
Replies: 10
Views: 5750

I think you are probably wasting time/money/effort going to <i>SEE </i> another specialist. Unless you live in one of the 2 or 3 cities in US that have a well-respected cross-border specialist, so are going to get unsatisfactory answers. Better to <i>CONTACT</i> one that has an established practice ...
by nelsona
Mon Apr 04, 2005 12:17 pm
Forum: Canada / United States Tax & Accounting
Topic: Deducting Moving Expenses Canada vs US
Replies: 18
Views: 4452

you are missing the point of 2555. It does not require that you be out of US for the entire calendar year. It simply requires that you be out if US for A YEAR (330 days of 365). This period can start in december if you wish. You would PRO-RATE the days of the year to determine how much you would exe...
by nelsona
Mon Apr 04, 2005 12:13 pm
Forum: Canada / United States Tax & Accounting
Topic: keeping 401k and IRA after moving to canada
Replies: 53
Views: 27783

You can, if you <i>otherwise</i> meet the requirements for making IRA contributions, which is EARNED INCOME of at least the ammount you wish to contribute, up to (this year) $4000. If you file ointly with a spouse who has earned income, he can put in upto $4000 for you. If neither of you <i>earn</i>...
by nelsona
Mon Apr 04, 2005 11:38 am
Forum: Canada / United States Tax & Accounting
Topic: Form 8891 questions here please!!!!
Replies: 174
Views: 85023

That line in the instructions applies only to rollovers. The answer to 6b is the first year you elected with RP 02-23 on <i>this </i> account (that's right on line 6b), or IF this account is a rollover, the first year you elected on the <i>original </i> account. Its just IRS-ese for saying once you ...
by nelsona
Mon Apr 04, 2005 11:28 am
Forum: Canada / United States Tax & Accounting
Topic: Foreign Earned Income
Replies: 27
Views: 7070

This has been sufficiently elaborated on: Your period would include the year <i>UP until </i> your arrival in US. In your case form mid-year 2003, to mid-year 2004. You would prorate the exclusion to cover 2004 (roughly half of the ~80K exclusion would be available to you). This only applies to wage...
by nelsona
Mon Apr 04, 2005 10:31 am
Forum: Canada / United States Tax & Accounting
Topic: Tax question from TN & US resident
Replies: 6
Views: 4766

if you file separately, you do not get each other as exemptions.

If you are going to the trouble of filing as residents, you may as well file jointly, otherwise you are raising your tax level.

<i>nelsona non grata... and non pro</i>
by nelsona
Mon Apr 04, 2005 7:01 am
Forum: Canada / United States Tax & Accounting
Topic: Cashing in RRSPs
Replies: 2
Views: 2527

Look over the form NR73 (do not submit) and see if you have taken care of all of the primary ties, and most of the secondary ties. As long as 'house and spouse' are in US, you are fine. Advise broker that you are non-res. Your contribution is quite fine. The wating period only applies to those using...
by nelsona
Mon Apr 04, 2005 6:54 am
Forum: Canada / United States Tax & Accounting
Topic: How does changing from F1 to H1B affect my filing?
Replies: 3
Views: 2897

You do not need to file 8833, but you can if you wish, stating your right to file 1040 full-year (as ong as you report world income for 2004). T1248 doesn't apply to you. If you end up choosing 08/27/03 as your departure date, you will file a 2003 BC return with that date, consulting the emigrants g...
by nelsona
Mon Apr 04, 2005 6:45 am
Forum: Canada / United States Tax & Accounting
Topic: Dual Status & Residency
Replies: 10
Views: 5750

Laura, you must still, fore 2004, use the T1 for your old province, as you wree not non-resident for the entire year. You should look at the "Emigrants" guide from CRA. ... and since your acct is a moron, you will have to read instructions <i>carefully </i> on your own. <i>nelsona non grata... and n...
by nelsona
Mon Apr 04, 2005 6:40 am
Forum: Canada / United States Tax & Accounting
Topic: Form 8891 questions here please!!!!
Replies: 174
Views: 85023

Line 10 is only for those who are NOT electing to defer income.

This is quite clear in the instructions.

<i>nelsona non grata... and non pro</i>
by nelsona
Sun Apr 03, 2005 5:00 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual Status & Residency
Replies: 10
Views: 5750

The formt page on T1 asks you your departure date. Your accountant is completely wronmg aboy how to report your foreign accounts. First, as long as the sum of all your accounts is greater than $10K, they ALL have to be reported (the fact that some are small or don't generate income is meaningless --...
by nelsona
Sun Apr 03, 2005 4:25 pm
Forum: Canada / United States Tax & Accounting
Topic: T1 and 1040 tax return question
Replies: 1
Views: 2314

You cannot claim any moving expenses on your T1, which will be a departure return dated June 2004.

The issue of first year taxation in Us is covered at length elsewhere.


<i>nelsona non grata... and non pro</i>
by nelsona
Sun Apr 03, 2005 4:23 pm
Forum: Canada / United States Tax & Accounting
Topic: Can I claim moving expense deduction?
Replies: 1
Views: 2157

Personal services is your <b>employment</b>. This is as opposed to 'independant' personal services, which is <b>contract</b> work.


You qualify.


<i>nelsona non grata... and non pro</i>
by nelsona
Sun Apr 03, 2005 4:21 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian residency vs US residency
Replies: 6
Views: 1370

Long question. Short answer: the moment you went into canada and took the steps to beome Cdn resident (ie Health card, home, etc), you became Cdn tax resident. The US citizen spouse, can hold off Cdn tax residency until 'landing', but not the other spouse. As to how to report in US, do the 2 scenari...
by nelsona
Sun Apr 03, 2005 4:09 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual Status & Residency
Replies: 10
Views: 5750

You should file the new form, as I am unsure as to how 'he declared the RRSP', sine 8891 is now the only accepted manner. As long as you reported ALL world income on the 1040, you are fine filing 1040 instead of dual-status. You need to also file a departure return for Canada (departure mid-June), a...