Search found 16595 matches

by nelsona
Mon Jun 13, 2005 5:45 pm
Forum: Canada / United States Tax & Accounting
Topic: social security totalization?
Replies: 3
Views: 2430

The counting of Cdn credits can only be used to make up the required eligibility for Social security, not medicare, and will only be referred to once you have finsished your SS contribution 'career'(ie. when you reach the age to start collecting SS). At that point any shortfall in number of quarters...
by nelsona
Mon Jun 13, 2005 5:42 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 8891 questions here please!!!!
Replies: 174
Views: 92414

Like any one else.

Look at IRS website.

<i>nelsona non grata... and non pro</i>
by nelsona
Mon Jun 13, 2005 5:39 pm
Forum: Canada / United States Tax & Accounting
Topic: keeping 401k and IRA after moving to canada
Replies: 53
Views: 30136

second Q on this in 2 days.

You cannot convert a Roth to a Trad IRA. You can only re-characterize the contribution from the current and *maybe* the previous year.


<i>nelsona non grata... and non pro</i>
by nelsona
Mon Jun 13, 2005 2:29 pm
Forum: Canada / United States Tax & Accounting
Topic: Medicare / Social Security
Replies: 2
Views: 2080

The Fica/SS/Medicare taxes are indeed eligible for the foreign tax credit calculation on your Federal and Provincial schedules. And, as sson as you have worked six quarters, your SS eligiblity will be determined by adding those quarters with years on CPP to get some SS at retirement. There are threa...
by nelsona
Mon Jun 13, 2005 8:00 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian moving to the U.S tax question?
Replies: 4
Views: 2616

Forget "days" for Canadaian tax purposes. You are considered an Emigrant when you move away, be it on January 2nd or December 2oth. You will not be taxed on foreign income after your departurte date. Please read over The "Emigrants" guide from CRA. For US taxes you will have seve...
by nelsona
Mon Jun 13, 2005 7:56 am
Forum: Canada / United States Tax & Accounting
Topic: Roth IRA conversion before moving to Canada
Replies: 1
Views: 1603

You CANNOT convert existing Roths into a Traditional IRA. The most you can do is re-characterize the current year's Roth contribution into a Traditional Contribution. The best thing is to either leave them, requesting that CRA give you special permission to defer tax on Roth (much akin to the way IR...
by nelsona
Sun Jun 12, 2005 6:52 am
Forum: Canada / United States Tax & Accounting
Topic: Transferring Money
Replies: 1
Views: 1595

As a person living in Canada, you must report income wherever it is earned, regardless of whether you transfer the money to Canad or not. The responsibility is yours, and it the law. The british firm holding your investments is under no obligation to report anything to Canada -- you are. <i>nelsona ...
by nelsona
Sat Jun 11, 2005 12:32 am
Forum: Canada / United States Tax & Accounting
Topic: keeping 401k and IRA after moving to canada
Replies: 53
Views: 30136

the investments in your Roth are treated like any other non-sheltered investment: A dividend is immediately taxable, but if re-invested subsequently becomes part of the cost basis. So a fund valued at $1000 when entering canada, which subsequently has a reinvested dividend of $50 (taxable), and then...
by nelsona
Fri Jun 10, 2005 5:40 pm
Forum: Canada / United States Tax & Accounting
Topic: keeping 401k and IRA after moving to canada
Replies: 53
Views: 30136

What do you mean by distributions? If you mean monthly/quarterly dividends: Of course, that is by definition income, even if it doesn't come to you. If you mean withdrawals: No, Only the income genrated by the withdrawal would be taxable (ie. you sell some funds triggering capital gains for Cdn purp...
by nelsona
Fri Jun 10, 2005 5:31 pm
Forum: Canada / United States Tax & Accounting
Topic: RRSP Taxability
Replies: 64
Views: 37447

Its just strange that an employer, regardless of who it is, would make a specific payment to an employee to funfd their RRSP.

This does indeed seem like pension funding. why not simply be paid an equal monthly salary?

<i>nelsona non grata... and non pro</i>
by nelsona
Fri Jun 10, 2005 2:43 pm
Forum: Canada / United States Tax & Accounting
Topic: RRSP Taxability
Replies: 64
Views: 37447

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">About the employer contribution vs personal, what if the company writes me a cheque for the contribution allowable for...
by nelsona
Fri Jun 10, 2005 12:28 pm
Forum: Canada / United States Tax & Accounting
Topic: RRSP Taxability
Replies: 64
Views: 37447

Rev Proc 89-45, which was THE governing document until 2002, stated that contributions by US citizens were to be considered investments. To quote from 89-45: <blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height=&qu...
by nelsona
Fri Jun 10, 2005 10:17 am
Forum: Canada / United States Tax & Accounting
Topic: Form 8891 questions here please!!!!
Replies: 174
Views: 92414

Capital gains calculations are really only a matter of record keeping and math.

There are dozens of programs and spreadsheets that can handle these.

<i>nelsona non grata... and non pro</i>
by nelsona
Fri Jun 10, 2005 6:48 am
Forum: Canada / United States Tax & Accounting
Topic: Rev. Proc 2002-03 for RRSP
Replies: 8
Views: 4215

Your filing status for the 2002 return doesn't change. This question applies if you had a choice in that year, and you are changing, or you had made a mistake. Nothing about your spouse should appear on the 1040-X for theyears you weren't married. Merely indicate on the 2002 RP that you arrived in U...
by nelsona
Fri Jun 10, 2005 6:42 am
Forum: Canada / United States Tax & Accounting
Topic: additional child tax credit
Replies: 5
Views: 2867

My comment on low income was in regards to getting CCTB, which is for low income. Personally, I think all Cdns should start filing 1040's and get that money too. The tax treaty would probably allow it under non-discimination. The scholarship would have to be reported on the worksheets or on 8821, ev...