Search found 16069 matches

by nelsona
Mon Feb 03, 2020 10:17 pm
Forum: Canada / United States Tax & Accounting
Topic: grievance settlement
Replies: 9
Views: 586

Re: grievance settlement

You can only take credit for taxes that you actually paid AND owed. Since the amount you earned is less than $10K, you are expected to exempt this income on your CDn and Quebec tax returns, so the income tax you OWE in Canada is zero for this income (ie. you will be refunded these taxes after you fi...
by nelsona
Mon Feb 03, 2020 7:37 pm
Forum: Canada / United States Tax & Accounting
Topic: GC holder working remotely in Canada for a US employer
Replies: 11
Views: 823

Re: GC holder working remotely in Canada for a US employer

Exactly. Howevever that are responsible for their portion of payroll taxes (EI,CPP).

Nonethe less companies send employees to foreign assignments all the time, and have no problem with it, especially when temporary, which could be as long as 5 years, frankly.
by nelsona
Mon Feb 03, 2020 7:35 pm
Forum: Canada / United States Tax & Accounting
Topic: RRSP withdrawals @ 25% tax, and claiming credits
Replies: 11
Views: 635

Re: RRSP withdrawals @ 25% tax, and claiming credits

General limitation income is anything not covered by the other categories. Pensions, wages, etc are gen limit. It is almost always the case that when one withdraws RRSPs that they are left with HUGE foreign tax credit carryovers, which are rarely usable in future, since that future income would like...
by nelsona
Mon Feb 03, 2020 10:15 am
Forum: Canada / United States Tax & Accounting
Topic: Claiming Dependent on both Canadian & US return
Replies: 2
Views: 293

Re: Claiming Dependent on both Canadian & US return

Each set of taxes you file are independent of each other. You clim what you can in Canada based on Cdn rules, and you clim what you can in US based on US rules. This includes both income and deductions. Since you will be filing MFJ, you will need to report ALL income from 2019 on your US return. You...
by nelsona
Mon Feb 03, 2020 10:07 am
Forum: Canada / United States Tax & Accounting
Topic: NOL on 1040 but
Replies: 4
Views: 319

Re: NOL on 1040 but

Sounds right.
by nelsona
Mon Feb 03, 2020 10:06 am
Forum: Canada / United States Tax & Accounting
Topic: grievance settlement
Replies: 9
Views: 586

Re: grievance settlement

Gross salary. Any final tax that you calculate on your Cdn return 9which you see will be zero, plus EI, CPP are considered foreign tax credits.
by nelsona
Mon Feb 03, 2020 10:04 am
Forum: Canada / United States Tax & Accounting
Topic: FBAR in the year of Expatriation
Replies: 2
Views: 293

Re: FBAR in the year of Expatriation

Yes. report for 2019 as if you were USC all year. Does it really matter?
by nelsona
Sun Feb 02, 2020 5:11 pm
Forum: Canada / United States Tax & Accounting
Topic: NOL on 1040 but
Replies: 4
Views: 319

Re: NOL on 1040 but

No, you are stuck with the loss until you have some gain in US that would be taxed more there than in Canada, which is pretty unlikely. So, you will have it until you move back to US.
by nelsona
Sat Feb 01, 2020 9:51 pm
Forum: Canada / United States Tax & Accounting
Topic: grievance settlement
Replies: 9
Views: 586

Re: grievance settlement

You need to include this on your Cdn return (for the province you worked in), and perhaps get some funds back. You also report it in your US return, and take credit for any tax you pay in Canada. If the amount is less than CAD$10K, you can exclude it completely in Canada, and get all your Cdn tax ba...
by nelsona
Sat Feb 01, 2020 9:49 pm
Forum: Canada / United States Tax & Accounting
Topic: GC holder working remotely in Canada for a US employer
Replies: 11
Views: 823

Re: GC holder working remotely in Canada for a US employer

That clause has nothing to do with whether they can payroll you, it has to do with whether YOU need to pay taxes in US.
by nelsona
Sat Feb 01, 2020 9:48 pm
Forum: Canada / United States Tax & Accounting
Topic: Mutual Funds in RRSP
Replies: 1
Views: 330

Re: Mutual Funds in RRSP

MFs held in RRSPs are not subject to PFIC rules, correct.
by nelsona
Sat Feb 01, 2020 9:46 pm
Forum: Canada / United States Tax & Accounting
Topic: Unique estimated taxes question
Replies: 6
Views: 655

Re: Unique estimated taxes question

Good research. Answered your own question, and provided it here. That is my preference.
by nelsona
Fri Jan 31, 2020 12:30 pm
Forum: Canada / United States Tax & Accounting
Topic: Unique estimated taxes question
Replies: 6
Views: 655

Re: Unique estimated taxes question

Re-read what I said. If you owe taxes at the end of the year and did not provide "enough" during the year, you can be charged *interest*. You may avoid *penalties* by paying some minimum amount.

I'll let you determine what "enough" is.
by nelsona
Thu Jan 30, 2020 12:11 pm
Forum: Canada / United States Tax & Accounting
Topic: Unique estimated taxes question
Replies: 6
Views: 655

Re: Unique estimated taxes question

For US, estimated taxes are due regardless of what prior years taxes were, so you best estimate reasonably, and pay quarterly, or you will be charged interest. Prior years will only determine if there is penalty or not.

most send 25% of gross each quarter.
by nelsona
Thu Jan 30, 2020 12:06 pm
Forum: Canada / United States Tax & Accounting
Topic: Calculating Foreign Tax Credit
Replies: 3
Views: 566

Re: Calculating Foreign Tax Credit

Correct. If you were not filing a 1040 or 1040NR, the 1099 method would be ok. but you are not doing this, so you need to report the calculated tax.
Remember that info you get from turbotax telephlunkies is about as accurate as from CRA telephlunkies.