Search found 16446 matches

by nelsona
Tue Aug 11, 2020 8:27 am
Forum: Canada / United States Tax & Accounting
Topic: Working remotely from Canada while on a TN Visa
Replies: 9
Views: 779

Re: Working remotely from Canada while on a TN Visa

If you are a contractor, then YOU are paying YOU. the firm is paying your business, so could enter on TN or B1. If you are an employee, then, you would use the TN.
by nelsona
Mon Aug 10, 2020 3:57 pm
Forum: Canada / United States Tax & Accounting
Topic: Working remotely from Canada while on a TN Visa
Replies: 9
Views: 779

Re: Working remotely from Canada while on a TN Visa

It would actually be simpler if you are a contractor, since you would not be taxed in US at all on this income. You would simply file a Cdn return.
by nelsona
Mon Aug 10, 2020 12:57 pm
Forum: Canada / United States Tax & Accounting
Topic: Working remotely from Canada while on a TN Visa
Replies: 9
Views: 779

Re: Working remotely from Canada while on a TN Visa

Well, of course a TN remains when outside US, it is not needed when outside US but remains valid when re-entering US. Whoever told you this silly idea? They need to be (re)educated. many TNers actually live full-time in Canada and COMMUTE to US every day/week/month as an employee. If you live in Can...
by nelsona
Mon Aug 10, 2020 6:23 am
Forum: Canada / United States Tax & Accounting
Topic: TN Visa leaving US back to canada
Replies: 1
Views: 182

Re: TN Visa leaving US back to canada

You absolutely MUST check with your individual firm BEFORE leaving to see if their internal rules will allow you to keep your accounts when you move to canada. For example, Vanguard will not, Schwab abd Fidelity will. You may need to move thr accounts before leaving. The day you move is the day you ...
by nelsona
Wed Jul 29, 2020 6:38 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian permanent resident working remotely for US company
Replies: 3
Views: 244

Re: Canadian permanent resident working remotely for US company

1. You should not have tp pay US taxes. However, unless you are working a sa contractor, you MUST be on a CDn payroll with this firm. 2. If you are an employee they MUST issue you a T4, as they MUST pay you as a Cdn employee, with CDn taxes, CPP, EI, etc., Otherwise you MUST be a contractor. 3. The ...
by nelsona
Mon Jul 27, 2020 7:37 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax planning while leaving Canada: investments, and house
Replies: 4
Views: 296

Re: Tax planning while leaving Canada: investments, and house

RRSPs are exempt from trust and PFIC reporting, so the only thing you would need to do in your RRSP is crystalize gains to give you a higher cost basis for future possible US tax. ETFs and mutuals held outside RRSP, like in TFSA are subject to PFIC and perhaps trust reporting, so can be problematic....
by nelsona
Mon Jul 27, 2020 7:03 pm
Forum: Canada / United States Tax & Accounting
Topic: CCA reporting on foreign rental property when returning to Canada
Replies: 3
Views: 184

Re: CCA reporting on foreign rental property when returning to Canada

If you need to use CCA, I would use the FMV when you arrive in Canada, since that will be the basis for tax in canada.
by nelsona
Mon Jul 27, 2020 10:09 am
Forum: Canada / United States Tax & Accounting
Topic: Tax planning while leaving Canada: investments, and house
Replies: 4
Views: 296

Re: Tax planning while leaving Canada: investments, and house

Since TFSa is treated as an an ordinary account in US, you might want to sell your winners, and keep your losers.

As to whether you should collapse the TFSA, that is a matter of debate, based on whether TFSA is viewed as a foreign trust or not.
by nelsona
Mon Jul 27, 2020 10:07 am
Forum: Canada / United States Tax & Accounting
Topic: Tax preparation questions for moving to California
Replies: 3
Views: 305

Re: Tax preparation questions for moving to California

You do NOT need to keep any ties in Canada or elsewhere on TN. It is not a tourist or student status!
You onlt need to leave when you are no longer on TN (or other valid status)>
by nelsona
Thu Jul 23, 2020 11:47 am
Forum: Canada / United States Tax & Accounting
Topic: Contributing to RRSP as US resident
Replies: 5
Views: 296

Re: Contributing to RRSP as US resident

Brokerage companies are forbidden from holding accounts for US residents, unless it is an RRSP. Forget that.
by nelsona
Wed Jul 22, 2020 11:41 am
Forum: Canada / United States Tax & Accounting
Topic: Contributing to RRSP as US resident
Replies: 5
Views: 296

Re: Contributing to RRSP as US resident

If you are concerned about keeping Cdn currency in your investments, there are Cdn firms that trade on US markets.
by nelsona
Wed Jul 22, 2020 8:06 am
Forum: Canada / United States Tax & Accounting
Topic: Contributing to RRSP as US resident
Replies: 5
Views: 296

Re: Contributing to RRSP as US resident

There is no tax law that prevents contributing to an RRSP while US resident. However, MOST RRSP firm will not deal with new clients fir an RRSP, and even fewer will accept new money from a US resident, by their own rules. There are also SEC regulations which scare off most firms. Also, since you wou...
by nelsona
Mon Jul 20, 2020 12:28 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual citizen (USA resident) owning condo/townhouse in Canada
Replies: 13
Views: 1089

Re: Dual citizen (USA resident) owning condo/townhouse in Canada

In both canada an US you are reposnsible for renatl income to the extent that you own the property. You own 1/2, you report anf pay tax on half.
by nelsona
Mon Jul 20, 2020 12:26 pm
Forum: Canada / United States Tax & Accounting
Topic: Cottage in Canada for US residents
Replies: 3
Views: 401

Re: Cottage in Canada for US residents

Sorry, missed the "not" trenting. You would only need to report when you sell.