Search found 55 matches

by andied
Mon Mar 01, 2010 4:20 pm
Forum: Canada / United States Tax & Accounting
Topic: US revocable trust reporting in Canada
Replies: 5
Views: 2343

I would definitely check with CRA, if it is a formal trust. Ask specifically to speak with someone in the trust section; they will probably take your number and get back to you in a day or two. If you do need to report the trust to the CRA, the forms look reasonably straightforward, as compared to 3...
by andied
Mon Mar 01, 2010 1:18 pm
Forum: Canada / United States Tax & Accounting
Topic: US revocable trust reporting in Canada
Replies: 5
Views: 2343

Yes, I called Canada Revenue and spoke to a person in the section dealing with trusts and was told that this type of trust is not one that needs to be reported.
by andied
Tue Feb 02, 2010 12:01 am
Forum: Canada / United States Tax & Accounting
Topic: Royalty income from Real Property
Replies: 0
Views: 1078

Royalty income from Real Property

I am dual citizen living in Canada, and I receive some royalty income from mineral rights in the US. After reading the Canatech document Re Article VI, am I correct to conclude that this income is US sourced and cannot be re-sourced? Also, where would this income be reported on the Canadian return?
by andied
Sun Jan 24, 2010 7:03 pm
Forum: Canada / United States Tax & Accounting
Topic: claiming withholding tax on US dividends
Replies: 4
Views: 1778

Thanks nelsona, I should notify my brokerage RE my US citizenship; it is an account I have had for 20+ years and I have never been asked if I was a USC. It is only
from reading your advice that I have become aware of the possibility or requirement(?) for this notification.
by andied
Sun Jan 24, 2010 2:24 pm
Forum: Canada / United States Tax & Accounting
Topic: claiming withholding tax on US dividends
Replies: 4
Views: 1778

claiming withholding tax on US dividends

Dual citizen living in Can, receiving dividends from US stocks - there is a 15% withholding tax on these dividends. Does Can transfer this tax to the IRS and then I can claim it on my US return, or do I claim it as FTC on my Canadian return?
by andied
Thu Jan 14, 2010 2:58 pm
Forum: Canada / United States Tax & Accounting
Topic: US resident - how to claim Canada Pension, US social sec
Replies: 51
Views: 16563

It doesn't necessarily automatically keep you taxable for 10 years - only if you renounce to avoid taxes, and how is this determined? The new HEART act affects "covered expatriates" - those with at least 2 million net worth or net cap gain over 600k, or those with average annual net income...
by andied
Thu Jan 14, 2010 1:37 pm
Forum: Canada / United States Tax & Accounting
Topic: US resident - how to claim Canada Pension, US social sec
Replies: 51
Views: 16563

nelsona, you wrote in another thread "I find the notion of a Cdn resident renouncing US citizenship so foolish, that I won't even entertain any questions on it. Free country right?" I think this current thread illustrates why one might renounce their US citizenship. My young adult daughter...
by andied
Mon Jan 11, 2010 8:09 pm
Forum: Canada / United States Tax & Accounting
Topic: US resident - how to claim Canada Pension, US social sec
Replies: 51
Views: 16563

"As to you being executor, it would be best if a non-US person was executor, otherwise you may have to make yearly filings to IRS even before she dies. And it is usually not a gret idea for an heir to be executor. The US angle makes it even more complicated" What "yearly filings"...
by andied
Thu Jan 07, 2010 8:04 pm
Forum: Canada / United States Tax & Accounting
Topic: Another TFSA question
Replies: 15
Views: 11906

"Good point. However, I'm sure you'd agree thta IRS often takes agressive positions, too." I opened an TFSA early last year and when I got home from the bank, I read all the documents and there were several references to "Trustee" and "Declaration of Trust", and the pro...
by andied
Tue Mar 24, 2009 3:21 pm
Forum: Canada / United States Tax & Accounting
Topic: 15% Foreign Interest Credit limit
Replies: 40
Views: 14510

As was stated previously: "You are correct about US taxes on CGs (non-realestate) and interest yeilding no FTC on the Cdn return, and are thus put on line 256 (in the second pass of Cdn return) My understanding is that CG's are sourced to the country of residence, so CG's from US stocks for a C...
by andied
Sun Mar 08, 2009 4:02 pm
Forum: Canada / United States Tax & Accounting
Topic: another 8891 question
Replies: 4
Views: 1887

My daughters are young adults and do file their own tax returns; I try to help them with the forms. Sorry for any confusion.
by andied
Sun Mar 08, 2009 3:37 pm
Forum: Canada / United States Tax & Accounting
Topic: another 8891 question
Replies: 4
Views: 1887

Great suggestion RE delaying the deferral of income. Unfortunately I did check box 6c last year so I guess that option is eliminated. With all the forms for US/Can for myself and two daughters, I sometimes have brain cramps. Your helpful advice in this forum is greatly appreciated.
by andied
Sun Mar 08, 2009 12:50 pm
Forum: Canada / United States Tax & Accounting
Topic: another 8891 question
Replies: 4
Views: 1887

another 8891 question

My daughter opened an RRSP last year and I filed an 8891 for her, but now I see that I inadvertently omitted the plan number on the 8891 - all the other4 info was correct.

Should I amend the 2007 8891, or just include the plan number for 2008?
by andied
Tue Feb 17, 2009 5:53 pm
Forum: Canada / United States Tax & Accounting
Topic: Non-registered GIC question
Replies: 7
Views: 2950

My previous comment was assuming it is in fact a non-registered GIC.
by andied
Tue Feb 17, 2009 5:49 pm
Forum: Canada / United States Tax & Accounting
Topic: Non-registered GIC question
Replies: 7
Views: 2950

The GIC interest earned will be subject to tax, but the principle should not be taxable.