Search found 55 matches

by andied
Mon Feb 09, 2009 6:01 pm
Forum: Canada / United States Tax & Accounting
Topic: I think I erred on my 8891
Replies: 1
Views: 1227

I think I erred on my 8891

In 2007, I transferred my RRSP account to a new RRSP account and now looking at the form 8891 I filed, I selected 6a as yes and 6b as 2007 for the new account (thinking that I had previously deferred everything in my plan), but that was the old plan number. Should I have made a new election for the ...
by andied
Sat Jan 24, 2009 1:43 pm
Forum: Canada / United States Tax & Accounting
Topic: US revocable trust reporting in Canada
Replies: 5
Views: 2343

US revocable trust reporting in Canada

I am a dual citizen, living in Canada, and have a couple of CD's with US banks and have designated my children as beneficiaries. The banks usually refer to this as POD (paid on death), but I believe it is legally considered a revocable trust, and if so, does it require reporting as a foreign trust t...
by andied
Wed Nov 12, 2008 2:26 am
Forum: Canada / United States Tax & Accounting
Topic: Foreign Exchange Question
Replies: 12
Views: 6802

I am not sure money market funds are considered cash; they are negotiable and in theory, could fluctuate in price. I have avoided purchasing them outside of my registered account. A few years ago I got a ruling from the CRA Re exchange rates and capital gains, which confirmed the bulletin "IT95...
by andied
Mon Jul 23, 2007 10:09 am
Forum: Canada / United States Tax & Accounting
Topic: Determining foreign exchange gains/losses
Replies: 7
Views: 3542

nelsona, I have one more question. When converting currency exchange, reference is made to the "official" exchange rate from the Bank of Canada or the US Fed; of course taxpayers do not receive this rate. If I actually converted, I would pay a fee to the financial institution of 1% to 2%. ...
by andied
Sun Jul 22, 2007 10:18 am
Forum: Canada / United States Tax & Accounting
Topic: Determining foreign exchange gains/losses
Replies: 7
Views: 3542

Thanks again, nelsona. I am mostly seeking to increase my knowledge, and I will probably not open this "can of worms" with either the CRA or IRS.
by andied
Sat Jul 21, 2007 2:56 pm
Forum: Canada / United States Tax & Accounting
Topic: Determining foreign exchange gains/losses
Replies: 7
Views: 3542

Thanks nelsona. If I understand your response, the proposed stock purchase and sale would be reported as a separate transaction, and the currency gain or loss would be reported as different transaction. How does the CRA/IRS determine dates? If I acquired (through an inheritance)US$20k five years ago...
by andied
Sat Jul 21, 2007 1:46 pm
Forum: Canada / United States Tax & Accounting
Topic: Determining foreign exchange gains/losses
Replies: 7
Views: 3542

Determining foreign exchange gains/losses

As a USC and resident of Canada, if I were to purchase a US stock with US$ 10000 /CDN$ 10500 and next month sell this stock at the same price as purchased (US$ 10000), but assume the CDN$ has declined in value and this is now equal to CDN$ 11000. I would have a $500 capital gain to report to the CRA...
by andied
Tue Jul 03, 2007 11:44 am
Forum: Canada / United States Tax & Accounting
Topic: Cap Gains Re home sale
Replies: 1
Views: 1420

Cap Gains Re home sale

I am a resident of Canada, and am selling my home in Canada and due to he significant appreciation of the Cdn$, I will be over the 250k exemption limit. As this gain is reported on Sched D, as long term cap gain, I am assuming (hoping) that this gain is considered passive income and can be lumped wi...
by andied
Sat Mar 03, 2007 1:59 pm
Forum: Canada / United States Tax & Accounting
Topic: W-9 Requirement
Replies: 2
Views: 1591

W-9 Requirement

I have recently stumbled across a reference to the W-9 form. I am a USC and longtime Canadian resident and have never been asked by a Canadian financial institution, if I am a US citizen, and have never filed a W-9. Is it required by the IRS?
by andied
Sun Feb 25, 2007 6:28 pm
Forum: Canada / United States Tax & Accounting
Topic: Reporting CPP benefits
Replies: 4
Views: 2744

Reporting CPP benefits

I am an US/Can citizen living in Canada receiving CPP benefits. Nelson, in a previous post you indicated that "CPP is NOT taxable in US by treaty (nor is your SS by the way), so there should not be any reporting of it on your 1040, so no 1116 is required. an 8833 form should be filed with your ...
by andied
Sun Jul 23, 2006 6:12 pm
Forum: Canada / United States Tax & Accounting
Topic: Proving payment of US tax for Canadian credit
Replies: 8
Views: 2444

When this interest income is resourced, should form 8833 {Treaty Based Position Disclosure) be filed, as well?
by andied
Sun Jul 23, 2006 5:08 pm
Forum: Canada / United States Tax & Accounting
Topic: Proving payment of US tax for Canadian credit
Replies: 8
Views: 2444

Thanks Nelson, always something to learn.
by andied
Sat Jul 22, 2006 4:32 pm
Forum: Canada / United States Tax & Accounting
Topic: Proving payment of US tax for Canadian credit
Replies: 8
Views: 2444

The remedy for this double taxation is on your 1040 by IRS allowing you to 're-source' your US interest as foreign to the extent that it reduces your US tax by the ammount of tax Canada charged on that interest Where on the 1040 is this interest re-sourced? Form 1116 has "Certain Income Re-sou...
by andied
Fri Jul 21, 2006 7:00 pm
Forum: Canada / United States Tax & Accounting
Topic: Proving payment of US tax for Canadian credit
Replies: 8
Views: 2444

none of your cap gains or interest.
ISn't interest from a US financial institution considered US souce income.
by andied
Sun Nov 27, 2005 11:34 pm
Forum: Canada / United States Tax & Accounting
Topic: RESPs
Replies: 9
Views: 4384

In the past two years, I have spoken with US/Can tax accountants at five accounting firms (4 in Canada/1 in the US) and no one has had a definitive answer Re trust reporting. All told me that none of their clients reported RESP's, mutual funds or income trusts with form 3520. Two individuals told me...