Search found 48 matches

by mikem
Wed May 12, 2010 2:42 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian with 401a from the US
Replies: 8
Views: 2942

The only benefit would be that I could take withdrawals at any time & without any extra paperwork. In order to make a withdrawal now, I need to get a signed document from my old employer giving me permission to make the withdrawal. Knowing my old employer, it could take weeks or longer to get the fo...
by mikem
Wed May 12, 2010 2:16 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian with 401a from the US
Replies: 8
Views: 2942

Ok so I called Fidelity today to discuss withdrawal options & they recommended transfering this to a "roll-over IRA". I told them I now live in Canada and was concerned about the tax consequences -- that I only want to worry about paying tax once when I withdraw, but they said it wouldn't be a probl...
by mikem
Wed Apr 28, 2010 3:41 pm
Forum: Canada / United States Tax & Accounting
Topic: ITIN for non-resident alien
Replies: 7
Views: 2418

True enough. As long as he can get the US bank account without an ITIN. Last time I tried that, I was living in the south & they wouldn't touch me with a 10 foot pole unless i had a SSN or ITIN (I had just arrived and was waiting for SSN).
by mikem
Wed Apr 28, 2010 1:18 pm
Forum: Canada / United States Tax & Accounting
Topic: ITIN for non-resident alien
Replies: 7
Views: 2418

Ahh ok, so find a cooperative bank (near the Canadian/US border likely), get an account, then file for an ITIN. Exemption is because he has an interest bearing US bank account and will need to report?
by mikem
Wed Apr 28, 2010 11:58 am
Forum: Canada / United States Tax & Accounting
Topic: ITIN for non-resident alien
Replies: 7
Views: 2418

ITIN for non-resident alien

I'm thinking about buying an investment property in the US with my brother-in-law & he will want to be listed on the title and be associated with any related US bank accounts (i.e. the holding account for rent paid, etc.). How can he get an ITIN to allow us to open a joint account & alllow him to pa...
by mikem
Mon Apr 26, 2010 6:07 pm
Forum: Canada / United States Tax & Accounting
Topic: Rental Property in the US
Replies: 1
Views: 1273

Rental Property in the US

I'm considering picking up some US real estate while the prices are ridiculously cheap. What are the tax consequences of owning rental property in the US for a Canadian citizen & resident? I assume I file as normal in Canada, but do I also file a 1040NR in the US? Would I be able to write off the mo...
by mikem
Wed Apr 21, 2010 6:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian with 401a from the US
Replies: 8
Views: 2942

Canadian with 401a from the US

I worked in the US for around 5 years and returned to Canada right around the time of the stock market crash. I have a fully vested 401(a) retirement fund from my previous employer & I don't really know what to do with it now that I'm back in Canada and it's finally regained most of its former value...
by mikem
Sun Apr 06, 2008 11:25 pm
Forum: Business & Personal Immigration to the United States
Topic: Resigning from H1B Job
Replies: 11
Views: 8252

Perhaps it's not unconstitutional, but the Canada Health Act guarantees universal access to health care for all Canadian citizens. Upon further investigation, I've discovered that it does indeed allow for wait periods when moving from province to province, but I believe the province of your previous...
by mikem
Thu Apr 03, 2008 6:01 pm
Forum: Business & Personal Immigration to the United States
Topic: Resigning from H1B Job
Replies: 11
Views: 8252

Thanks for the info Nelson. You've been of immense help over the years.
by mikem
Thu Apr 03, 2008 4:58 pm
Forum: Business & Personal Immigration to the United States
Topic: Resigning from H1B Job
Replies: 11
Views: 8252

...it does appear the the MSP website is silent on residents returning from out of country. Might have to make a few more phone calls and see if I can find a more informed flunkie.
by mikem
Thu Apr 03, 2008 4:48 pm
Forum: Business & Personal Immigration to the United States
Topic: Resigning from H1B Job
Replies: 11
Views: 8252

Hmmm... well then I might have to rescind my resignation and mail it to them after my annual leave finishes. As for the BC medical plan...From the MSP website: When does Coverage Begin? New residents or persons re-establishing residence in B.C. are eligible for coverage after completing a waiting pe...
by mikem
Thu Apr 03, 2008 3:54 pm
Forum: Business & Personal Immigration to the United States
Topic: Resigning from H1B Job
Replies: 11
Views: 8252

Resigning from H1B Job

I'm resigning from my job in the US on an H1B and have a question that I hope someone can answer. My employer pays out banked annual vacation time to employees when they leave. You have the option of either getting paid a lump sum and having your employment end on your last day in the office OR - yo...
by mikem
Mon Jan 07, 2008 5:56 pm
Forum: Canada / United States Tax & Accounting
Topic: Leaving US.. what should I do with 401k?
Replies: 20
Views: 6772

If I chose 1 and left it alone, is it going to be a hassle to maintain the tax free status (i.e. lots of confusing paperwork)? Although I would prefer to just leave it alone (it's really the only savings I have), I can see myself possibly wanting to pull it out in the next couple of years and use to...
by mikem
Mon Jan 07, 2008 1:14 pm
Forum: Canada / United States Tax & Accounting
Topic: Leaving US.. what should I do with 401k?
Replies: 20
Views: 6772

Leaving US.. what should I do with 401k?

I'm planning on leaving the US in the next few months and don't know what to do with my 401K. Should I leave it here (it's been getting a pretty decent return over the last few years), cash it out and dump it into another US investment, cash it out and reinvest in Canada, or ??? Not sure which would...
by mikem
Mon Dec 10, 2007 12:00 pm
Forum: Business & Personal Immigration to the United States
Topic: Moving back to Canada with US car loan
Replies: 8
Views: 7837

Well I figured that since cars are so much more expensive in Canada than the US, and the dollar is virtually at par, it would be a good idea to get a new one here before going back. My Nissan sells for nearly $20K more in Canada than the US, and the Ford truck I'm looking at is between $15-20K more ...