Search found 33 matches

by SergeP
Tue Dec 17, 2013 4:03 pm
Forum: Canada / United States Tax & Accounting
Topic: us bank account
Replies: 5
Views: 1737

Thank you for your replies. TD bank looks attractive with its cross-border services. I called them and it seems I can open an account on-line. No need to go to their branch.
If it is not illegal, I may also keep ING open and just provide a US mailing address for any future correspondence.
by SergeP
Mon Dec 16, 2013 10:21 pm
Forum: Canada / United States Tax & Accounting
Topic: us bank account
Replies: 5
Views: 1737

us bank account

Can anyone suggest a US bank that allows keeping open accounts for Canadian residents? I am talking about either saving or checking accounts as I will need them for future deposits from my 401 plan. I have CapitalOne360 accounts but they require closing them if I move to Canada. I currently still li...
by SergeP
Tue Nov 05, 2013 4:17 pm
Forum: Business & Personal Immigration to Canada
Topic: duty for returning resident
Replies: 3
Views: 4761

Thank you Nelsona. Yes, the requirement is 6 months. 5 years is required to waive a 6 month requirement on posession and use of goods. It looks like I can buy an item and own it for any time (even for one day) to be eligible to import it duty free.
by SergeP
Sat Nov 02, 2013 12:19 am
Forum: Business & Personal Immigration to Canada
Topic: duty for returning resident
Replies: 3
Views: 4761

duty for returning resident

If a former resident of Canada lived in US for more than 5 years and is returning back then there is a relief on duties for many personal belongings (no duties on <$10K items). Does anyone know how a customs officer will find out about these 5 years? Should some proof be provided and what kind of pr...
by SergeP
Sat Sep 14, 2013 5:21 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian with Green card and US pension - tax questions
Replies: 15
Views: 5970

Nelsona, you are right. Everyone's situation is different.
This is new for me that additional forms can be sent later. I always assumed that to do so one should file an amended return if more forms are needed.
by SergeP
Fri Sep 13, 2013 4:24 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian with Green card and US pension - tax questions
Replies: 15
Views: 5970

back to canada

Nelsona. Thank you for explanation. Agree, there will be a headache with all this tax reporting. But what can we do? Stay in US? Having friends and children in Canada probably overweighs the tax inconveniences. Of course, it is cold there. But hearing these stories about people getting divorced to a...
by SergeP
Fri Sep 13, 2013 1:31 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian with Green card and US pension - tax questions
Replies: 15
Views: 5970

high cost ?why?

Hi all, could you elaborate why is "cost of doing a US return is high"? It is probably depends on a particular case. For example, we plan to return to Canada and will be required to do US returns. In our case it will be SS and 401 income. Either we use a tax software or just do paper returns (that w...
by SergeP
Sun Jul 14, 2013 7:24 pm
Forum: Canada / United States Tax & Accounting
Topic: what return to file?
Replies: 2
Views: 1238

Thank you for a quick answer. I just have not realized that it is possible to file two returns for the same year.
by SergeP
Sat Jul 13, 2013 7:56 pm
Forum: Canada / United States Tax & Accounting
Topic: what return to file?
Replies: 2
Views: 1238

what return to file?

I am a US resident and file 1040. I also have a rental house in Canada so I file my tax return under Section 216 to CRA. Let's say I move to Canada and start living in that house becoming a Canada resident from May 1. How should I file my Canada taxes for this year? Should I file under Section 216 a...
by SergeP
Sun Jun 30, 2013 9:48 pm
Forum: Canada / United States Tax & Accounting
Topic: WEP does not apply?
Replies: 1
Views: 1288

WEP does not apply?

There are a few threads on this forum that explain how WEP can affect Canadian resident's income. I came across this recent document (http://www.fas.org/sgp/crs/misc/98-35.pdf) from Congressional Research that gives good explanation about WEP. On page 3 it says that WEP does not apply to benefits fr...
by SergeP
Wed May 08, 2013 6:34 pm
Forum: Canada / United States Tax & Accounting
Topic: no recapture for now?
Replies: 1
Views: 1049

no recapture for now?

I am a US resident for the last 10 years. I purchased a house in Canada back in 2010 and used it as rental. Now I am moving back to Canada and will use the house as my main home. Called IRS and was advised that there is no reporting for this conversion (rental to main). If I sell the house later on,...
by SergeP
Sat Apr 14, 2012 10:33 pm
Forum: Canada / United States Tax & Accounting
Topic: Claiming standard deduction on 1040NR?
Replies: 22
Views: 6913

so, 1040 is better than 1040NR even with pro forma?

to craudio and nelsona; Thank you for this discussion with actual calculations. This confirms that tax-wise it is better to file 1040 than 1040NR if your standard deduction is larger than itemized deduction. To be able to always use 1040 without pro forma, when being a Canadian resident, one should ...
by SergeP
Fri Feb 10, 2012 3:37 pm
Forum: Canada / United States Tax & Accounting
Topic: citizen tax advantange
Replies: 3
Views: 1325

Thanks Nelsona. But if a Canadian citizen lives in Canada and does not have any status in US (no GC), does he have a choice between 1040 and 1040NR? He is just a non-resident having income from US (401).
by SergeP
Thu Feb 09, 2012 11:11 pm
Forum: Canada / United States Tax & Accounting
Topic: citizen tax advantange
Replies: 3
Views: 1325

citizen tax advantange

Hi all. Could you comment if my understanding is correct. If someone have a choice of becoming a citizen of US or not, then one thing to consider is a tax advantage (even though a US citizen always files US tax return). For example, if a person lives in Canada and has a 401 US income, then, dependin...
by SergeP
Tue Jan 10, 2012 12:13 am
Forum: Canada / United States Tax & Accounting
Topic: simple 1040 question
Replies: 1
Views: 1203

simple 1040 question

I am US/Canada citizen returning to Canada from US. My understanding is that I have to file 1040 every year. Am I correct assuming that I can claim standard deduction and exemptions (I file as MFJ)? I will not have any income from US except of from my 401. There are a few threads in this forum talki...