Search found 147 matches

by worryfreeinvestor
Tue Jan 21, 2014 12:41 pm
Forum: Canada / United States Tax & Accounting
Topic: Taking stab at 3520, -A for TFSA
Replies: 157
Views: 268370

Thank you. I am afraid I do not follow the term "passive income tax". Does that mean income tax on ono-sheltered investment income, e.g. coupons, dividends, capital gains? I have not yet filled out a PFIC or 3520 so my question is very basic. I plan to do a "mock" tax return shor...
by worryfreeinvestor
Mon Jan 20, 2014 5:28 pm
Forum: Canada / United States Tax & Accounting
Topic: Pre- US naturalization but return to Canada: Should I do it?
Replies: 9
Views: 6470

Well, I don't want to NIIT-pick...
by worryfreeinvestor
Mon Jan 20, 2014 5:23 pm
Forum: Canada / United States Tax & Accounting
Topic: Taking stab at 3520, -A for TFSA
Replies: 157
Views: 268370

Would I be correct in stating that if a US citizen moves to Canada, he should never open a TFSA?
by worryfreeinvestor
Mon Jan 20, 2014 5:09 pm
Forum: Canada / United States Tax & Accounting
Topic: Pre- US naturalization but return to Canada: Should I do it?
Replies: 9
Views: 6470

I see that NIIT is an Obamacare tax.
by worryfreeinvestor
Mon Jan 20, 2014 3:29 pm
Forum: Canada / United States Tax & Accounting
Topic: Pre- US naturalization but return to Canada: Should I do it?
Replies: 9
Views: 6470

Never even heard of it! So far, the TFSA is the one that gies me pause. I wonder if that is just a question of time lag.
by worryfreeinvestor
Mon Jan 20, 2014 2:44 pm
Forum: Canada / United States Tax & Accounting
Topic: Pre- US naturalization but return to Canada: Should I do it?
Replies: 9
Views: 6470

That is great information. Thank you.
by worryfreeinvestor
Mon Jan 20, 2014 10:48 am
Forum: Canada / United States Tax & Accounting
Topic: Pre- US naturalization but return to Canada: Should I do it?
Replies: 9
Views: 6470

Actually, I think I made an error in my initial post. If I am a US citizen resident in Canada, do I file a 1040NR or a 1040?
by worryfreeinvestor
Mon Jan 20, 2014 10:42 am
Forum: Canada / United States Tax & Accounting
Topic: Pre- US naturalization but return to Canada: Should I do it?
Replies: 9
Views: 6470

Pre- US naturalization but return to Canada: Should I do it?

I appreciate that this is a question which nobody can definitively answer, because there are a lot of personal choices that can't really be assessed by strangers. Nevertheless, it may draw out a few facts that would help. I am a Canadian citizen who moved to US in 2005 and now have green card. Sched...
by worryfreeinvestor
Mon Jan 20, 2014 10:27 am
Forum: Canada / United States Tax & Accounting
Topic: Other 1040/NR obstacles
Replies: 10
Views: 7321

Can one just rigwrite "ZILCH"? (kidding.)
by worryfreeinvestor
Mon Jan 20, 2014 10:23 am
Forum: Canada / United States Tax & Accounting
Topic: Tax compare btw Canada and US
Replies: 7
Views: 6597

I see you have included state income tax. However, you have not included sales tax/GST. In the U.S. state sales tax is between zero and eight or nine percent, and no federla GST. In Canada, the combined rate is about fifteen percent, right? So, I think you have to look at consumption taxes as well a...
by worryfreeinvestor
Wed Jan 08, 2014 6:28 pm
Forum: Canada / United States Tax & Accounting
Topic: Commuting daily across border: Where taxable
Replies: 1
Views: 1723

Commuting daily across border: Where taxable

I have not quite seen this situation in the threads: Joe is a citizen of Canada and a citizen of the U.S. He lives in Blaine, WA and works as an independent contractor for a firm in Surrey, BC. The firm pays him gross. He goes that office (in Canada) to work. To be clear: Every night, he sleeps in B...
by worryfreeinvestor
Wed Aug 28, 2013 9:36 am
Forum: Canada / United States Tax & Accounting
Topic: Converting RRSP to RIFF for US Resident
Replies: 18
Views: 18765

RRSP: Waiting until age 70

This question is not really a cross-border issue. It would be relevant to a Canadian resident too. CPP is adjusted for inflation but it's not clear to me whether the benefit from deferring until age 70 is also adjusted for inflation. For example, suppose I log into Service Canada as I approach my 65...
by worryfreeinvestor
Wed Aug 28, 2013 9:26 am
Forum: Canada / United States Tax & Accounting
Topic: RRSP and 1099-DIV dividends!
Replies: 8
Views: 9047

I'd recommend switching RRSPs to TD Waterhouse. They've never asked me for a W-9 or issued a 1099-DIV or withheld tax on my RRSP.
by worryfreeinvestor
Tue Aug 13, 2013 4:01 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Spousal Annuitant on RRIF
Replies: 11
Views: 9517

RRIF

OK: He files married filing separately. She doesn't file at all. I still don't see how or why the IRS can lay a hand on his widow as long as they never move to the U.S.
by worryfreeinvestor
Tue Aug 13, 2013 3:50 pm
Forum: Canada / United States Tax & Accounting
Topic: Converting RRSP to RIFF for US Resident
Replies: 18
Views: 18765

RRSP

I see: I can't imagine a scenario in which a taxable U.S. resident would try to put income in to an RRSP rather than an IRA, 401(k), or other U.S. tax-deferred vehicle.