Search found 309 matches

by MGeorge
Fri Apr 28, 2017 9:21 am
Forum: Canada / United States Tax & Accounting
Topic: Form 8965 for Canadian
Replies: 6
Views: 2108

$200 to fill out form 8965 - sounds like you got one of those "compliance condors" I keep hearing about on the Isaac Brock Society!
by MGeorge
Thu Apr 27, 2017 12:10 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 8965 for Canadian
Replies: 6
Views: 2108

I think you're safer with taking exemption C. I've done that every year and I live in Canada.
OHIP should probably be consider more than adequate, but I think that since it isn't specifically qualified by the ACA, you might have trouble taking the position that you're covered.
Cheers!
by MGeorge
Tue Apr 18, 2017 11:52 am
Forum: Canada / United States Tax & Accounting
Topic: TFSA capital gains for
Replies: 32
Views: 5993

You don't need to file a 3520A separately. Since you're already past the March 15th deadline - you could take the position that you are filing a 3520, and the 3520A is simply an attachment filled out to the best of your ability. I think it could be argued that the March 15th deadline only applies to...
by MGeorge
Tue Apr 18, 2017 11:17 am
Forum: Canada / United States Tax & Accounting
Topic: QEF election with MTM purge
Replies: 1
Views: 985

Hi Mrsjack, Ah thanks! I don't understand your question though. What do you mean by doing a purge. Are you talking about election D (deemed sale for first year as a QEF?). Or are you going to sell all of your mutual funds so that you don't have to deal with form 8621 anymore... Either way, you never...
by MGeorge
Tue Apr 18, 2017 11:08 am
Forum: Canada / United States Tax & Accounting
Topic: Tripping up on some PFIC stuff - QEF Election
Replies: 1
Views: 889

Hi nabstar, I have the same question. You'll have to report the May - July income on next year's return. The only 2 options I can think of are: 1. amend your 2016 return with the new basis adjustment, or 2. simply add an additional loss (or gain) on schedule D for the adjustment on your 2017 return....
by MGeorge
Mon Mar 27, 2017 2:54 pm
Forum: Canada / United States Tax & Accounting
Topic: Reporting TFSA, non-registered joint acount ..
Replies: 2
Views: 1610

Hello Xiaoice, (1) as long as you are sure it is a bank TFSA, then 3520/3520A shouldn't be necessary. Look in the documentation, does anything say "declaration of trust"? (2) The IRS doesn't recognize the income attribution rules that the CRA does. Since you are married, what matters is if either or...
by MGeorge
Tue Mar 21, 2017 3:32 pm
Forum: Canada / United States Tax & Accounting
Topic: PFIC QEF statement question
Replies: 7
Views: 2196

Hi puzon,

It sounds like I might be missing something. I've reread the thread - so you are planning on using Jan 1-Dec 31 for the 3520A reporting. Just to make sure I understand - Is 2016 the first year you are making a QEF election?
When did you acquire the funds - was it before Oct 1, 2015?
by MGeorge
Tue Mar 21, 2017 12:10 pm
Forum: Canada / United States Tax & Accounting
Topic: PFIC QEF statement question
Replies: 7
Views: 2196

Hi puzon23, This is a tricky one - the interaction with QEF statements and 3520s. If you look at the internal revenue code section 1293 - from a tax liability perspective, you are completely off the hook for declaring the "actual" distributions from a PFIC with a QEF election in place. Simply put, i...
by MGeorge
Mon Mar 20, 2017 9:55 am
Forum: Canada / United States Tax & Accounting
Topic: PFIC QEF statement question
Replies: 7
Views: 2196

Hello, You can use the QEF statements - the tax year does not need to line up. You need to make your ordinary income and net gain calculations based on the units of the fund you owned during the fund's tax year. In your case, the fund's tax year is from Oct 1- sept 30. If you bought 100 units on Jan...
by MGeorge
Tue Mar 07, 2017 4:28 pm
Forum: Canada / United States Tax & Accounting
Topic: PFIC as QEF on form 8261 - where to put the numbers
Replies: 8
Views: 2159

Thanks Mrs Jack - but that would be a lot of beer and chocolate :) The cost basis, is the amount you invested in that particular fund in USD. The QEF election makes things more complicated though. Since you don't have to report the actual distribution from the fund, this amount is subtracted from th...
by MGeorge
Tue Mar 07, 2017 10:49 am
Forum: Canada / United States Tax & Accounting
Topic: bank account - with 1 cent interest
Replies: 1
Views: 771

Hi Tony, Officially, yes the account needs to be reported. On form 8938 (FATCA form) there is a box to check "account closed during the year". The $0.01 interest won't even register because of rounding. If you closed your TFSA and have in the past, been reporting it on 3520/3520A, then I would repor...
by MGeorge
Mon Mar 06, 2017 6:38 pm
Forum: Canada / United States Tax & Accounting
Topic: PFIC as QEF on form 8261 - where to put the numbers
Replies: 8
Views: 2159

Hi Mrs. Jack, If you make a QEF election for a PFIC, the actual distributions received from the fund do not have to get report. The amounts will reduce your USD cost basis in the units of the fund. In 2016, you have to report the "ordinary earnings" on line 21 (other income) for the 1040. You said y...
by MGeorge
Mon Feb 06, 2017 2:56 pm
Forum: Canada / United States Tax & Accounting
Topic: Various GICs and US PFIC rules
Replies: 4
Views: 1371

Hello,

Market-linked GICs would not be considered PFICs. Similar to futures and other contract derivatives - these wouldn't be considered PFICs. I saw a bank suggesting these as a good option for US taxpayers living in Canada.
by MGeorge
Thu Jan 19, 2017 4:38 pm
Forum: Canada / United States Tax & Accounting
Topic: Filing 3520/3520-a regarding REPS for the first time
Replies: 9
Views: 2633

Hi puzon23, I agree, collapsing it is probably the best idea. The only reason I have an RESP is because I live in Canada and get the grants. Regarding the Canadian tax on collapsing - I really don't know how this is done for non-residents. I believe you will get back all of your contributions tax fr...
by MGeorge
Wed Jan 18, 2017 5:28 pm
Forum: Canada / United States Tax & Accounting
Topic: Filing 3520/3520-a regarding REPS for the first time
Replies: 9
Views: 2633

Me again. Just a thought, since you're in the US, why don't you open a 529 plan (US plan similar to RESPs). You can fund it and invest in non PFICs while living in the US. You could close your RESP and move the assets to the 529. you'd have to pay back the Canadian grants. Becoming a non-resident of...