Search found 309 matches

by MGeorge
Thu Jul 05, 2012 3:09 pm
Forum: Canada / United States Tax & Accounting
Topic: Fees for preparing US tax return?
Replies: 4
Views: 2118

Hi Again - Nanic makes a good point. I've been using software ever since getting hit with that big bill. I recently discovered "TaxACT" software. It is less expensive ($13), but not as user friendly as Turbotax. But, if you have a non-resident alien spouse, TaxACT lets you efile without having an IT...
by MGeorge
Thu Jul 05, 2012 1:01 pm
Forum: Canada / United States Tax & Accounting
Topic: form 3520
Replies: 4
Views: 1992

Hi - I ran into the same problem. I called Fidelity Investments (Canada) and they didn't know what I was talking about with regards to an EIN number, and they didn't know who in their organization could help me. I did manage to get their EIN number by googling the relevant terms, and I tracked down ...
by MGeorge
Thu Jul 05, 2012 11:19 am
Forum: Canada / United States Tax & Accounting
Topic: Fees for preparing US tax return?
Replies: 4
Views: 2118

Hello - I paid $500 per tax year - and this was to do 6 years of back-filing (ie. $3k). These were not complicated returns, and it included the tax return, and the FBAR filings. I thought this was too much at first, then found out that the "going rate" was $750 per return. It would be good to get so...
by MGeorge
Wed Jul 04, 2012 5:18 pm
Forum: Canada / United States Tax & Accounting
Topic: Taking stab at 3520, -A for TFSA
Replies: 157
Views: 140105

This thread has been very helpful - thanks to all involved! I have a question and welcome comments - How are automatic re-invested dividend and interest distributions treated? I've been claiming a "distribution" then showing a "contribution" to the trust on the same day. I can see why it might not b...
by MGeorge
Wed Jul 04, 2012 5:04 pm
Forum: Canada / United States Tax & Accounting
Topic: Including Canadian elected split-pension income on my 1040?
Replies: 5
Views: 2399

Just re-read my post and thought something might not be clear:
Do the pension income splitting on your Canadian return, then file jointly on the US return.
Regards.
by MGeorge
Wed Jul 04, 2012 5:02 pm
Forum: Canada / United States Tax & Accounting
Topic: Including Canadian elected split-pension income on my 1040?
Replies: 5
Views: 2399

I think the best way to treat this situation is to file a joint return with your spouse. As I'm sure you're aware, the benefit of pension income splitting is that you minimize your income liability by moving income from a higher earner (in a higher bracket) to the lower earner. The US system lets ev...
by MGeorge
Thu Jun 28, 2012 2:54 pm
Forum: Canada / United States Tax & Accounting
Topic: Us citizen became Canadian in 1977
Replies: 2
Views: 1452

Hi - according to the rules, this individual is considered a US citizen. Has this person kept a current US passport, and does he/she have a social security number? Another thing to consider - if on the Canadian passport it shows a US place of birth - they will technically assume US citizenship. Unle...
by MGeorge
Thu Jun 28, 2012 2:44 pm
Forum: Canada / United States Tax & Accounting
Topic: LIRA-RRSP
Replies: 2
Views: 1984

Hi - My accountant said that the IRS does not distinguish between LIRA-RRSPs and RRSPs. On form 8891 simply check the RRSP box (RRIF only if you have retired and have rolled it into an annuity), then indicate in the account number box that it's a LIRA. Ie - 12345678-LIRA as the account number. I can...
by MGeorge
Thu Jun 28, 2012 9:36 am
Forum: Canada / United States Tax & Accounting
Topic: Need Tax Help: US Citizen moved to Canada
Replies: 2
Views: 1361

Hi - I certainly don't have the answers to all of your questions: To receive a foreign tax credit for foreign source income, you need T2209 from the CRA. Regarding status as a dependent - In Canada you can only claim the "spouse amount" once - even if you have another dependent relative living with ...