Search found 313 matches
- 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: 4602
- Mon Feb 06, 2017 2:56 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Various GICs and US PFIC rules
- Replies: 4
- Views: 4508
- 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: 5535
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...
- 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: 5535
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...
- Wed Jan 18, 2017 5:24 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Filing 3520/3520-a regarding REPS for the first time
- Replies: 9
- Views: 5535
- Tue Jan 17, 2017 3:19 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Filing 3520/3520-a regarding REPS for the first time
- Replies: 9
- Views: 5535
- Tue Jan 17, 2017 9:56 am
- Forum: Canada / United States Tax & Accounting
- Topic: Reporting credit cards and lines of credit on FBAR and FATCA
- Replies: 4
- Views: 4662
Hello again,
This might be helpful. There is a statement that "unsecured" credit card accounts are not generally reportable as a financial account.
https://www.irs.gov/pub/irs-wd/0603026.pdf
This might be helpful. There is a statement that "unsecured" credit card accounts are not generally reportable as a financial account.
https://www.irs.gov/pub/irs-wd/0603026.pdf
- Tue Jan 17, 2017 9:47 am
- Forum: Canada / United States Tax & Accounting
- Topic: Reporting credit cards and lines of credit on FBAR and FATCA
- Replies: 4
- Views: 4662
I read somewhere, but can't substantiate, that credit cards and lines of credit have to be reported unless there is an automatic refund to you if you overpay. In other words, if the balance goes positive, they send you a check automatically. None of my accounts do this. I don't report credit cards o...
- Tue Jan 17, 2017 9:40 am
- Forum: Canada / United States Tax & Accounting
- Topic: Filing 3520/3520-a regarding REPS for the first time
- Replies: 9
- Views: 5535
- Mon Jan 16, 2017 12:42 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Is a group RSP handled the same as a RRSP?
- Replies: 6
- Views: 3319
Another possible difference between a group RRSP and a personal RRSP might be the way the withdrawals are treated with respect to the NIIT (form 8960). While a personal RRSP is treated as a non-qualified annuity when withdrawn, this means that it would go on form 8960 as annuity income. In the instr...
- Tue Jan 10, 2017 3:24 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Necessary to file 8621s?
- Replies: 9
- Views: 5553
Hi ethanpurdy, I've been filing 8621s now for 5 years. This year, I'm filing 8 of them on my tax return, and I just figured out that TaxAct won't let me efile more than 5. I'm trying to reduce the number of PFICs that I hold. What I try to do is only use a PFIC if I have to, and it seems that in mos...
- Mon Jan 09, 2017 4:46 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Necessary to file 8621s?
- Replies: 9
- Views: 5553
Hello, Yes you are correct in my opinion. The 4 sold for a loss can simply go on schedule D (there was some analysis done in another thread that shows that PFICs sold for a loss with no election made, can go on schedule D as if they weren't PFICs). The 4 sold for a gain would have to go on 8621. You...
- Tue Aug 16, 2016 9:56 am
- Forum: Canada / United States Tax & Accounting
- Topic: California tax on RRSP
- Replies: 4
- Views: 2815
- Tue Aug 16, 2016 9:53 am
- Forum: Canada / United States Tax & Accounting
- Topic: California tax on RRSP
- Replies: 4
- Views: 2815
Hi There, Those Horizons total return swap based ETFs would certainly be considered PFICs under US tax laws. As a resident of Canada, I can't believe they are allowed here. They make no distributions, and all investments gains are only taxable when the units are sold. This is exactly what the PFIC r...
- Fri May 20, 2016 8:18 am
- Forum: Canada / United States Tax & Accounting
- Topic: Passive Foreign Investment Company
- Replies: 12
- Views: 8424
Hi speer, You are correct about keeping track of your investment in the fund by converting CAD to USD for each purchase. QEF income is the amount you have to claim on your tax return. This is the amount that the US tax rules say that the fund should have distributed to you (but maybe it didn't becau...