Search found 18308 matches
- Tue May 10, 2005 12:35 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Form 8891 questions here please!!!!
- Replies: 174
- Views: 132337
Tania, your analysis is ALMOST correct about 16b. For interest bering accounts , the cost basis and the current value are identical. Book value and market value are only different in investments which have a capital component (stocks and mutual funds, basically). But to accurately determine your &qu...
- Tue May 10, 2005 12:19 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Form 8891 questions here please!!!!
- Replies: 174
- Views: 132337
It has been to your advantage NOT to defer in the past, since, as you say, the income (true income) that your RRSP was generating, was undoubtedly below your standard deduction. Now that you have a larger sum, it may indeed be to your advantage to no lonfger report the income yearly, but take the de...
- Tue May 10, 2005 12:04 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Form TD etc. for Detroit - Requirements
- Replies: 19
- Views: 14048
Ther TD form's primary goal is to combat international money laundering. If hubby's accounting practices and records are such that there is no doubt that YOU are not hiding money in the firm, and you otherwise are not engaged in any illegal financial activities, there is no harm in reporting. If the...
- Tue May 10, 2005 11:57 am
- Forum: Canada / United States Tax & Accounting
- Topic: How to report a company retirement fund to IRS
- Replies: 20
- Views: 12884
A LIRA is a <b>L</b>ocked-<b>I</b>n <b>R</b>etirement <b>A</b>ccount, which is exactly what your firm is offering. The 8891 election, if you choose it, must be repeated every year, even though once made it is irrevoccable. IRS logic for you.[xx(] The 8891 also serves as a reporting mechanism, so, ev...
- Mon May 09, 2005 6:08 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Form TD etc. for Detroit - Requirements
- Replies: 19
- Views: 14048
- Mon May 09, 2005 6:02 pm
- Forum: Canada / United States Tax & Accounting
- Topic: How to report a company retirement fund to IRS
- Replies: 20
- Views: 12884
In general, true Cdn pensions are not reportable in US, as they inherently meet all the reporting requiremnts. I would only be reporting actual INCOME that I receive from thiese funds (be it excess contributions or a payout) in the years when I receive them. If you transfer this to a LIRa, then yes,...
- Mon May 09, 2005 5:43 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Form 8891 questions here please!!!!
- Replies: 174
- Views: 132337
I'm getting confused by your statements (and hitting the return key every once and a while wouldn't hurt either). The way in which you had been calculating what to put on Schedule B was incorrect, as you were looking at the change in value rather thatn the actual income generated. Brief example: You...
- Mon May 09, 2005 3:25 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Form 8891 questions here please!!!!
- Replies: 174
- Views: 132337
- Mon May 09, 2005 10:17 am
- Forum: Canada / United States Tax & Accounting
- Topic: marriage in US, money in Canada
- Replies: 2
- Views: 2387
- Mon May 09, 2005 10:07 am
- Forum: Canada / United States Tax & Accounting
- Topic: TN visa Canadian and US Taxes?
- Replies: 5
- Views: 4896
Correct. You only need to pay State tax for the time you spent in VA. You will not owe any IRS tax, but you will have to explain this on a 1040NR next spring, as well as to get your refund of what has been withheld so far. It is in your best interest therefore to stop your firm from withholding US t...
- Sun May 08, 2005 8:21 am
- Forum: Canada / United States Tax & Accounting
- Topic: TN visa Canadian and US Taxes?
- Replies: 5
- Views: 4896
No, you will not be determined to be a deemed non-resident of Canada (DNR), because the first criteria for that status is to become a tax resident of another Country. As you state, you atre not becoming a tax resident of US, since you are not spending 183 days there. Besides, you have no other ties ...
- Sun May 08, 2005 8:04 am
- Forum: Canada / United States Tax & Accounting
- Topic: 401 K
- Replies: 1
- Views: 2654
- Fri May 06, 2005 9:51 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Collect US Social Security or CAN CPP?
- Replies: 16
- Views: 13096
No. Your SS will be reduced regardless of where you collect it, because of your foreign 'SS' (CPP). In fact, in terms of tax treatment of SS/CPP it would be better to retire in US, since your CPP would only be 85% taxable in US, rather than 100% if living in Canada (your SS will be 85% taxable regar...
- Fri May 06, 2005 9:47 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Stocks bought in Canada - now worthless
- Replies: 3
- Views: 3451
- Fri May 06, 2005 3:38 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Collect US Social Security or CAN CPP?
- Replies: 16
- Views: 13096