Search found 18293 matches
- Mon Mar 25, 2024 8:02 am
- Forum: Canada / United States Tax & Accounting
- Topic: Form 1116
- Replies: 3
- Views: 249
Re: Form 1116
CPP/OAS/SS are simply excluded from reporting on your 1040. So there is no need for any 1116 for these items, since there is no US tax to recover.
- Mon Mar 25, 2024 8:00 am
- Forum: Canada / United States Tax & Accounting
- Topic: When To Report Form 8833 To IRS
- Replies: 4
- Views: 248
Re: When To Report Form 8833 To IRS
1. It should have been included on your 2021 1040 (if you chose to file a 1040 that year), or definitely on 2022 return.
2. As the Rev Proc points out, the treaty article is XIII(7).
2. As the Rev Proc points out, the treaty article is XIII(7).
- Sun Mar 24, 2024 9:37 am
- Forum: Canada / United States Tax & Accounting
- Topic: Optimal Strategy to withdraw from large RRSPs as Non-Residents.
- Replies: 2
- Views: 134
Re: Optimal Strategy to withdraw from large RRSPs as Non-Residents.
Your 25% tax (or 15%) from RRIF will never be lower if you move back to Canada, no matter how slowly you withdraw the funds, unless that is your only source of low income, which, by judging from your current income, is very unlikely. Converting to a RRIF gives you the lowest Cdn tax, and will likely...
- Sat Mar 23, 2024 10:31 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Question about T2209-Att (Other eligible foreign income line)
- Replies: 4
- Views: 182
Re: Question about T2209-Att (Other eligible foreign income line)
No, it is simply a software glitch.
- Sat Mar 23, 2024 10:30 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Question for RESP income report
- Replies: 3
- Views: 151
Re: Question for RESP income report
Just like any non-sheltered account, you need to report the income events (interest and dividends) as well as any cap gains or loss events which occur during the year. It is not sufficient to look at the value from year to year. You could have a loss in value but still incur taxable interest dividen...
- Sat Mar 23, 2024 10:05 am
- Forum: Canada / United States Tax & Accounting
- Topic: Do I need to report stocks dividends on 1040NR if withholding already applied?
- Replies: 4
- Views: 510
Re: Do I need to report stocks dividends on 1040NR if withholding already applied?
Not every return can be efiled.
You could create a 1042-S slip but I beleive this requires a code of the slip.
Mail it in.
You could create a 1042-S slip but I beleive this requires a code of the slip.
Mail it in.
- Fri Mar 22, 2024 5:46 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Question about T2209-Att (Other eligible foreign income line)
- Replies: 4
- Views: 182
Re: Question about T2209-Att (Other eligible foreign income line)
It seems like only the software has changed. Your T4 and W2 are correct, and very helpful to you. If you need to just subtract the W2 income from the T4 income and put that on the wage line, and the W2 income on the other wage line, if that satisfies the software.
- Fri Mar 22, 2024 5:42 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian plan to move back to Canada after years working on TN
- Replies: 10
- Views: 2734
Re: Canadian plan to move back to Canada after years working on TN
An inherited 401(k) would enjoy the same 10-year withdrawal period, so this should not be a consideration in choosing to switch from 401(k0 to IRA.
- Fri Mar 22, 2024 12:34 pm
- Forum: Canada / United States Tax & Accounting
- Topic: T1-NR for a Canadian selling Rental Property
- Replies: 4
- Views: 123
Re: T1-NR for a Canadian selling Rental Property
Correct. 2 returns. report only the withholding associated with each type of income on the respective returns.
- Thu Mar 21, 2024 8:25 am
- Forum: Canada / United States Tax & Accounting
- Topic: Joint Tenants, Bare Trust: any US Trust reporting?
- Replies: 4
- Views: 222
Re: Joint Tenants, Bare Trust: any US Trust reporting?
The Joint ownership you describe is not considered a trust in US.
- Wed Mar 20, 2024 8:16 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Are Canadian Joint Bank Accounts Trusts for IRS 3520?
- Replies: 1
- Views: 138
Re: Are Canadian Joint Bank Accounts Trusts for IRS 3520?
No. You would need to report it on FBAR, but it is not a trust by US standards.
- Wed Mar 20, 2024 8:15 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Moving Canadian ETFs to an American Broker
- Replies: 3
- Views: 174
Re: Moving Canadian ETFs to an American Broker
In the years following the transfer, you will not have to include that Cdn account on FBAR.
- Sun Mar 17, 2024 4:58 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Tax Rresidency Status
- Replies: 2
- Views: 207
Re: Tax Rresidency Status
Residency is based on.... residence. What were your LIVING arrangements since Des 2022 in Canada and US. Your employment matters little.
- Sun Mar 17, 2024 4:54 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Citizen/US PR in California - Reporting TFSA/RRSP
- Replies: 1
- Views: 126
Re: Canadian Citizen/US PR in California - Reporting TFSA/RRSP
You report the income as if the RRSP was not tax-shetered, year after year.
You don;t report it in 3520 becuase RRSPs are specifically exempt. There is no monetary threshold for this.
You don;t report it in 3520 becuase RRSPs are specifically exempt. There is no monetary threshold for this.
- Sun Mar 17, 2024 4:52 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 1042S reporting on Schedule NEC
- Replies: 2
- Views: 148
Re: 1042S reporting on Schedule NEC
They are from US corps. 10% flat taxed.