Search found 30 matches

by Phil Hogan, CA
Sun Jan 20, 2013 3:36 pm
Forum: Canada / United States Tax & Accounting
Topic: Several Questions from someone moving to the US again
Replies: 3
Views: 2803

We should start a tip jar for Nelsona.....

Phil
by Phil Hogan, CA
Wed Jan 16, 2013 2:29 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian mutual funds - foreign non-business income (box 25
Replies: 6
Views: 4639

It really depends on what the "foreign income" is.

Do you have a T3/T5 summary that shows what the source of the income is?

Is it US source or another country?
by Phil Hogan, CA
Mon Jan 14, 2013 3:19 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 8938 and relinquishment
Replies: 3
Views: 2963

No problem...
by Phil Hogan, CA
Mon Jan 14, 2013 2:08 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 8938 and relinquishment
Replies: 3
Views: 2963

Should be December 12th, please see page 5 of the instructions:

http://www.irs.gov/pub/irs-pdf/i8938.pdf
by Phil Hogan, CA
Sun Jan 13, 2013 8:08 pm
Forum: Canada / United States Tax & Accounting
Topic: Pension from Government of Canada employment, how????
Replies: 6
Views: 3740

Yes, I incorrectly assumed a lump sum payment.

As Nelsona notes, periodic pension payments will be 15%.
by Phil Hogan, CA
Sun Jan 13, 2013 8:02 pm
Forum: Canada / United States Tax & Accounting
Topic: TAX RATES ON RRIF/LRIF WITHDRAWALS FOR US RESIDENTS
Replies: 10
Views: 6023

Yes, s.217 return is a good option if you qualify. And the cost to prepare the return doesn't exceed the amount recovered.
by Phil Hogan, CA
Sun Jan 13, 2013 5:59 pm
Forum: Canada / United States Tax & Accounting
Topic: FBAR reporting on same account
Replies: 3
Views: 2399

It never hurts to attach an explanation to forms that need to be filed, however in the case of FBARs it's unlikely that anyone will read or care about the note.

Probably won't hurt.
by Phil Hogan, CA
Sat Jan 12, 2013 7:18 pm
Forum: Canada / United States Tax & Accounting
Topic: TAX RATES ON RRIF/LRIF WITHDRAWALS FOR US RESIDENTS
Replies: 10
Views: 6023

Not sure exactly what you're asking but... If the account is converted to a RRIF then yes, they should be withholding 15% for periodic payments (pursuant to the treaty). Be sure to confirm with them that this is what they plan on withholding e.g. versus 25%. Additional lump sum withdrawals however m...
by Phil Hogan, CA
Sat Jan 12, 2013 7:11 pm
Forum: Canada / United States Tax & Accounting
Topic: First time filing question - Canadian/US taxes
Replies: 1
Views: 2007

If I understand this correctly....

1) As green card holders they are required to file US tax returns

2) Yes, they can claim a foreign tax credit on their US tax return via form 1116

3) It's hard to find US CPAs that deal with cross border tax matters
by Phil Hogan, CA
Sat Jan 12, 2013 7:08 pm
Forum: Canada / United States Tax & Accounting
Topic: S S in Canada
Replies: 2
Views: 2646

If you're eligible for SS you should be able to apply for and receive social security payment while being a resident of Canada.

SS is only taxable in your country of residence, therefore it shouldn't be taxable in the US.
by Phil Hogan, CA
Sat Jan 12, 2013 7:05 pm
Forum: Canada / United States Tax & Accounting
Topic: Pension from Government of Canada employment, how????
Replies: 6
Views: 3740

The answer to your question depends on whether your a Canadian resident (maybe also US taxpayer) or US resident: Canadian resident and US taxpayer: pension income is taxed on both tax returns and you'll claim a foreign tax credit on your US return for the taxes paid on the pension for Canadian purpo...
by Phil Hogan, CA
Sun Dec 16, 2012 7:56 pm
Forum: Canada / United States Tax & Accounting
Topic: US Citizen Moved back from Canada after 24 years
Replies: 1
Views: 1931

Hi RedAri I'm assuming you're a US citizen. If in fact that is the case, then yes, you should have been filing US tax returns while you lived in Canada. The IRS has rolled out a great new program for those that qualify: http://hutcheson.ca/irs/new-september-2012-streamlined-filing-procedures-for-non...
by Phil Hogan, CA
Thu Mar 31, 2011 5:09 pm
Forum: Canada / United States Tax & Accounting
Topic: evaluating niche cross-border investment firms
Replies: 9
Views: 7247

How much do you need to invest?

Phil
by Phil Hogan, CA
Thu Mar 31, 2011 4:40 pm
Forum: Canada / United States Tax & Accounting
Topic: evaluating niche cross-border investment firms
Replies: 9
Views: 7247

Also, don't forget about Dan Walkow in Whiterock BC.

Dan Walkow
1-604-630-8701
Seabank Capital
by Phil Hogan, CA
Mon May 10, 2010 11:41 am
Forum: Canada / United States Tax & Accounting
Topic: evaluating niche cross-border investment firms
Replies: 9
Views: 7247

I've worked with the guys at Pacifica and can definitely vouch for their level of cross border investment knowledge and client service.

Hope that helps

Phil