Search found 18289 matches
- Tue Apr 02, 2024 5:03 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Reporting capital gains in TFSA
- Replies: 1
- Views: 98
Re: Reporting capital gains in TFSA
The date acquired.
- Tue Apr 02, 2024 5:02 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Report, Or Not-Report, W2 wages?
- Replies: 2
- Views: 81
Re: Report, Or Not-Report, W2 wages?
There is a difference between non-taxable and not reportable. Your W-2 income is to be reported in US, and then exempted by the treaty article you mention.
You would report it on a 1040NR.
You would report it on a 1040NR.
- Tue Apr 02, 2024 9:11 am
- Forum: Canada / United States Tax & Accounting
- Topic: SRSP claim on US taxes
- Replies: 3
- Views: 96
Re: SRSP claim on US taxes
I assume you mean spousal RRSP.
You would report the entire amount (before tax) as pension income on 1040. The taxable portion would be the growth since you moved to US.
The 25% tax would be used on a form 1116 to write off against the US tax that you owe on the taxable portion.
You would report the entire amount (before tax) as pension income on 1040. The taxable portion would be the growth since you moved to US.
The 25% tax would be used on a form 1116 to write off against the US tax that you owe on the taxable portion.
- Tue Apr 02, 2024 9:08 am
- Forum: Canada / United States Tax & Accounting
- Topic: 1099-INT and 1099-B questions on 1040-NR
- Replies: 5
- Views: 144
Re: 1099-INT and 1099-B questions on 1040-NR
1. Correct
2. No need to report.
2. No need to report.
- Tue Apr 02, 2024 9:06 am
- Forum: Canada / United States Tax & Accounting
- Topic: Form T2062 for disposition of Canadian Property
- Replies: 4
- Views: 157
Re: Form T2062 for disposition of Canadian Property
You need receipts for any claim to adjust cost basis to be approved.
- Sun Mar 31, 2024 8:05 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Form T2062 for disposition of Canadian Property
- Replies: 4
- Views: 157
Re: Form T2062 for disposition of Canadian Property
No. You MUST pay tax in Canada (and US) on the sale. You will get credit for the Cdn taxes on your US return.
- Sun Mar 31, 2024 8:03 pm
- Forum: Canada / United States Tax & Accounting
- Topic: SRSP claim on US taxes
- Replies: 3
- Views: 96
Re: SRSP claim on US taxes
not sure what an SRSP is. Clarify.
- Sun Mar 31, 2024 8:02 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US taxes on Canadian RRSP Withdrawals
- Replies: 4
- Views: 194
Re: US taxes on Canadian RRSP Withdrawals
Leaving it until you stop working.
- Sun Mar 31, 2024 8:01 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 401K Strategy
- Replies: 1
- Views: 73
Re: 401K Strategy
Yes. fund as much as possible, your Roth401(k) while working vs. your 401(k). Then when you stop working, but before reestablishing Cdn residency, convert as much of your 401(k) as you can, paying US-only tax on that conversion at that time, making the Roth portion non-taxable forever afterwards.
- Sat Mar 30, 2024 5:42 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Claiming medical, disability by NR Canadian Selling Rental Property
- Replies: 7
- Views: 196
Re: Claiming medical, disability by NR Canadian Selling Rental Property
Then you can claim medical expenses on the NR return, but since you are not reporting world income, your deductions may be limited.
If it is not working with the software you are using, contact them.
If it is not working with the software you are using, contact them.
- Sat Mar 30, 2024 5:39 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US taxes on Canadian RRSP Withdrawals
- Replies: 4
- Views: 194
Re: US taxes on Canadian RRSP Withdrawals
No. You need to have foreign income that is taxable in US. In this case it would be best to take the 25K of tax as a deduction.
- Sat Mar 30, 2024 5:37 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Can CDN resident just file full-year 1040 instead of dual-status return?
- Replies: 11
- Views: 1907
Re: Can CDN resident just file full-year 1040 instead of dual-status return?
This thread is for those who have renounced their US citizenship during the tax year. Is this your case?
- Fri Mar 29, 2024 2:37 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Claiming medical, disability by NR Canadian Selling Rental Property
- Replies: 7
- Views: 196
Re: Claiming medical, disability by NR Canadian Selling Rental Property
What capital gains and interest could you be including? Interest is tax-free for non-residents, and cap gains (except for selling Cdn real estate) are not taxable in Canada for US residents.
Just file your 216.
Just file your 216.
- Fri Mar 29, 2024 2:35 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Form 1116
- Replies: 3
- Views: 231
Re: Form 1116
Yes, you could do that, but realize that there is no US tax to claim against. You will be building up some FTC for POSSIBLE future use, but will not get any credit this year, as none of it was taxable in US. The GROSS amount on line 1a of 1116 would still be ZERO, but you would have Cdn tax to repor...
- Fri Mar 29, 2024 2:30 pm
- Forum: Canada / United States Tax & Accounting
- Topic: NR7 timing
- Replies: 9
- Views: 239
Re: NR7 timing
So, as I said, you were withheld correctly. You did not correctly make your withdrawal periodic, thus you were not entitled to 15% rate on the first 10%. Only withdrawals made up to the 10% mark are withheld at 15%. Any withdrawal that puts you over the 10% mark is FULLY TAXED at 25%. Better math ne...