Search found 18296 matches

by nelsona
Tue Apr 17, 2007 4:37 am
Forum: Canada / United States Tax & Accounting
Topic: Quebec/US/Canada tax
Replies: 9
Views: 5924

Since you moved to US, you are considered to have departed Canada (and QC). You file a departure return for canada andQC, reporting none of the US income. Since you report none of the US income, you need no credit for any US tax.
by nelsona
Tue Apr 17, 2007 4:32 am
Forum: Canada / United States Tax & Accounting
Topic: Nonresident alien - reporting cap gains dist/dividends
Replies: 13
Views: 8333

You should have an exemption for yourself, no? You report your dividends on line 10. The 15% is the upper limit of the US tax you could pay. You still calculate the tax normally by including it on your return. Only if the calculated tax was greater than 15% would you invoke the 15% limit. Your tax i...
by nelsona
Mon Apr 16, 2007 4:28 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax Question about my RRSP
Replies: 0
Views: 4691

Please read threads on Form 8891. You must report the EXISTENCE of your RRSP, not the income. Your RRSP is tax-defferred in canada, not tax-free. You may choose the same treatment in US. You cannot transfer RRSP to anything without paying 25% Cdn tax. There is no mechanism for taking money from RRSP...
by nelsona
Mon Apr 16, 2007 4:23 pm
Forum: Canada / United States Tax & Accounting
Topic: Nonresident alien - reporting cap gains dist/dividends
Replies: 13
Views: 8333

See what I mean? You WERE a US resident, and continue to be so, if you wish. The important phrse on that page is "unless a tax treaty provides for a lesser rate of taxation". In your case it does, and that rate is '0%', as a non-resident by treaty. (Art. XIII (4)). Only cap gains resulting...
by nelsona
Mon Apr 16, 2007 3:03 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian permanent resident commuter to US
Replies: 9
Views: 5463

Not that I know of.
by nelsona
Mon Apr 16, 2007 12:59 pm
Forum: Canada / United States Tax & Accounting
Topic: Nonresident alien - reporting cap gains dist/dividends
Replies: 13
Views: 8333

The treaty does indeed class these workers as Cdn residents. (Art.IV(5)) However, the non-discrimination clause (especially para. 2 which deals with 3rd country nationals) would apply here, if she wanted. In any event, if the poster does not wish to avail herself of that provision, she would report ...
by nelsona
Mon Apr 16, 2007 12:28 pm
Forum: Canada / United States Tax & Accounting
Topic: Nonresident alien - reporting cap gains dist/dividends
Replies: 13
Views: 8333

I explained how you report your income: on a 1040, just like everyone else who lives in US!! 1040NR is not for you. As you ahve seen it is disadvantageous, thus you are allowed to file 1040. If you need instructions on how to fill out 1040, then use software. Just remember to report all your income ...
by nelsona
Mon Apr 16, 2007 10:56 am
Forum: Canada / United States Tax & Accounting
Topic: AMT QUESTION
Replies: 1
Views: 2170

Yes, it makes sense.
by nelsona
Mon Apr 16, 2007 5:20 am
Forum: Business & Personal Immigration to the United States
Topic: Volunteering
Replies: 3
Views: 4876

You can volunteer for an organization which normally uses volunterrs, in a position that is typically unpaiud. For example, you could volunteer for Red Cross, but not in a job that they normally pay for. You couldn't volunteer for your local city hall for example, to do web services, since this is s...
by nelsona
Mon Apr 16, 2007 5:00 am
Forum: Canada / United States Tax & Accounting
Topic: Can interest from Canada be excluded using 2555?
Replies: 7
Views: 4734

allen, did you complete your Cdn taxreturn? On it you will find all sorts of income,wages, cap gains, dividends, UI, rental and interst. ALL these incomes are reportable in US/ All of these were taxable in canada too. You DID pay Cdn tax on your interest: it's part of the total tax you paid on your ...
by nelsona
Mon Apr 16, 2007 4:42 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian Resident: US capital gains, 1040NR and Canadian Tax
Replies: 37
Views: 28079

I misspoke above. So long as you are not a GC holder or US citizen, you can exclude the gain on 1040 (in the year you move). If you wre GC or USC, you do not get any tax benefit, becuase: What tax would you have paid in canada? the cap gains in Canada is based on the value the day you moved back, no...
by nelsona
Sun Apr 15, 2007 10:16 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian Resident: US capital gains, 1040NR and Canadian Tax
Replies: 37
Views: 28079

Since you are filing a 1040NR, you can expalin it there.

If you file a 1040, then you can't claim this exemption.
by nelsona
Sun Apr 15, 2007 10:14 am
Forum: Canada / United States Tax & Accounting
Topic: Nonresident alien - reporting cap gains dist/dividends
Replies: 13
Views: 8333

First off, the good news is that you are NOT a US non-resident, since you live in US. I say that this is good news, because this allows you to file a regular 1040 AND allows you to NOT report your Govt income. Your standard deduction (you and your pouse should file jointly), plus your exemptions, sh...
by nelsona
Sat Apr 14, 2007 6:20 am
Forum: Canada / United States Tax & Accounting
Topic: The "valid passport" dilemma
Replies: 7
Views: 5741

AKK = ALL
by nelsona
Sat Apr 14, 2007 6:19 am
Forum: Canada / United States Tax & Accounting
Topic: The "valid passport" dilemma
Replies: 7
Views: 5741

The passport rule applies to AKK.

However, a GC is acceptable. And PC is correct that Airlines do not require PP, just photo ID. They are, however, required to ensure that passengers they check-in have the required immigration documents to travel to their destination(s).

Otherwise they pay a fine.