Search found 20 matches

by mm77mm77
Sun May 17, 2020 2:32 pm
Forum: Canada / United States Tax & Accounting
Topic: Using Capital Losses vs Tuition Carry Forward amount to offset departure tax
Replies: 3
Views: 1541

Re: Using Capital Losses vs Tuition Carry Forward amount to offset departure tax

Thank you.
Just to clarify, let's assume I have zero other income in 2020 and close my RRSP and have withholding tax of $5K.
Can I choose to file 2020 Canadian non-resident tax return and use my unused capital losses/tuition to reduce (or get a refund) on my withholding RRSP tax?
Maybe section 217?
by mm77mm77
Sun May 17, 2020 12:32 pm
Forum: Canada / United States Tax & Accounting
Topic: Emigrant return T1161 & T1243
Replies: 24
Views: 8488

Re: Emigrant return T1161 & T1243

As I mentioned, I left Canada in 2014 and came to US on F1 visa as a student. During this time I only came to Canada for a short visit during school breaks. But according to the CRA rules as a student I was still counted as a factual Canadian resident and filed my Canadian taxes every year. My F1 st...
by mm77mm77
Sun May 17, 2020 2:47 am
Forum: Canada / United States Tax & Accounting
Topic: Using Capital Losses vs Tuition Carry Forward amount to offset departure tax
Replies: 3
Views: 1541

Using Capital Losses vs Tuition Carry Forward amount to offset departure tax

I have both unused capital losses and tuition credit amounts from previous years. 1. Is it better to use one vs the other to offset the departure tax due to deemed disposition? Or it doesn't matter? I have enough of either to bring my departure tax to zero (if I limit capital loss applied to current...
by mm77mm77
Sat May 16, 2020 10:43 pm
Forum: Canada / United States Tax & Accounting
Topic: Emigrant return T1161 & T1243
Replies: 24
Views: 8488

Re: Emigrant return T1161 & T1243

I was in US on F1 visa since 2014. Got married and got my GC in 2019. So, if I understand correctly, as per IRS residency rules, I became US resident on Jan 1st 2019.
https://www.irs.gov/individuals/interna ... y-examples
(please see Example 1)
Thank you!
by mm77mm77
Fri May 15, 2020 12:17 pm
Forum: Canada / United States Tax & Accounting
Topic: Emigrant return T1161 & T1243
Replies: 24
Views: 8488

Emigrant return T1161 & T1243

I became a US resident on Jan 1st 2019. The only property I have is my investments (stocks). I am filing an emigrant return and including forms T1161 & T1243 and reporting my captal gains and losses (deemed disposition) on Schedule 3. Several of my stocks have had some corporate action during th...