Search found 18244 matches

by nelsona
Tue Mar 27, 2007 9:59 am
Forum: Canada / United States Tax & Accounting
Topic: Capital Gains in Canada?
Replies: 5
Views: 3858

What you heard on the radio is correct. Remember, though that if you are taxable in US (otherwise, why would you be posting here) you ALSO need to meet the 2 year IRS requirement (or other exemption).
by nelsona
Tue Mar 27, 2007 12:28 am
Forum: Canada / United States Tax & Accounting
Topic: CDN PR live in CAN,work for CDN co.,CDN income,TN wrk in US
Replies: 13
Views: 7245

I'm glad to see I wasn't the only one scrathing their head on this one.
by nelsona
Mon Mar 26, 2007 10:06 pm
Forum: Canada / United States Tax & Accounting
Topic: Question on Tax on Foreign Dividends
Replies: 4
Views: 4004

Well, if that was the report you got from your Cdn broker, then the dividends were 100% from a foreign country -- Canada. Don't forget that this form is used by every US broker, and you may have held US shares, 3 BCE shares and 10 shares of a UK bank. Then you would have had to divvy up what was US,...
by nelsona
Mon Mar 26, 2007 6:46 pm
Forum: Canada / United States Tax & Accounting
Topic: CDN PR live in CAN,work for CDN co.,CDN income,TN wrk in US
Replies: 13
Views: 7245

If you reside in US ( especially if you are in US for more thamn 183 days in the calendar year), you will have to pay US taxes. The residence is not that important, the physical presence in US is. If you need more informatiopn, read the other posts on this site. You don't seenm to have a specific pl...
by nelsona
Mon Mar 26, 2007 6:31 pm
Forum: Canada / United States Tax & Accounting
Topic: 8891 Never Filed
Replies: 32
Views: 23697

Your pension is not a financial account.
by nelsona
Mon Mar 26, 2007 9:55 am
Forum: Business & Personal Immigration to Canada
Topic: Retirement To Canada
Replies: 4
Views: 9878

Your pension will be reported in both countries, taxed in US first, with credit given on your Cdn return. This might result in a little extra tax in Canada. You can keep whatever ties you wish in US, except a US brokerage (non-retirement) account. Assuming you are US citizen, I would suggest that yo...
by nelsona
Mon Mar 26, 2007 9:44 am
Forum: Canada / United States Tax & Accounting
Topic: Ontario locked-in RRSP for non-residents
Replies: 1
Views: 2333

This means that ON will soon treat LIRAs the way most other jurisdictions do:

small liras are allowed to be rolled into unlocked accounts. ALL liras held by non-residens can be collapsed.

Thanks for the update.
by nelsona
Sat Mar 24, 2007 10:07 pm
Forum: Canada / United States Tax & Accounting
Topic: TurboTax: Maximum deductions
Replies: 15
Views: 9792

They don't/ Get used to it. IRS doen't even send an assessment like we are used to telling you everything is OK or not. You file and that is it. They cash your check or send you one -- with no other info. See you next year.
by nelsona
Sat Mar 24, 2007 4:57 am
Forum: Canada / United States Tax & Accounting
Topic: TurboTax: Maximum deductions
Replies: 15
Views: 9792

Once you do your fed return, the state one will populate itself.

Interst is interest. Mat is UI line 19
by nelsona
Fri Mar 23, 2007 1:06 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Citizen, US PR to work in Canada temporarily
Replies: 16
Views: 8889

Residency is cumulative, enough bricks will make a house.
by nelsona
Fri Mar 23, 2007 12:46 pm
Forum: Canada / United States Tax & Accounting
Topic: TurboTax: Maximum deductions
Replies: 15
Views: 9792

The overriding proncipal you should remamber is that US persons report income from all over the world. So they are not constrained to reporting 'this box goes on this form and on this line' like we do in Canada. Therefore ALL wages go on line 7, ALL interest goes on 8, ALL pensions go on 16,etc. Reg...
by nelsona
Fri Mar 23, 2007 12:33 pm
Forum: Canada / United States Tax & Accounting
Topic: Foreign tax credit and AMT
Replies: 10
Views: 6393

probably. My point is that the W-2 may be misleading, but it is not incorrect. And if any tax was withheld in canada 9rightly or wrongly), the T4 is the only method to report it. As I said, being a former QCer, I'm quite familiar with variations betwen T4 and RL-1, even for the same employee. There ...
by nelsona
Fri Mar 23, 2007 11:36 am
Forum: Canada / United States Tax & Accounting
Topic: Foreign tax credit and AMT
Replies: 10
Views: 6393

Carson, how would the US entity report wages to the employee other than on a W-2?

The payor is still the US employer: he needs to report the wages to his employee on a W-2.
by nelsona
Fri Mar 23, 2007 11:19 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian Citizen, US PR to work in Canada temporarily
Replies: 16
Views: 8889

So, she would buy properety but not live in it, while you would also rent an appartment?!

You are becoming Cdn resident.
by nelsona
Fri Mar 23, 2007 11:17 am
Forum: Canada / United States Tax & Accounting
Topic: Foreign tax credit and AMT
Replies: 10
Views: 6393

I'm not so sure of this. This may be analogous to a Cdn working in Toronto and Montreal, for the same firm. Their T4 would indicate all wages, and there RL-1 would indicate Quebec-source wages only. Withholding would have been adjusted. He would not geta T4 with a reduced wage ammount. The worker wo...