Search found 18244 matches

by nelsona
Wed Mar 01, 2006 9:43 pm
Forum: Canada / United States Tax & Accounting
Topic: US tax issues from transfer of RRSP on marriage breakdown?
Replies: 3
Views: 2910

Greg is exactly correct.

Any RRSP ammount not included in income in Canada is not included in income in US, by treaty.
by nelsona
Wed Mar 01, 2006 9:41 pm
Forum: Canada / United States Tax & Accounting
Topic: Disability Income
Replies: 4
Views: 2441

Insurance payments are not usually taxable in either Canada or US.
by nelsona
Wed Mar 01, 2006 3:17 pm
Forum: Canada / United States Tax & Accounting
Topic: 401 withdrawl into Canada
Replies: 6
Views: 4813

The poster is Cdn. The initial withholding made by the firm is of little importance in determining one's final tax liability. If too much is withheld, you will get it back when you file your 1040NR; if not enough is withheld, IRS will demand more. And CRA will also decide whether the US tax was corr...
by nelsona
Wed Mar 01, 2006 12:03 pm
Forum: Canada / United States Tax & Accounting
Topic: Selling RRSP at a Loss
Replies: 10
Views: 6559

I don't want to get too bogged down in specifics, but 2 points; a) your "deferred-income" events include not only interst and dividends, but also past capital gains that were deferred. also, you can claim a final loss, when you collapse your RRSP completely, fora ny overall loss that you s...
by nelsona
Wed Mar 01, 2006 7:39 am
Forum: Canada / United States Tax & Accounting
Topic: Independent contractors - Canadian
Replies: 2
Views: 2915

This is a visa question. But, you are quite free to get multiple TNs for multiple 'employers', and these can be 'clients' as well. You can be paid on a 1099 basis and still get TNs, as long as you get a TN letter saying that the firm is paying and hiring YOU, not some firm or corporation owned by yo...
by nelsona
Tue Feb 28, 2006 5:42 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Nurses working in US, question
Replies: 7
Views: 4142

Hey, you don't have to convince me...

The fact that I was able to sniff out that there was something wrong outr of one sentence in your post, shoudl tell you something about how the authorities will view you.

Being able to deduct something, and not filing your taxes are 2 separate issues.
by nelsona
Tue Feb 28, 2006 5:32 pm
Forum: Canada / United States Tax & Accounting
Topic: Selling RRSP at a Loss
Replies: 10
Views: 6559

Sorry, Since you were a US citizen, book value and cost basis mean nothing. Your allowable excluded RRSP income is ONLY your contributions. Any growth, from day one, regardless of where you lived, in taxable in US So, for you, the difference between 16a and 16b should be the total of your contributi...
by nelsona
Tue Feb 28, 2006 5:28 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Nurses working in US, question
Replies: 7
Views: 4142

If you were sophisticated enough to try to claim a foreign tax home when you were not filing taxes at this home then you are sophisticated enough to take some rather mild criticism. I would suggest going back through all the years that you did not file in canada, and do so, using your US tax as a cr...
by nelsona
Tue Feb 28, 2006 4:45 pm
Forum: Canada / United States Tax & Accounting
Topic: How to tell if tuition or student loan is deductible?
Replies: 5
Views: 3961

It doesn't cover only US schools, I found mcgill, brock, concordia...all kinds.

Its under 'foreign'.

The search is only for currently active and eligible schools, so moribund U. will not be there :P
by nelsona
Tue Feb 28, 2006 3:40 pm
Forum: Canada / United States Tax & Accounting
Topic: How to tell if tuition or student loan is deductible?
Replies: 5
Views: 3961

FAFSa says what schoos are eligible for US-sponsored student aid

http://www.fafsa.ed.gov/FOTWWebApp/FSLookupServlet

You could claim it, but be prepared to have it rejected.
by nelsona
Tue Feb 28, 2006 2:53 pm
Forum: Canada / United States Tax & Accounting
Topic: How to tell if tuition or student loan is deductible?
Replies: 5
Views: 3961

The vast majority of Cdn Universities participate in these programs (if they have any US students they almost surely do). Now, AU being an on-line University may not qualify for some of the programs sponsored by the US: lifetime,HOPE etc, and the fact that you haven't readily found your answer is pr...
by nelsona
Tue Feb 28, 2006 12:25 pm
Forum: Canada / United States Tax & Accounting
Topic: Selling RRSP at a Loss
Replies: 10
Views: 6559

Sounds about right. You owe tax on the interest that you defered so far, regardless of which deferral mechanism you used. Rev Proc 89-45 WAS your deferral mechanism, so you have deferred for those years. If you didn't report income in the other years, your deferral is assumed to have continued. I wo...
by nelsona
Tue Feb 28, 2006 12:20 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Nurses working in US, question
Replies: 7
Views: 4142

Well, you can't claim a tax home in canada without filing taxes in Canada, no?

Looks like you were trying to play boith sides of the fence.

If you filed a 1040NR for all these yearts in US, then yopu cannot have been a non-resident of canada for all these years.
by nelsona
Tue Feb 28, 2006 8:29 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian Nurses working in US, question
Replies: 7
Views: 4142

Did you file a 'depature return' when you left canada? This would have been the first step. You are in fact deemed non-residents, but this genearlly requires approval from CRA, and the filing of departure paperwork. see the "Emigrants" guide for details. There are hefty penalties (for last...
by nelsona
Tue Feb 28, 2006 8:24 am
Forum: Canada / United States Tax & Accounting
Topic: best way to convert Canadian$ to US$
Replies: 19
Views: 17276

Anyone from canada sending you money, should do the conversion in Canada, and send you a US cheque, or draft. This will always be cheaper than doing the conversion at a US bank. There are other more sophisticated ways of doiing this, but they all require some form of account in Canad in your name, s...