Search found 18244 matches
- Wed Mar 13, 2024 2:27 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US dividend stocks in TFSA
- Replies: 4
- Views: 140
Re: US dividend stocks in TFSA
It is very likely that the US stocks are issuing qualified dividends, which are not taxable in US unless you are in a very high tax bracket.
- Sun Mar 10, 2024 6:40 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Can CDN resident just file full-year 1040 instead of dual-status return?
- Replies: 8
- Views: 342
Re: Can CDN resident just file full-year 1040 instead of dual-status return?
Bank of Canada can generate average exchange rates based on almost any date range, so that is not a problem. Besides, you can use the average for the entire year. if you wish Not a big issue.
- Fri Mar 08, 2024 3:41 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Schedule B Trust Question and FBAR
- Replies: 3
- Views: 183
Re: Schedule B Trust Question and FBAR
If you have an RRSP, RRIF, etc, you should be ticking that box in any event. Ticking the box does not commit you to filing 3520, and since you have concluded it does not require 3520, there is no harm in ticking the box.
- Fri Mar 08, 2024 12:14 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Can CDN resident just file full-year 1040 instead of dual-status return?
- Replies: 8
- Views: 342
Re: Can CDN resident just file full-year 1040 instead of dual-status return?
You would need to explain yourself, and 8833 is the means. As FunTopic points out, there may be reasons that you should file dual. But they may be overridden by treaty.
- Fri Mar 08, 2024 12:11 pm
- Forum: Canada / United States Tax & Accounting
- Topic: First time US tax filing
- Replies: 3
- Views: 221
Re: First time US tax filing
The issue of commuter and first year taxes have been dealt with here ad infinitum. PLEASE research.
- Fri Mar 08, 2024 12:10 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canada foreign tax credit
- Replies: 1
- Views: 105
Re: Canada foreign tax credit
Well, you would only include US taxes on US-based income. Any US taxes paid on Cdn-source income would need to be handled on your US return, if applicable.
And it is Fed and state taxes as calculated on your tax returns (not simply the tax withheld) plus the FICA that was withheld.
And it is Fed and state taxes as calculated on your tax returns (not simply the tax withheld) plus the FICA that was withheld.
- Thu Mar 07, 2024 2:12 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Hsa
- Replies: 2
- Views: 114
Re: Hsa
The HSA is protected by the treaty, since it is set up primarily to provide employee benefits, thus is not taxable in Canada unless taxed in US.
Article XXI(2)
Article XXI(2)
- Wed Mar 06, 2024 1:28 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Living in US for 15 years - Just tuning into RRSP challenge!
- Replies: 8
- Views: 2397
Re: Living in US for 15 years - Just tuning into RRSP challenge!
No need to resurrect 10- year old posts.
- Wed Mar 06, 2024 1:26 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Living in US for 15 years - Just tuning into RRSP challenge!
- Replies: 8
- Views: 2397
Re: Living in US for 15 years - Just tuning into RRSP challenge!
So, look at the date of my post. Previous to the relief.
- Wed Mar 06, 2024 1:24 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Filing taxes in the US on a TN visa (continuing old post)
- Replies: 2
- Views: 100
Re: Filing taxes in the US on a TN visa (continuing old post)
You file the request for ITINs along with your return.
- Wed Mar 06, 2024 1:23 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Filing taxes in the US on a TN visa (continuing old post)
- Replies: 2
- Views: 100
Re: Filing taxes in the US on a TN visa (continuing old post)
HRBlockheads do not know anything about non-US citizen taxes.
Once you get ITINs they will all be treated like US residents.
Once you get ITINs they will all be treated like US residents.
- Tue Mar 05, 2024 2:57 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian non-resident with land inheritance
- Replies: 1
- Views: 72
Re: Canadian non-resident with land inheritance
There will be no US tax consequences by inheriting this property. You will merely need to report the inheritance on Form 3520, because of its high value. However on the Cdn side, there will indeed be tax consequences for the estate. How to mitigate those need to be discussed with a Cdn estate planner.
- Mon Mar 04, 2024 11:24 am
- Forum: Canada / United States Tax & Accounting
- Topic: Roth reporting
- Replies: 6
- Views: 233
Re: Roth reporting
Back file the statement and hope for the best.
- Mon Mar 04, 2024 11:23 am
- Forum: Canada / United States Tax & Accounting
- Topic: Tax Filing Extension
- Replies: 1
- Views: 66
Re: Tax Filing Extension
there are downsides for NOT filing the extension if you owe taxes, including penalties. Also, some forms are required to be filed "timely", which is only true after April if you DO file the extension.
- Sun Mar 03, 2024 7:31 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US Resident: Schedule K-1 Form 1065 income in an RRSP
- Replies: 3
- Views: 160
Re: US Resident: Schedule K-1 Form 1065 income in an RRSP
the income continues to beexempt from US and Cdn taxes. Ask your broker why the change in reporting.