Search found 18244 matches

by nelsona
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.
by nelsona
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.
by nelsona
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.
by nelsona
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.
by nelsona
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.
by nelsona
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.
by nelsona
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)
by nelsona
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.
by nelsona
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.
by nelsona
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.
by nelsona
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.
by nelsona
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.
by nelsona
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.
by nelsona
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.