Search found 754 matches
- Sun Dec 04, 2016 5:09 pm
- Forum: Canada / United States Tax & Accounting
- Topic: When to set up a trust for inheritance purposes
- Replies: 3
- Views: 2978
On your death you have no choice all your assets are sold at FMV in Canada and you have to file an Eastate tax return also in the US taxes paid in Canada can be used to offset tax in the US sionce you are a USC. THis is entirely dealt with by your will in it determiones who is a beneficiary if the c...
- Sun Sep 11, 2016 1:10 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian non-resident selling property in Quebec
- Replies: 1
- Views: 1814
ITs simple file the exemption certificate with CRA and MRQ RIGHT NOW!!!! the notary will then release the funds and charge you only the tax that the govt agrees to you still must file a tyax return at year end biut at least the withholding is reduced. Why would you not yet file the form , you know i...
- Sun Sep 11, 2016 1:06 pm
- Forum: Canada / United States Tax & Accounting
- Topic: CDN residient selling to CDN and US Clients through WA Corp
- Replies: 3
- Views: 2145
THe services are performed in Canada no matter what the set up is. The Clent is CND that has an off ice in WA but the contract was to provide them the service for their WA office . The withholding tax in Canada should not apply its simply a CND company paying another CND company your issue in in the...
- Mon Jul 18, 2016 12:36 pm
- Forum: Canada / United States Tax & Accounting
- Topic: When to set up a trust for inheritance purposes
- Replies: 3
- Views: 2978
If you transfer anything to a trust right now while alive its an inter vivos trust you will be deemed to have sold everything at fair market value you will need to set up a trust with a beneficiary (ies) and executor and you would be the settlor the one establishing the trust. If you are also the ex...
- Mon Apr 04, 2016 10:15 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian member of US LLC
- Replies: 1
- Views: 1347
The LLC in the US is deemed for Canadian purposed to be a corporation so the income you receive as a member is a dividend and yest there is supposed to be withholding tax at the reduced rate by treaty dividends. You can not claim any expense on this you must file a T2 in Canmada and take out the inc...
- Sun Mar 06, 2016 1:25 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Gift of Real Property to NRA Spouse
- Replies: 2
- Views: 2169
If you file single you exclude $ 250 k gain if you file joint $ 500K. You may be able to filie a joint return even if your spouse is NR to exclude all the gain depends on her income and country of residence. Yu can not give her a portion of the cost basis then use that as a % to exclude te gain you ...
- Sat Nov 21, 2015 3:07 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Selling Canadian house as non-resident, notary mistake ?
- Replies: 8
- Views: 5419
Technically you still have to file a tax return for 2015 to show this is your principle residence and claim the exemption, were almost at the end of Nov 2015 and you could thereticvally file the return in Jan 2016 for 2015 and claim back the taxes from Rev Québec so save your money and simply file ...
- Fri Jul 17, 2015 4:35 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Personal Services Business - US Taxation
- Replies: 6
- Views: 3480
This income you earn from your corp in Canada will most likely not be considered as PSB since its not earned from the client directly but earned through an agency who is sourcing you the income. The client is in Canada so I guess you do not travel to the US at all to service this client. YOur questi...
- Tue May 26, 2015 9:59 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Received 1099 DIV - Do I have a US filing requirement?
- Replies: 6
- Views: 3553
- Tue May 26, 2015 9:56 pm
- Forum: Canada / United States Tax & Accounting
- Topic: What tax rate on Canadian rental income while US resident?
- Replies: 8
- Views: 4058
- Tue May 26, 2015 9:51 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Not filing NR6 form for non-resident Canadian rental income
- Replies: 3
- Views: 2952
- Tue May 12, 2015 9:35 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Selling Canadian house as non-resident, notary mistake ?
- Replies: 8
- Views: 5419
iT WAS YOUR PRINCIPLE RESIDENCE, no tax yes the tax was sent in because you did not file the proper proof to show it was your principle residence, you should never leave this to a Notary to do hire an accountant I do this all the time from Notary's who ask me to do it for them they are not tax exper...
- Thu May 07, 2015 9:28 pm
- Forum: Canada / United States Tax & Accounting
- Topic: carrying charges/tax prep fees deduction
- Replies: 3
- Views: 2354
Be carefull, in the US tax prep fees are deductible as an itemized deduction assuming you do get any deduction vs statndard deduction. In Canada NO tax prep fees are deductible as carrying charges if they do not relate to business or investment income recordkeeping or filings the cost of personal ta...
- Thu Apr 30, 2015 5:43 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian citizen selling House in Canada while living in US
- Replies: 2
- Views: 1963
By filing the forms in advance you can limit the withholding to be based on the actual gain not the gross proceeds but then you still need to file a tax return in April to disclose the actul gain and be tax on that less the withholding CRA took. It depends on the gain it probably may be zero id it w...
- Thu Apr 30, 2015 5:36 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canada home in a Florida Trust
- Replies: 1
- Views: 2197