Search found 18316 matches
- Sun Apr 07, 2024 10:30 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Exchange gain/loss on US$ at time of move to Canada?
- Replies: 4
- Views: 516
Re: Exchange gain/loss on US$ at time of move to Canada?
For all investments, you report the cost and proceeds in the currency of the return, at the time of buying and at the time of buying. Your cost basis for Canada would be based on the value when you moved; the moment of transfer to a CDn brokerage has no bearing. For your 1040, you report the basis a...
- Fri Apr 05, 2024 7:37 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canada to US TN Visa Holder, but visited US prior in same year
- Replies: 9
- Views: 631
Re: Canada to US TN Visa Holder, but visited US prior in same year
As you read it, for the presence test says any 12-month period. so yours would be the period from the time you left Canada, back 12 months, since you are wanting to exclude the wages from early 2023.
For the residence test, you simply need to have established a residence in canada, which you had.
For the residence test, you simply need to have established a residence in canada, which you had.
- Fri Apr 05, 2024 3:17 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canada to US TN Visa Holder, but visited US prior in same year
- Replies: 9
- Views: 631
Re: Canada to US TN Visa Holder, but visited US prior in same year
Btw, April 5th is a little late to be working on this. Next year start working on this in December.
- Fri Apr 05, 2024 3:16 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canada to US TN Visa Holder, but visited US prior in same year
- Replies: 9
- Views: 631
Re: Canada to US TN Visa Holder, but visited US prior in same year
Not an issue, and you should file jointly.
- Fri Apr 05, 2024 3:15 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Claiming a Foreign Tax Credit on Form 1116 for third-country income
- Replies: 6
- Views: 546
Re: Claiming a Foreign Tax Credit on Form 1116 for third-country income
Resourced by treaty means that a specific clause in a treaty allows, for the purposes of tax credit to re-source the income. Simply "deeming it to arise" in my opinion does not make the income eligible for "re-sourced by treaty treatment" especially since that is not part of the ...
- Fri Apr 05, 2024 2:42 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canada to US TN Visa Holder, but visited US prior in same year
- Replies: 9
- Views: 631
Re: Canada to US TN Visa Holder, but visited US prior in same year
Cdns can essentially ignore Pub 519 when moving to US, as you have the option by treaty to file EITHER as a full year resident, a dual-status resident, or a non-resident by using the treaty definition of resident or non-resident, instead of SPT. Since you have been resident since February/March, you...
- Fri Apr 05, 2024 8:46 am
- Forum: Canada / United States Tax & Accounting
- Topic: Claiming a Foreign Tax Credit on Form 1116 for third-country income
- Replies: 6
- Views: 546
Re: Claiming a Foreign Tax Credit on Form 1116 for third-country income
you would not include the czeck income under Canada. Your relief for any Cdn tax would be on your CDn return.
- Fri Apr 05, 2024 8:46 am
- Forum: Canada / United States Tax & Accounting
- Topic: Claiming a Foreign Tax Credit on Form 1116 for third-country income
- Replies: 6
- Views: 546
Re: Claiming a Foreign Tax Credit on Form 1116 for third-country income
Did you notice that form 1116 has three columns, for three different countries?
You would report the Czech income separate from the Cdn income. You would need to check the czech-US treaty to see what relief you are entitled to on form 1116.
You would report the Czech income separate from the Cdn income. You would need to check the czech-US treaty to see what relief you are entitled to on form 1116.
- Fri Apr 05, 2024 8:43 am
- Forum: Canada / United States Tax & Accounting
- Topic: 1099-INT and 1099-B questions on 1040-NR
- Replies: 5
- Views: 515
Re: 1099-INT and 1099-B questions on 1040-NR
You don;t report SS on a 1040NR, because you are Cdn resident. But the SSA form you got is all you will get.
- Wed Apr 03, 2024 5:07 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 30% withholding
- Replies: 13
- Views: 104320
Re: 30% withholding
That would be a call to Vanguard. Nothing has changed, but you will be withheld 30% unless your withdrawal is "periodic", which each broker has its own definition for.
- Wed Apr 03, 2024 9:41 am
- Forum: Canada / United States Tax & Accounting
- Topic: CPP Disability Child Benefit as Non-Resident of Canada
- Replies: 5
- Views: 1561
Re: CPP Disability Child Benefit as Non-Resident of Canada
Sounds right.
Btw, if your RSU payment was less than $10K US you can exclude it on your Cdn return, by treaty.
Btw, if your RSU payment was less than $10K US you can exclude it on your Cdn return, by treaty.
- Wed Apr 03, 2024 9:33 am
- Forum: Canada / United States Tax & Accounting
- Topic: 1099-INT and 1099-B questions on 1040-NR
- Replies: 5
- Views: 515
Re: 1099-INT and 1099-B questions on 1040-NR
Not likely. They know the rules.
- Tue Apr 02, 2024 5:03 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Reporting capital gains in TFSA
- Replies: 1
- Views: 392
Re: Reporting capital gains in TFSA
The date acquired.
- Tue Apr 02, 2024 5:02 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Report, Or Not-Report, W2 wages?
- Replies: 2
- Views: 374
Re: Report, Or Not-Report, W2 wages?
There is a difference between non-taxable and not reportable. Your W-2 income is to be reported in US, and then exempted by the treaty article you mention.
You would report it on a 1040NR.
You would report it on a 1040NR.
- Tue Apr 02, 2024 9:11 am
- Forum: Canada / United States Tax & Accounting
- Topic: SRSP claim on US taxes
- Replies: 3
- Views: 423
Re: SRSP claim on US taxes
I assume you mean spousal RRSP.
You would report the entire amount (before tax) as pension income on 1040. The taxable portion would be the growth since you moved to US.
The 25% tax would be used on a form 1116 to write off against the US tax that you owe on the taxable portion.
You would report the entire amount (before tax) as pension income on 1040. The taxable portion would be the growth since you moved to US.
The 25% tax would be used on a form 1116 to write off against the US tax that you owe on the taxable portion.