Search found 18241 matches

by nelsona
Fri Mar 22, 2024 5:42 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian plan to move back to Canada after years working on TN
Replies: 10
Views: 462

Re: Canadian plan to move back to Canada after years working on TN

An inherited 401(k) would enjoy the same 10-year withdrawal period, so this should not be a consideration in choosing to switch from 401(k0 to IRA.
by nelsona
Fri Mar 22, 2024 12:34 pm
Forum: Canada / United States Tax & Accounting
Topic: T1-NR for a Canadian selling Rental Property
Replies: 4
Views: 75

Re: T1-NR for a Canadian selling Rental Property

Correct. 2 returns. report only the withholding associated with each type of income on the respective returns.
by nelsona
Thu Mar 21, 2024 8:25 am
Forum: Canada / United States Tax & Accounting
Topic: Joint Tenants, Bare Trust: any US Trust reporting?
Replies: 4
Views: 145

Re: Joint Tenants, Bare Trust: any US Trust reporting?

The Joint ownership you describe is not considered a trust in US.
by nelsona
Wed Mar 20, 2024 8:16 pm
Forum: Canada / United States Tax & Accounting
Topic: Are Canadian Joint Bank Accounts Trusts for IRS 3520?
Replies: 1
Views: 103

Re: Are Canadian Joint Bank Accounts Trusts for IRS 3520?

No. You would need to report it on FBAR, but it is not a trust by US standards.
by nelsona
Wed Mar 20, 2024 8:15 pm
Forum: Canada / United States Tax & Accounting
Topic: Moving Canadian ETFs to an American Broker
Replies: 3
Views: 118

Re: Moving Canadian ETFs to an American Broker

In the years following the transfer, you will not have to include that Cdn account on FBAR.
by nelsona
Sun Mar 17, 2024 4:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax Rresidency Status
Replies: 2
Views: 141

Re: Tax Rresidency Status

Residency is based on.... residence. What were your LIVING arrangements since Des 2022 in Canada and US. Your employment matters little.
by nelsona
Sun Mar 17, 2024 4:54 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Citizen/US PR in California - Reporting TFSA/RRSP
Replies: 1
Views: 69

Re: Canadian Citizen/US PR in California - Reporting TFSA/RRSP

You report the income as if the RRSP was not tax-shetered, year after year.

You don;t report it in 3520 becuase RRSPs are specifically exempt. There is no monetary threshold for this.
by nelsona
Sun Mar 17, 2024 4:52 pm
Forum: Canada / United States Tax & Accounting
Topic: 1042S reporting on Schedule NEC
Replies: 2
Views: 89

Re: 1042S reporting on Schedule NEC

They are from US corps. 10% flat taxed.
by nelsona
Fri Mar 15, 2024 8:35 pm
Forum: Canada / United States Tax & Accounting
Topic: Cad-USA taxes on bank interest based on residency?
Replies: 4
Views: 138

Re: Cad-USA taxes on bank interest based on residency?

You will note that the statement Phil makes is under the heading of foreign tax credits.
by nelsona
Fri Mar 15, 2024 8:34 pm
Forum: Canada / United States Tax & Accounting
Topic: Cad-USA taxes on bank interest based on residency?
Replies: 4
Views: 138

Re: Cad-USA taxes on bank interest based on residency?

Neither ends up being taxed by IRS . however, by procedure both are reported, and then credit is taken by using form 1116: Cdn interest by a passive 1116, and US interest by a re-sourced by treaty 1116.

One cannot simply not report the income.
by nelsona
Thu Mar 14, 2024 9:08 pm
Forum: Canada / United States Tax & Accounting
Topic: Deemed disposition Canada Exit tax and foreign property
Replies: 1
Views: 84

Re: Deemed disposition Canada Exit tax and foreign property

Yes. You can at that time elect to have the property considered sold in US as well, to mesh the tax credits.
by nelsona
Wed Mar 13, 2024 8:29 pm
Forum: Canada / United States Tax & Accounting
Topic: Roth reporting
Replies: 6
Views: 233

Re: Roth reporting

Roth distributions ARE considered income -- foreign pension income. Then, the treaty allows you deduct that income on line 25600, which is the purpose of that line. Social security is treated similarly: you include ALL the income, and then deduct the 15% on line 25600. CRA wants to know your income ...
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.