Search found 18241 matches
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
You don;t report it in 3520 becuase RRSPs are specifically exempt. There is no monetary threshold for this.
- 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.
- 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.
- 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.
One cannot simply not report the income.
- 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.
- 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 ...
- 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.