Search found 73 matches

by SergeP
Sat Aug 06, 2022 9:36 am
Forum: Canada / United States Tax & Accounting
Topic: non-resident status in Canada
Replies: 6
Views: 1520

Re: non-resident status in Canada

To keep OHIP with the temporary move condition one has to make Ontario "your primary place of residence". This probably means that one has to pay federal and provincial taxes. But if we live in US then we are US residents filing federal and state tax returns. Is this double residency possi...
by SergeP
Sat Aug 06, 2022 8:53 am
Forum: Canada / United States Tax & Accounting
Topic: non-resident status in Canada
Replies: 6
Views: 1520

Re: non-resident status in Canada

Thank you for your helpful info.
by SergeP
Wed Aug 03, 2022 4:26 pm
Forum: Canada / United States Tax & Accounting
Topic: non-resident status in Canada
Replies: 6
Views: 1520

Re: non-resident status in Canada

Thank you for your answer. She would like to keep her OHIP health coverage (she is eligible for Medicare but is afraid it will be costly). Also, some things are simpler if you are a Can resident. For example, maintaining our home insurance. But considering your information we should think about movi...
by SergeP
Wed Aug 03, 2022 9:21 am
Forum: Canada / United States Tax & Accounting
Topic: non-resident status in Canada
Replies: 6
Views: 1520

non-resident status in Canada

We, a couple, are Canadian residents. Both are retired. We have a house. I am a Canada citizen. My spouse has double citizenship. I've got a green card and will be moving to US (so I will be a US resident for tax purposes). My spouse wants to be a Canadian resident for tax purposes. To maintain this...
by SergeP
Sun Apr 24, 2022 10:35 am
Forum: Canada / United States Tax & Accounting
Topic: US tax on selling property in Canada
Replies: 3
Views: 3927

US tax on selling property in Canada

I am moving to US from Canada leaving my house (currently my principal residence in Canada) as my vacation home. I am going to get a real estate FMP assessment of the property for any future transaction with the house. If I sell this house later on I have to report the capital gain or loss in Canada...
by SergeP
Mon Nov 15, 2021 2:52 pm
Forum: Canada / United States Tax & Accounting
Topic: 5 month in Canada
Replies: 5
Views: 1524

Re: 5 month in Canada

Actually I am not playing both sides. I plan to move to US from Canada next year and become a US tax resident. After this, I want to spend summer months in Canada (about 4-5 months per year). I am trying to understand how to file my future tax returns in this situation. Of course, for simplicity I w...
by SergeP
Sat Nov 13, 2021 12:52 pm
Forum: Canada / United States Tax & Accounting
Topic: 5 month in Canada
Replies: 5
Views: 1524

Re: 5 month in Canada

Currently there is automatic 10% tax withholding from my CPP payments. I am also planning to do some withdrawals from my RRSP account which will be subjected for automatic tax withholding. Can I just claim a FTC for this amounts on my 1040 without filing tax returns to Canada?
by SergeP
Fri Nov 12, 2021 2:47 pm
Forum: Canada / United States Tax & Accounting
Topic: 5 month in Canada
Replies: 5
Views: 1524

5 month in Canada

If I live 7 months in US as a GC holder and 5 months in Canada (I am a citizen), I am obviously a US tax resident and file taxes in US. Do I also need to file taxes in Canada. My only income in Canada is relatively small OAS and CPP. Thank you.
by SergeP
Sat Sep 18, 2021 6:30 pm
Forum: Canada / United States Tax & Accounting
Topic: deemed disposition for former principal residence
Replies: 12
Views: 5406

deemed disposition for former principal residence

I am moving to US from Canada. I have a house where I have lived for the last 10 years. I do not plan to sell the house in the near future. I will use it for my returns to Canada during summer (or may rent it in the future). My new principal residence will be in US. This means I am converting my pri...
by SergeP
Thu Aug 24, 2017 6:33 pm
Forum: Canada / United States Tax & Accounting
Topic: 15% tax rate on pensions
Replies: 12
Views: 9721

I filed 1040NR. Received a tax refund from IRS and claimed FTC on T1 for the payed US tax. Now CRA requested a whole bunch of additional documents to accept this FTC. My advice is to keep all your records available as it seems that the FTC is a sure flag for a CRA review.
by SergeP
Mon Feb 27, 2017 8:35 pm
Forum: Canada / United States Tax & Accounting
Topic: 15% tax rate on pensions
Replies: 12
Views: 9721

Thank you for pointing out to the form W8-ECI. My pension manager requested the form W8BEN before that withdrawal. This seems not correct as my pension is certainly a "effectively connected income". It is a surprise that such a large pension fund as TIIA-CREF does not know about the W8-ECI...
by SergeP
Wed Feb 22, 2017 9:59 am
Forum: Canada / United States Tax & Accounting
Topic: 15% tax rate on pensions
Replies: 12
Views: 9721

Unfortunately I do not have enough Canadian income to claim this size FTC. May be I can file a joint 1040 (my spouse is a USC) and be treated as a US resident to get a lower tax rate? I am not sure though that my form 1042-s can be used as 1099 in this case. Could you elaborate about "connected...
by SergeP
Tue Feb 21, 2017 4:34 pm
Forum: Canada / United States Tax & Accounting
Topic: 15% tax rate on pensions
Replies: 12
Views: 9721

15% tax rate on pensions

XVII 2(a) says that pensions sourced in the US will be taxed at 15% by the US if the recipient is a Canadian resident. I am a Canadian with 25K income from my 403(b) plan. I was taxed at 30% by the plan holder (TIAA-CREF) because it was a lump-sum withdrawal but not a periodic one. This income is re...
by SergeP
Thu Feb 16, 2017 2:12 pm
Forum: Canada / United States Tax & Accounting
Topic: Social Security payments
Replies: 0
Views: 2462

Social Security payments

Does anyone have experience in receiving SS payments to a Canadian bank? I have a BMO US$ account but was told that it can not be used for direct deposit from US. May be any other bank in Canada? Thank you.