Search found 52 matches
- Sun Aug 12, 2012 8:32 am
- Forum: Canada / United States Tax & Accounting
- Topic: FTC 1116 - Income resourced by treaty
- Replies: 3
- Views: 4235
- Fri Aug 10, 2012 8:41 pm
- Forum: Canada / United States Tax & Accounting
- Topic: FTC 1116 - Income resourced by treaty
- Replies: 3
- Views: 4235
FTC 1116 - Income resourced by treaty
Apparently there was legislation in August 2010 relating to preparing 1116s re: certain income resourced by treaty. OAS/CPP --for 2010 I reported this on line 20a Soc. Sec benefits and reported the taxable amount as zero. I excluded a prorata amount of my Canadian taxes when determining my FTC .I al...
- Mon May 14, 2012 5:01 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Pension/RRIF Passive on form 1116?
- Replies: 13
- Views: 13468
- Mon Apr 23, 2012 1:29 pm
- Forum: Canada / United States Tax & Accounting
- Topic: ETF's and PFIC's -- does "domicile" matter?
- Replies: 2
- Views: 3245
guess I'm replying to the reply. Is it difficult to get the private letter ruling. I was planning on filing 1291s on mutual funds/etfs purchased as long ago as 2004. This gets pretty expensive. If one gets the ruling do they also have to refile amended returns for all those years? That might hold me...
- Thu Apr 19, 2012 5:14 pm
- Forum: Canada / United States Tax & Accounting
- Topic: FTCs on 8621
- Replies: 5
- Views: 3231
Thank you for the replies. I guess I was not explaining myself well. It was the 8621 that was forcing me to allocate an FTC to a particular sale to partially offset the 35% additional tax I was being charged. I was not having trouble determining my overall FTC (for simplicity 100% of my income is Ca...
- Tue Apr 17, 2012 4:49 pm
- Forum: Canada / United States Tax & Accounting
- Topic: FTCs on 8621
- Replies: 5
- Views: 3231
Apologies for my continued confusion. I'm retired and 100% of my income is passive so my passive income remains 100% whether or not I halve the capital gain. I have no problem generally with the 1116....but a bit with the 8621. If I understand correctily I guess what I am supposed to do to determine...
- Tue Apr 17, 2012 11:25 am
- Forum: Canada / United States Tax & Accounting
- Topic: FTCs on 8621
- Replies: 5
- Views: 3231
FTCs on 8621
I am unsure of the calculation of FTCs for the form 8621 in cases where I have sold a mutual fund (1291 treatment). My effective Cdn Tax Rate on income (all passive) is 22%. When determining the FTC for the gain on sale of a 1291 fund....do I use the 22% effective rate times the gain for the FTC or ...
- Mon Apr 16, 2012 5:57 pm
- Forum: Canada / United States Tax & Accounting
- Topic: TFSA-With Mutual Funds
- Replies: 14
- Views: 13126
- Sun Apr 08, 2012 10:57 am
- Forum: Canada / United States Tax & Accounting
- Topic: Sec 1298(f): form 8621 suspended?
- Replies: 4
- Views: 4585
thank you for your reply. I too would like an official pronouncement since this can get pretty expensive for those of us who unknowingly have been holding Cdn mutual funds and ETFs. I am preparing 2011 return as if 1298(f) doesn't apply since I fear the IRS has no problem with retroactive applicatio...
- Sat Apr 07, 2012 12:17 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Sec 1298(f): form 8621 suspended?
- Replies: 4
- Views: 4585
Re: point (a. Are you sure the irs regards Canadian mutual funds as falling under 1298(f). I was of the understanding that they are considering them as having been PFICs all along and thus require PFIC treatment. For example (I am a dual US Cdn citizen living in Canada continually for 40 years) I so...
- Sat Apr 07, 2012 11:51 am
- Forum: Canada / United States Tax & Accounting
- Topic: Simple 8621 question
- Replies: 1
- Views: 1769
- Sat Oct 22, 2011 1:45 pm
- Forum: Canada / United States Tax & Accounting
- Topic: USC living in Canada - Investment options
- Replies: 6
- Views: 4374
Just a comment ... it isn't fair. Nothing fair about it. Actually if this is your sons first investment at least he can do mark to market and avoid the more punitive taxation albeit still being taxed on unrealized gains (pay as you go) and no capital gains treatment. A bigger problem is for those of...
- Thu Sep 15, 2011 2:07 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Backfiling 8621 ?
- Replies: 8
- Views: 5512
I'm not familiar with 1298(f) or did not think it applied. I am a cdn resident, Cdn/us citizen. I thought it was not that I wasn't required to file 8621s, I thought it was simply that I didn't have a clue that a Canadian mutual fund was anything but a mutual fund, not a PFIC. I have been spending al...
- Thu Sep 01, 2011 7:41 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Renouncing US citizenship good for our circumstances?
- Replies: 16
- Views: 12984
- Tue Aug 30, 2011 4:42 pm
- Forum: Canada / United States Tax & Accounting
- Topic: initiating reporting on Canadian Mutual Funds as PFICs
- Replies: 1
- Views: 1827
initiating reporting on Canadian Mutual Funds as PFICs
I think I finally understand PFIC reporting under the mark to market election and would plan to make that election at least until I manage to sell my mutual funds, probably in 2011. But mechanically how does one initiate 8621 reporting starting with this years return (I have extended till Octobler) ...