Search found 313 matches
- Thu May 19, 2016 3:10 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Passive Foreign Investment Company
- Replies: 12
- Views: 8415
Hi nelsona, speer, This post prompted me to look at Vanguard Canada ETFs and Ishares Canada ETFs. Most of the vanguard ETFs provide PFIC annual information statements and all of the Ishares ETFs provide PFIC annual information statements. That's it - anyone who indexes their portfolios can do the QE...
- Thu May 19, 2016 1:10 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Passive Foreign Investment Company
- Replies: 12
- Views: 8415
- Thu May 19, 2016 8:37 am
- Forum: Canada / United States Tax & Accounting
- Topic: Passive Foreign Investment Company
- Replies: 12
- Views: 8415
- Thu May 19, 2016 8:34 am
- Forum: Canada / United States Tax & Accounting
- Topic: Passive Foreign Investment Company
- Replies: 12
- Views: 8415
- Thu May 19, 2016 8:29 am
- Forum: Canada / United States Tax & Accounting
- Topic: IRS reaction time
- Replies: 3
- Views: 2943
- Mon Apr 11, 2016 3:56 pm
- Forum: Canada / United States Tax & Accounting
- Topic: F8621
- Replies: 3
- Views: 2525
Hello, Whether or not to treat as a sale, it would likely be treated the same for US purposes as it is for Canadian purposes. Was the switch considered a disposition for Canadian tax? What I would do is, if the class of shares is the same, as you said, but with a different fee structure, then you ar...
- Fri Apr 08, 2016 4:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Where Does RESP Withdraw by Student go on his US 1040?
- Replies: 27
- Views: 27965
Hi nelsona, That is very interesting article from Hodgen Law. I have to admit is occurred to me that it should be easy enough to create a beneficiary statement based on the facts of the foreign trust owned by a non-US person. I had a look at an RESP withdrawal form, and it seems to give the option t...
- Fri Apr 08, 2016 3:08 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Where Does RESP Withdraw by Student go on his US 1040?
- Replies: 27
- Views: 27965
Hi JohnSt Yes part III as nelsona says. Unfortunately, in this case the US beneficiary would have to complete schedule A and C or B and C of part III, and this means there could be tax and throw-back interest on any accumulation distribution. This seems worse than if the RESP had a US citizen subscr...
- Fri Apr 08, 2016 10:12 am
- Forum: Canada / United States Tax & Accounting
- Topic: Where Does RESP Withdraw by Student go on his US 1040?
- Replies: 27
- Views: 27965
No problem - this is interesting one. I saw an article from Jamie Golumbek that says there have been a few submissions to the US government supporting the recognition of RESPs, RDSPs and TFSAs. I am hopeful, but expect it will be a while before there is any meaningful change. The rumblings you heard...
- Thu Apr 07, 2016 11:59 am
- Forum: Canada / United States Tax & Accounting
- Topic: Where Does RESP Withdraw by Student go on his US 1040?
- Replies: 27
- Views: 27965
Hello DrJFM, CdnAmerican, I found some good supporting information at: http://www2.deloitte.com/content/dam/Deloitte/us/Documents/Tax/us-tax-foreign-trusts-final-021315.pdf We know that an RESP is a foreign grantor trust. Since you the owner have been filing 3520A with the required beneficiary state...
- Wed Apr 06, 2016 8:19 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Where Does RESP Withdraw by Student go on his US 1040?
- Replies: 27
- Views: 27965
Hi CdnAmerican, So, when the RESP makes a distribution to your child, this would get reported in 3520A on line 17c. 3520A would be an attachment to your 3520 and as you probably know, you only have to complete parts I and II of 3520. When your child (I'm assuming is a US citizen right?) receives the...
- Wed Apr 06, 2016 11:18 am
- Forum: Canada / United States Tax & Accounting
- Topic: Where Does RESP Withdraw by Student go on his US 1040?
- Replies: 27
- Views: 27965
- Wed Mar 09, 2016 10:32 am
- Forum: Canada / United States Tax & Accounting
- Topic: Collapsing RRSP after leaving Canada
- Replies: 13
- Views: 5791
- Tue Mar 08, 2016 10:37 am
- Forum: Canada / United States Tax & Accounting
- Topic: No 1099-DIVs...
- Replies: 2
- Views: 1752
Hi, This doesn't sound right. TD Waterhouse is a qualified intermediary, and should remain this way after NBCN bought them. If they are a qualified intermediary, I believe they must provide you and the IRS with 1099-DIVs. Also, it sounds like the info they sent you isn't correct for US reporting, so...
- Tue Mar 08, 2016 10:30 am
- Forum: Canada / United States Tax & Accounting
- Topic: amount of income tax paid in the USA = Foreign Tax Credit ?
- Replies: 8
- Views: 3890
Hello, You still have to report your income from work in the US on your Canadian return. The $14,065 you paid to the IRS should be credited back to you on your Canadian tax return using form 2209. You still have to report all your income from Canada and the US on your Canadian return since you are a...