Search found 109 matches

by stewak2
Wed Nov 13, 2013 5:22 pm
Forum: Canada / United States Tax & Accounting
Topic: ACA, USC/Canadian Dual citizen
Replies: 9
Views: 4435

OTOH, I suppose since this is part of Medicare/FICA I can claim Foreign Tax credit on it?
Would probably work out in end as I end owning CCRA most years.
by stewak2
Wed Nov 13, 2013 5:20 pm
Forum: Canada / United States Tax & Accounting
Topic: ACA, USC/Canadian Dual citizen
Replies: 9
Views: 4435

Thanks. I have been filing MFS since my wife is Canadian (only ). The exemption level for the additional Medicare Tax is 250K for MFJ but only 125K for MFS ( 200K single ). My wife owns RESP for kid, has TFSAs, etc guess that means problems for her if I file MFJ? Understandably she wants nothing to ...
by stewak2
Wed Nov 13, 2013 3:45 pm
Forum: Canada / United States Tax & Accounting
Topic: ACA, USC/Canadian Dual citizen
Replies: 9
Views: 4435

I'm interested in the coverage mandate/tax penalty.
Since I live in Canada and am covered by OHIP, I would like to know if that meets the requirements. I would imagine so or all USC Nonresidents would have this issue, but...I have been wrong before
by stewak2
Wed Nov 06, 2013 3:03 pm
Forum: Canada / United States Tax & Accounting
Topic: ACA, USC/Canadian Dual citizen
Replies: 9
Views: 4435

ACA, USC/Canadian Dual citizen

Dual Citizen Canadian resident commuting to work in US.
Covered by OHIP in Canada.
The ACA (Obamacare ) coverage mandate, are non residents exempted?
Is there a line of the 1040 to reflect this?
by stewak2
Wed Sep 18, 2013 9:58 am
Forum: Canada / United States Tax & Accounting
Topic: 401K beneficiary - Canadian spouse?
Replies: 3
Views: 2308

Taxation would occur at withdrawl, then - flat 30% if lump sum, ? if pension?
by stewak2
Wed Sep 18, 2013 6:54 am
Forum: Canada / United States Tax & Accounting
Topic: 401K beneficiary - Canadian spouse?
Replies: 3
Views: 2308

401K beneficiary - Canadian spouse?

USC resident in Canada commuting to work in USA. Wife is Canadian citizen ( only ) and Canadian resident. Currently is beneficiary of my employer 401(k). Should I die, I imagine tax would be withheld before she could inherit the funds? (Form 1042, and get an ITN? ) How is the tax calculated? Would i...
by stewak2
Thu Jan 03, 2013 2:55 pm
Forum: Canada / United States Tax & Accounting
Topic: FATCA for USCs resident in Canada...
Replies: 4
Views: 3379

FATCA for USCs resident in Canada...

Canadian government is supposedly in final stages of negotiating agreement with US such that Canadian financial institutions will be required to collect US citizenship information on their customers, supply it to CCRA, who will supply it to IRS, in support of the FATCA act. Since we already have to ...
by stewak2
Mon Oct 22, 2012 2:56 pm
Forum: Canada / United States Tax & Accounting
Topic: 401K Contributions Deductible?
Replies: 9
Views: 9724

I have a lot of contribution room dating from pre 2008/protocol change, when I didn't contribute to either an RRSP or 401K. Should last me a while.
by stewak2
Sun Oct 21, 2012 10:34 pm
Forum: Canada / United States Tax & Accounting
Topic: 401K Contributions Deductible?
Replies: 9
Views: 9724

Seems they do care about the employer match, they use it to make pension adjustment to RRSP limit : "proscribed amount". The RC268 has a section where you have to report the employer contributions.
Makes sense I guess since the 401K deduction limit is your RRSP limit.
by stewak2
Fri Oct 19, 2012 4:39 pm
Forum: Canada / United States Tax & Accounting
Topic: 401K Contributions Deductible?
Replies: 9
Views: 9724

Form RC268

You are absolutely correct, lack of Form RC268 was the problem.
Didn't know I needed to file that.
by stewak2
Fri Oct 19, 2012 1:37 pm
Forum: Canada / United States Tax & Accounting
Topic: 401K Contributions Deductible?
Replies: 9
Views: 9724

Correction on meaning of Box 12a Code D

This is my own contributions - deferred salary is the definition...payroll deduction pre-tax.
Surely should be covered by 5th Protcol?
by stewak2
Fri Oct 19, 2012 1:31 pm
Forum: Canada / United States Tax & Accounting
Topic: 401K Contributions Deductible?
Replies: 9
Views: 9724

401K Contributions Deductible?

USC resident in Canada commuting to work in USA for US company. Received notice from CCRA that they want to include box 12A Code 1D of W2 as foreign employment income. I believe this is employer contribution to employer run 401K. I thought the 5th Protocol allowed these to be deductible, subject to ...
by stewak2
Mon Aug 06, 2012 11:31 am
Forum: Canada / United States Tax & Accounting
Topic: Spousal RRSP Contribution for CDN Res/Commuter to US Work?
Replies: 1
Views: 2120

Spousal RRSP Contribution for CDN Res/Commuter to US Work?

Dual USC/Canadian, Canadian Resident, spouse Canadian, commuting to work in US. After credit for US Federal / State / FICA / OASI I usually still owe a small amount to CCRA. I contribute to, and deduct, contributions employer sponsored 401K plan. I've been thinking I could negate the small amount I ...
by stewak2
Mon Jan 30, 2012 1:25 pm
Forum: Canada / United States Tax & Accounting
Topic: Closed TFSA in 2011, IRS paperwork beyond 3520?
Replies: 7
Views: 4957

Yes, will report on FBAR.
Thanks.
by stewak2
Mon Jan 30, 2012 12:29 pm
Forum: Canada / United States Tax & Accounting
Topic: Closed TFSA in 2011, IRS paperwork beyond 3520?
Replies: 7
Views: 4957

Closed TFSA in 2011, IRS paperwork beyond 3520?

Dual citizen resident in Canada.
Closed TFSA in 2011.
Plan to file 3520 and report interest to date of closure on 2011 taxes.
Anything else I need to file to report the "trust" is terminated?