Search found 313 matches

by MGeorge
Mon Nov 19, 2012 5:50 pm
Forum: Canada / United States Tax & Accounting
Topic: Newbie questions (do i *have* to file?)
Replies: 18
Views: 10291

Hi didnotknow, Is your father a US citizen? I'm not sure about how the rules may have changed over the years - but my understanding is that US citizen is only automatically conferred at birth if: 1. You were born in the US - which you weren't 2. BOTH parents are US citizens when you were born outsid...
by MGeorge
Mon Nov 05, 2012 6:01 pm
Forum: Canada / United States Tax & Accounting
Topic: Defined Contribution Registered Pension Plan
Replies: 4
Views: 3078

For now, no reporting on form 8891 is required. When you leave the company and your pension plan gets rolled into a Locked-in Retirement Account (LIRA) then it gets treated as an RRSP and at that time, it will require reporting on form 8891. It is my understanding that while this account is a Regist...
by MGeorge
Mon Oct 29, 2012 9:32 am
Forum: Canada / United States Tax & Accounting
Topic: Do you get an assessment notice from IRS similar to CRA
Replies: 4
Views: 3328

Yeah - I know what you mean. When I file my Quebec provincial tax return, I actually get a pleasant "thank you for filing letter" - how civilized!. Although, I'd still rather pay lower taxes and hear nothing.
by MGeorge
Mon Oct 29, 2012 9:25 am
Forum: Canada / United States Tax & Accounting
Topic: Do you get an assessment notice from IRS similar to CRA
Replies: 4
Views: 3328

Hi Nanic,

No - usually you don't hear anything. No news is good news.
by MGeorge
Mon Oct 29, 2012 9:03 am
Forum: Canada / United States Tax & Accounting
Topic: Question about calculating the "Effective Tax Rate"
Replies: 17
Views: 9853

Hi Ianman2000, This is an interesting one. Could you clarify what your filing situation is? From what I have read in this thread, it seems that you are a US citizen living in Canada with both Canadian and US source income. Is this correct? Regarding the US source income - doesn't the treaty kick in ...
by MGeorge
Fri Sep 28, 2012 9:26 am
Forum: Canada / United States Tax & Accounting
Topic: Non-recognition of pension income splitting; both ways?
Replies: 6
Views: 3727

Thank you nelsona - this clears up a lot.
by MGeorge
Wed Sep 26, 2012 2:16 pm
Forum: Canada / United States Tax & Accounting
Topic: Non-recognition of pension income splitting; both ways?
Replies: 6
Views: 3727

Hi nelsona,

Thank you for your reply. I didn't actually know that pension income is considered "general category" I assumed it was passive. Is this true for CPP benefits as well?

I appreciate your comments.
by MGeorge
Wed Sep 26, 2012 10:18 am
Forum: Canada / United States Tax & Accounting
Topic: Non-recognition of pension income splitting; both ways?
Replies: 6
Views: 3727

Non-recognition of pension income splitting; both ways?

Hi All, I have a question regarding pension income splitting. This applies to my mother who is a US citizen, resident in Canada, married to a non-US citizen. If my Mom's husband receives a pension and elects to "income split", does the pension income reported on my Mom's Cdn return have to...
by MGeorge
Thu Sep 13, 2012 3:21 pm
Forum: Canada / United States Tax & Accounting
Topic: RESP's and possible tax implications for dual citizen child
Replies: 17
Views: 13381

Aw - sorry - I missed a paragraph from Frankd1.
by MGeorge
Thu Sep 13, 2012 2:25 pm
Forum: Canada / United States Tax & Accounting
Topic: RESP's and possible tax implications for dual citizen child
Replies: 17
Views: 13381

Hi Frankd1, Do your children already have US passports and social security numbers? I would still recommend checking with the state department. I am sure that they are eligible for US citizenship, but it may not necessarily be automatic (ie. they could choose not to exercise it). My understanding (c...
by MGeorge
Fri Aug 10, 2012 1:56 pm
Forum: Canada / United States Tax & Accounting
Topic: Statue of limitations; didn't know about Cdn Mutual funds
Replies: 1
Views: 2083

Statue of limitations; didn't know about Cdn Mutual funds

Hi All, I'm a US citizen living in Canada. I've recently learned from reading this forum, and other websites that most foreign (Canadian) mutual funds are considered PFICs for US tax purposes. I also recently filed form 3520A and 3520 for my TFSA which contains Cdn mutual funds - but the balance is ...
by MGeorge
Mon Jul 23, 2012 2:40 pm
Forum: Canada / United States Tax & Accounting
Topic: Help - IRS letter indicating penalty for late 3520
Replies: 107
Views: 166020

Hi Primo - thanks for keeping us updated. I backfiled forms 3520 and 3520A for my TFSA early this month for the tax years of 2010 and 2011. I'll keep everyone posted if I hear anything back. I too have lived in Canada since birth - and backfiled 6 years of 1040s and FBARs in mid 2011.
by MGeorge
Mon Jul 23, 2012 10:39 am
Forum: Canada / United States Tax & Accounting
Topic: please help: canadian mutual fund issue
Replies: 15
Views: 9679

Hi Newbe12345, I'm definitely not a professional, so I can't give you professional advice. However, after reading your situation, it sounds like you have only made inocent mistakes. I would suggest you follow nelsona's suggestion - and also discuss your situation with a tax accountant how is familia...
by MGeorge
Thu Jul 12, 2012 5:33 pm
Forum: Canada / United States Tax & Accounting
Topic: Filing back returns: 2008 recovery rebate?
Replies: 7
Views: 4676

Thank you nelsona - I'm going send this in right away.
by MGeorge
Thu Jul 12, 2012 12:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Filing back returns: 2008 recovery rebate?
Replies: 7
Views: 4676

Hi Nelsona, Sorry, I meant to post this on the "poetic justice" thread - but thanks for responding. Is the time limit in my case this October? I thought that if I file an amended 2008X, the limit for refunds is 3 years after the due date of the 2008 return, so wouldn't my limit be April 15...