Search found 18312 matches
- Fri May 03, 2024 9:43 am
- Forum: Canada / United States Tax & Accounting
- Topic: Amending US tax form
- Replies: 1
- Views: 73
Re: Amending US tax form
You should amend your1040 using 1040X and sending in a revised 1116. It is unlikely that the lower Cdn tax will result in more US tax, as you probably didn't use much of the Cdn tax on your 1116 anywys.
- Sun Apr 28, 2024 1:09 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian accounts for NR
- Replies: 1
- Views: 150
Re: Canadian accounts for NR
No.
I trust you are reporting your net rental income on a 216 return?
Your portfolio investments are not considered "Canadian" any longer, as you paid your deemed disposition tax when leaving Canada. Note that you are not supposed to maintain a brokerage account in Canada when living in US.
I trust you are reporting your net rental income on a 216 return?
Your portfolio investments are not considered "Canadian" any longer, as you paid your deemed disposition tax when leaving Canada. Note that you are not supposed to maintain a brokerage account in Canada when living in US.
- Sat Apr 27, 2024 9:17 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Timing the selling of US home when immigrating to Canada with PR
- Replies: 1
- Views: 308
Re: Timing the selling of US home when immigrating to Canada with PR
It is simpler if you sell before moving, but you would have two years to sell without any US taxes (unless you rent it out) and there is no chance that any gains would occur after entering Canada (which would be taxable in Canada).
- Sat Apr 27, 2024 2:55 pm
- Forum: Canada / United States Tax & Accounting
- Topic: GIC in side a TFSA
- Replies: 3
- Views: 239
Re: GIC in side a TFSA
You'd have to point us to where you "heard" this from.
Canadian Interest is taxable in US if you reside in US. Even in a TFSA.
Canadian Interest is taxable in US if you reside in US. Even in a TFSA.
- Tue Apr 23, 2024 5:33 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Definition of world wide income for Canadian section 217
- Replies: 4
- Views: 455
Re: Definition of world wide income for Canadian section 217
No, it does not involve household income. Cdns do not file joint returns. Please do not post misinformation as part of your spam
- Tue Apr 23, 2024 5:31 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Year of transition taxes - Moving from Canada to US
- Replies: 4
- Views: 472
Re: Year of transition taxes - Moving from Canada to US
You likely will not want to file as a non-resident of US, as you will be taxed on your US income at a very high rate. As I said, you will likely want to file a full year 1040 (joint with your spouse) as this will be the lowest US tax. You do not have to meet any day requirement to do this, as Cdns e...
- Tue Apr 23, 2024 6:10 am
- Forum: Canada / United States Tax & Accounting
- Topic: Year of transition taxes - Moving from Canada to US
- Replies: 4
- Views: 472
Re: Year of transition taxes - Moving from Canada to US
For Canada, number of days don't matter. You would file as an "Emigrant" based on the specific date you leave Canada. If you leave Canada before your spouse, you will still be selling your "half" of the house as a non-resident. No taxes, but some paperwork in Canada. If you start...
- Sat Apr 20, 2024 10:07 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US taxes on Canadian RRSP Withdrawals
- Replies: 8
- Views: 737
Re: US taxes on Canadian RRSP Withdrawals
No, it should not count towards your MAGI.
- Thu Apr 18, 2024 12:56 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US stock options
- Replies: 1
- Views: 413
Re: US stock options
They need to be reported. Period.
- Wed Apr 17, 2024 1:46 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Can exclude OAS/CPP payments from reporting?
- Replies: 5
- Views: 573
Re: Can exclude OAS/CPP payments from reporting?
So be sure to follow the steps required for a non-resident. Your Cdn broker may not be up to speed on that and may think that since you are Cdn, you don;t need to follow those rules. Here is an example: https://www.crowe.com/ca/crowemackay/insights/non-residents-selling-property-in-canada https://ww...
- Wed Apr 17, 2024 1:43 pm
- Forum: Canada / United States Tax & Accounting
- Topic: NR7 timing
- Replies: 9
- Views: 2272
Re: NR7 timing
Of course. It is the correct withholding, so IRS will accept it.
- Tue Apr 16, 2024 9:39 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Working for a US company on TN/H1b remotely in Canada?
- Replies: 3
- Views: 469
Re: Working for a US company on TN/H1b remotely in Canada?
You would need to move to the US.
- Tue Apr 16, 2024 9:39 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Can exclude OAS/CPP payments from reporting?
- Replies: 5
- Views: 573
Re: Can exclude OAS/CPP payments from reporting?
You do need to report the sale, because you were non-resident. Did you follow all the non-resident rules for Cdn property sale? Otherwise expect a penalty.
- Tue Apr 16, 2024 9:37 pm
- Forum: Canada / United States Tax & Accounting
- Topic: NR7 timing
- Replies: 9
- Views: 2272
Re: NR7 timing
That is the final tax, since you didn't follow the rules for periodic withdrawal. Even if you file an NR-7-R, it will be of no use, because they will ask for your withdrawals and see that your withdrawal was not periodic, The only way you *might* reduce your tax on this year's withdrawal is by filin...
- Tue Apr 16, 2024 9:25 am
- Forum: Canada / United States Tax & Accounting
- Topic: Working for a US company on TN/H1b remotely in Canada?
- Replies: 3
- Views: 469
Re: Working for a US company on TN/H1b remotely in Canada?
You can, but why give a false address? If you are physically living in Canada, you should only use a Cdn address. And you should be paid on a Cdn payroll.
Your TN would only be used for occasional entry.
Your TN would only be used for occasional entry.