Search found 109 matches
- Wed Aug 22, 2007 6:30 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian vacation property
- Replies: 2
- Views: 2406
Canadian vacation property
Dual USC/Canadian citizen residing in Canada, commuting to work in US, married to Canadian citizen. Considering acquistion of Canadian vacation property. No plans for rental income from it. If owned jointly with Canadian spouse, can I deduct property tax and interest on funds borrowed to purchase th...
- Wed May 30, 2007 3:41 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Foreign exchange gain
- Replies: 13
- Views: 8375
RRSP
I never moved to the US. I'm a USC by birth, but have resided in Canada since I was a small child. The RRSP was opened years and years ago and has been funded by annual contributions. I can easily track growth ( market value - contributions ) but it will be more difficult to determine what is curren...
- Wed May 30, 2007 1:22 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Foreign exchange gain
- Replies: 13
- Views: 8375
What about losses?
I don't suppose there is a provision to claim losses in the reverse scenario? I'm also curious about RRSP implications. I'm dual US/CDN citizen, living in Canada working in US, commuting. RRSP has been funded over the years, at many different exchange rates. When I begin withdrawing funds, is the IR...
- Thu Feb 08, 2007 9:03 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Estate Tax
- Replies: 1
- Views: 1775
Estate Tax
For 2006, estates valued at $2M or less are not taxable at all, regardless of disposition. That goes up to $3.5M in 2009, and the estate tax itself is repealed altogether in 2010 - for one year. In 2011 a sunset clause takes effect and the exemption reverts to 2002 levesl - $1M unless law is changed...
- Thu Feb 08, 2007 4:29 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian spouse 401K beneficiary
- Replies: 4
- Views: 4248
1.5M exemption?
Some web research seems to indicate that for non-USC spouse there is 1,500,000 exemption on assests transferred at death; for USC spouse, no limit.
Since my estate would be under 1.5M, do I have much to be concerned about?
Since my estate would be under 1.5M, do I have much to be concerned about?
- Thu Feb 08, 2007 4:06 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian spouse 401K beneficiary
- Replies: 4
- Views: 4248
Estate Planning
Well, the 401K is my only US-based asset. Wife is RRSP beneficary, joint owner of (Canadian) house, vehicles, and bank accounts. She has no plans to become a US citizen and we have no plans to move to the US. Since she isn't a US citizen, the only other issue I could think of is the RRSP. How would ...
- Thu Feb 08, 2007 2:24 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian spouse 401K beneficiary
- Replies: 4
- Views: 4248
Canadian spouse 401K beneficiary
USC Canadian resident. Spouse is Canadian ciitizen/resident. Spouse is beneficiary of 401k - for which CCRA taxes have been paid on employee contributions. If spouse inherits and plan requires lump sum distribution, withdrawl is taxable in US - would my estate be taxed? Or my spouse? What would be t...
- Thu Jan 25, 2007 10:36 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Roth IRA vs 401K for USC, Canadian Resident, again
- Replies: 6
- Views: 4588
- Thu Jan 25, 2007 5:06 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Roth IRA vs 401K for USC, Canadian Resident, again
- Replies: 6
- Views: 4588
For ROTH IRA, the growth on the employer contributions, is it taxed yearly in Canada? Or deferred to withdrawl along with the contribution itself? I know the growth on own contributions would be taxed yearly in Canada. Could be an accounting challenge to keep the growth separate in a single plan. As...
- Thu Jan 25, 2007 3:31 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Roth IRA vs 401K for USC, Canadian Resident, again
- Replies: 6
- Views: 4588
Roth IRA vs 401K for USC, Canadian Resident, again
I'm in a situation where I MUST accept an employer contribution ( not match, just contribution ) to either a traditional 401K or ROTH IRA. I would not be required to contribute anything personally. No possibilty of anything else. I am aware an RRSP contribution would be preferable, but it won't happ...
- Fri Nov 17, 2006 2:47 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Restricted Stock Units
- Replies: 5
- Views: 4906
- Fri Nov 17, 2006 2:46 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Restricted Stock Units
- Replies: 5
- Views: 4906
- Fri Nov 17, 2006 2:00 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Restricted Stock Units
- Replies: 5
- Views: 4906
Restricted Stock Units
Dual USC/Canadian citizen. Canadian resident commuting to work in USA. Awarded Restricted Stock Units - tax implications. RSU = units of company stock that vest in future. I.E., in 2 years I get 'x' units and 2 years later 'x' more units, at whatever the price is at the time. I assume I would just t...
- Wed Sep 27, 2006 5:00 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Roth 401(k) for USC, Canadian Resident?
- Replies: 8
- Views: 5075
Corporate HR thinks they are doing me a big favour by 'permitting' me to live in Canada and commute to work in the US. No chance they would ever help me with anything. They won't even sign my T2200 for my US office expenses. The only reason for commuting is the Canadian salary scale for the same pos...
- Wed Sep 27, 2006 2:33 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Roth 401(k) for USC, Canadian Resident?
- Replies: 8
- Views: 5075
I'm sure you are correct. Seems inconsistent though. If my company just gave me the same dollars as income, rather than Roth 401K match, CCRA would tax it exactly the same way. Same for the growth on the match/extra income (assuming invested). CCRA gets full tax, no deferment. Seems unfair to apply ...