Search found 109 matches

by stewak2
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...
by stewak2
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...
by stewak2
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...
by stewak2
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 That goes up to $3.5M in 2009, and the estate tax itself is repealed altogether in 2010 - for one year.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...
by stewak2
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?
by stewak2
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 ...
by stewak2
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...
by stewak2
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

Makes sense. Thanks for the advice.
by stewak2
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...
by stewak2
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...
by stewak2
Fri Nov 17, 2006 2:47 pm
Forum: Canada / United States Tax & Accounting
Topic: Restricted Stock Units
Replies: 5
Views: 4906

I guess I should be clear, what I fear is paying tax in year of award, but then leaving company employment before vesting and never actually receiving the stock.
by stewak2
Fri Nov 17, 2006 2:46 pm
Forum: Canada / United States Tax & Accounting
Topic: Restricted Stock Units
Replies: 5
Views: 4906

Year excercised = year vested? Or year awarded? These are not options - basically awards of fixed number of units at some time in future ( when vested). Assuming so, I pay CCRA & IRS based on market value at that time, and then later when stock is actually sold, I have a gain/loss based on the m...
by stewak2
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...
by stewak2
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...
by stewak2
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 ...