Search found 107 matches

by Frankd1
Mon Feb 29, 2016 9:22 am
Forum: Canada / United States Tax & Accounting
Topic: UCCB
Replies: 9
Views: 5136

I don't believe there is any requirement in your case to include the uccb on your 1040.
Your wife does not have a filing obligation with the IRS and you are filing mfs.
The rc62 that CRA sends you for the uccb will be in your wife's name and she shows it on her CRA return.
by Frankd1
Sun Feb 28, 2016 10:25 pm
Forum: Canada / United States Tax & Accounting
Topic: UCCB
Replies: 9
Views: 5136

I'm pretty sure it is recommended to use accrued for form 1116...
If you type accrued into the search bar you will get some threads that come up explaining this.
by Frankd1
Thu Jan 28, 2016 7:09 pm
Forum: Canada / United States Tax & Accounting
Topic: 1099-MISC vs 1042-S
Replies: 0
Views: 1828

1099-MISC vs 1042-S

Just wanted to make sure of my understanding on this...it's for my wife who is a USC and PR of Canada, she lives and works in Canada. She has a small sole proprietor home business, she is a self published children's picture book author. She is going through the process of setting up an account with ...
by Frankd1
Wed Jan 27, 2016 12:05 am
Forum: Canada / United States Tax & Accounting
Topic: USC in Canada and W9
Replies: 4
Views: 2433

Thank you
by Frankd1
Tue Jan 26, 2016 11:28 pm
Forum: Canada / United States Tax & Accounting
Topic: USC in Canada and W9
Replies: 4
Views: 2433

Thanks for the reply. I will ask the advisor to correct her citizenship information in his system and have my wife fill out the W9 for the brokerage, which handles her spousal RRSP. We opened the RRSP for her in 2008 with the correct info regarding her US Citizenship and PR status in Canada. in 2014...
by Frankd1
Tue Jan 26, 2016 6:10 pm
Forum: Canada / United States Tax & Accounting
Topic: USC in Canada and W9
Replies: 4
Views: 2433

USC in Canada and W9

I have a question regarding USC filling out W9's My wife is a USC and PR of Canada, lives and works in Canada. She is up to date on all CRA filings and she is up to date on all IRS filings: yearly return, FinCen/FBAR, 8891 when it was required. She does not file 8938 due to being under threshold. Sh...
by Frankd1
Thu Aug 20, 2015 6:20 pm
Forum: Canada / United States Tax & Accounting
Topic: Registered Pension Plans (Not RRSP) in Canada and form 8833
Replies: 10
Views: 5986

She always uses 1116 for the FTC OK I think I understand... 1. So basically, if one does NOT specifically report these contributions to the IRS, they will be taxable by the IRS when you start drawing from your DB pension. However, going forward, if one reports the contributions then they are not tax...
by Frankd1
Thu Aug 20, 2015 1:48 pm
Forum: Canada / United States Tax & Accounting
Topic: Registered Pension Plans (Not RRSP) in Canada and form 8833
Replies: 10
Views: 5986

Thanks nelsona! With regards to the employee contribution component that you refer to, this would be the automatic contributions that the school board deducts from her paycheck, based on percentage of her salary? I realize that these contributions are tax deductible and reflect on her T4 slip, so ou...
by Frankd1
Thu Aug 20, 2015 12:19 pm
Forum: Canada / United States Tax & Accounting
Topic: Registered Pension Plans (Not RRSP) in Canada and form 8833
Replies: 10
Views: 5986

Nelsona, In the case of a Canadian DB pension plan I'm guessing that filing 8833 would be more optional than mandatory? My wife (USC Perm Resident of Canada) has a defined benefit pension plan through the Ontario Teachers Pension Plan... Her school board deducts contributions from her pay as a perce...
by Frankd1
Sat May 02, 2015 9:45 pm
Forum: Canada / United States Tax & Accounting
Topic: IRS schedule C
Replies: 7
Views: 3236

Thank you for the suggestion of leaving out the home office expense for IRS purposes.
by Frankd1
Sat May 02, 2015 9:40 pm
Forum: Canada / United States Tax & Accounting
Topic: IRS schedule C
Replies: 7
Views: 3236

you are right.

I never actually file that way - I always use TaxAct software.
by Frankd1
Sat May 02, 2015 9:24 pm
Forum: Canada / United States Tax & Accounting
Topic: IRS schedule C
Replies: 7
Views: 3236

I did a bit more digging and from what I gather, it seems as though not everybody who uses form 8829 for expenses claims the depreciation part of it. So I'm guessing its not mandatory. However, as you mentioned, you will have to pay capital gains tax on the depreciation deductions whether you take t...
by Frankd1
Sat May 02, 2015 5:25 pm
Forum: Canada / United States Tax & Accounting
Topic: IRS schedule C
Replies: 7
Views: 3236

Nelsona, as always, thank you. Just want to clarify where you suggest not depreciating for CRA purposes....did you mean do not depreciate for IRS purposes? The reason I ask is that when we filed our Canadian taxes, we in fact did not claim depreciation on the home office under advisement of our CPA....
by Frankd1
Fri May 01, 2015 8:16 pm
Forum: Canada / United States Tax & Accounting
Topic: IRS schedule C
Replies: 7
Views: 3236

IRS schedule C

A question about schedule c and the office in home portion...I pretty well have the schedule figured out otherwise. My wife (U.S. citizen PR of canada) started a small business in 2014 - sole propietor. Our CPA in Canada completed our T1, we used the square footage of the office to claim the percent...
by Frankd1
Wed Apr 08, 2015 10:25 pm
Forum: Canada / United States Tax & Accounting
Topic: renew canadian mortgage tax consequences?
Replies: 15
Views: 14447

Interesting. Here is a scenario to see if I am understanding this correctly: A US Citizen who is a PR of Canada is married to a Canadian Citizen. They purchase their first home in Canada in March of 2010. They take out a mortgage for $245,000CAD. The US dollar is slightly higher than the Canadian do...