Search found 18244 matches

by nelsona
Sat Mar 23, 2024 10:30 pm
Forum: Canada / United States Tax & Accounting
Topic: Question for RESP income report
Replies: 3
Views: 81

Re: Question for RESP income report

Just like any non-sheltered account, you need to report the income events (interest and dividends) as well as any cap gains or loss events which occur during the year. It is not sufficient to look at the value from year to year. You could have a loss in value but still incur taxable interest dividen...
by nelsona
Sat Mar 23, 2024 10:05 am
Forum: Canada / United States Tax & Accounting
Topic: Do I need to report stocks dividends on 1040NR if withholding already applied?
Replies: 4
Views: 399

Re: Do I need to report stocks dividends on 1040NR if withholding already applied?

Not every return can be efiled.

You could create a 1042-S slip but I beleive this requires a code of the slip.

Mail it in.
by nelsona
Fri Mar 22, 2024 5:46 pm
Forum: Canada / United States Tax & Accounting
Topic: Question about T2209-Att (Other eligible foreign income line)
Replies: 4
Views: 105

Re: Question about T2209-Att (Other eligible foreign income line)

It seems like only the software has changed. Your T4 and W2 are correct, and very helpful to you. If you need to just subtract the W2 income from the T4 income and put that on the wage line, and the W2 income on the other wage line, if that satisfies the software.
by nelsona
Fri Mar 22, 2024 5:42 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian plan to move back to Canada after years working on TN
Replies: 10
Views: 465

Re: Canadian plan to move back to Canada after years working on TN

An inherited 401(k) would enjoy the same 10-year withdrawal period, so this should not be a consideration in choosing to switch from 401(k0 to IRA.
by nelsona
Fri Mar 22, 2024 12:34 pm
Forum: Canada / United States Tax & Accounting
Topic: T1-NR for a Canadian selling Rental Property
Replies: 4
Views: 76

Re: T1-NR for a Canadian selling Rental Property

Correct. 2 returns. report only the withholding associated with each type of income on the respective returns.
by nelsona
Thu Mar 21, 2024 8:25 am
Forum: Canada / United States Tax & Accounting
Topic: Joint Tenants, Bare Trust: any US Trust reporting?
Replies: 4
Views: 146

Re: Joint Tenants, Bare Trust: any US Trust reporting?

The Joint ownership you describe is not considered a trust in US.
by nelsona
Wed Mar 20, 2024 8:16 pm
Forum: Canada / United States Tax & Accounting
Topic: Are Canadian Joint Bank Accounts Trusts for IRS 3520?
Replies: 1
Views: 103

Re: Are Canadian Joint Bank Accounts Trusts for IRS 3520?

No. You would need to report it on FBAR, but it is not a trust by US standards.
by nelsona
Wed Mar 20, 2024 8:15 pm
Forum: Canada / United States Tax & Accounting
Topic: Moving Canadian ETFs to an American Broker
Replies: 3
Views: 118

Re: Moving Canadian ETFs to an American Broker

In the years following the transfer, you will not have to include that Cdn account on FBAR.
by nelsona
Sun Mar 17, 2024 4:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax Rresidency Status
Replies: 2
Views: 142

Re: Tax Rresidency Status

Residency is based on.... residence. What were your LIVING arrangements since Des 2022 in Canada and US. Your employment matters little.
by nelsona
Sun Mar 17, 2024 4:54 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Citizen/US PR in California - Reporting TFSA/RRSP
Replies: 1
Views: 69

Re: Canadian Citizen/US PR in California - Reporting TFSA/RRSP

You report the income as if the RRSP was not tax-shetered, year after year.

You don;t report it in 3520 becuase RRSPs are specifically exempt. There is no monetary threshold for this.
by nelsona
Sun Mar 17, 2024 4:52 pm
Forum: Canada / United States Tax & Accounting
Topic: 1042S reporting on Schedule NEC
Replies: 2
Views: 89

Re: 1042S reporting on Schedule NEC

They are from US corps. 10% flat taxed.
by nelsona
Fri Mar 15, 2024 8:35 pm
Forum: Canada / United States Tax & Accounting
Topic: Cad-USA taxes on bank interest based on residency?
Replies: 4
Views: 141

Re: Cad-USA taxes on bank interest based on residency?

You will note that the statement Phil makes is under the heading of foreign tax credits.
by nelsona
Fri Mar 15, 2024 8:34 pm
Forum: Canada / United States Tax & Accounting
Topic: Cad-USA taxes on bank interest based on residency?
Replies: 4
Views: 141

Re: Cad-USA taxes on bank interest based on residency?

Neither ends up being taxed by IRS . however, by procedure both are reported, and then credit is taken by using form 1116: Cdn interest by a passive 1116, and US interest by a re-sourced by treaty 1116.

One cannot simply not report the income.
by nelsona
Thu Mar 14, 2024 9:08 pm
Forum: Canada / United States Tax & Accounting
Topic: Deemed disposition Canada Exit tax and foreign property
Replies: 1
Views: 85

Re: Deemed disposition Canada Exit tax and foreign property

Yes. You can at that time elect to have the property considered sold in US as well, to mesh the tax credits.
by nelsona
Wed Mar 13, 2024 8:29 pm
Forum: Canada / United States Tax & Accounting
Topic: Roth reporting
Replies: 6
Views: 233

Re: Roth reporting

Roth distributions ARE considered income -- foreign pension income. Then, the treaty allows you deduct that income on line 25600, which is the purpose of that line. Social security is treated similarly: you include ALL the income, and then deduct the 15% on line 25600. CRA wants to know your income ...