Search found 109 matches

by stewak2
Wed Jun 29, 2016 4:57 pm
Forum: Canada / United States Tax & Accounting
Topic: CCRA being difficult about FTC for cross border commuters
Replies: 24
Views: 11940

Yikes. They want ALL of that?
They surely already have the Canadians forms.
They also have the exchange rate used, it's on the Canadian return.
Did your client E-file?
by stewak2
Wed Jun 29, 2016 12:26 am
Forum: Canada / United States Tax & Accounting
Topic: CCRA being difficult about FTC for cross border commuters
Replies: 24
Views: 11940

Did the notice say what documentation would be acceptable?
by stewak2
Tue Jun 28, 2016 6:03 pm
Forum: Canada / United States Tax & Accounting
Topic: CCRA being difficult about FTC for cross border commuters
Replies: 24
Views: 11940

Got a message in CRA My Account. Called CRA as I now 'owe' a huge amount as my US FTC denied. Told that FTC denied, will need further documentation, await letter and Notice of Assessment. Web search found that policy has changed. Contacted my accountant who confirmed he had same information. I truly...
by stewak2
Tue Jun 28, 2016 4:02 pm
Forum: Canada / United States Tax & Accounting
Topic: CCRA being difficult about FTC for cross border commuters
Replies: 24
Views: 11940

CCRA being difficult about FTC for cross border commuters

It seems CCRA is no longer accepting US and state returns and W-2 to document FTC claims. They want a "Notice of Assessment' which of course IRS doesn't provide. You have to request transcript from IRS and from state of employment. Since these aren't available until your US and state returns ar...
by stewak2
Wed Jul 22, 2015 4:08 pm
Forum: Canada / United States Tax & Accounting
Topic: Drawing Social Security after retirement
Replies: 21
Views: 12656

Yes, but I'd be workiing in US, not Canada ( but living in Canada ).
My assumption is I can collect CPP, and NOT pay into PRB.
by stewak2
Wed Jul 22, 2015 4:03 pm
Forum: Canada / United States Tax & Accounting
Topic: Is the Cdn Child Tax Credit taxable income in the US?
Replies: 4
Views: 2969

CTC Taxible

The lower-income spouse claims it, as far as CCRA is concerned.
I'd assume that in the case where said spouse is not a USC, the other parent who *is* a USC reports nothing?
by stewak2
Tue Jul 14, 2015 2:48 pm
Forum: Canada / United States Tax & Accounting
Topic: Drawing Social Security after retirement
Replies: 21
Views: 12656

WEP, only applied when actually collectiing CPP?

I see your point. When I look at CPP options, I see that one can continue working while drawing CPP - so long as one continues to pay into it. For a cross border commuter, working in US and paying SS, paying into CPP isn't an option...so I'm wondering if I could keep working in US, but start drawing...
by stewak2
Tue Jul 14, 2015 12:15 pm
Forum: Canada / United States Tax & Accounting
Topic: Drawing Social Security after retirement
Replies: 21
Views: 12656

WEP, only applied when actually collectiing CPP?

The spousal benefit for a foreign spouse who has never worked in US seems 'generous' to me. It's only applicable to a set of countries ( Canada is one ), otherwise you and your spouse have to have lived together for 5 years in the US. If your spouse is USC, then she qualifies automatically, unless y...
by stewak2
Mon Jul 13, 2015 10:22 pm
Forum: Canada / United States Tax & Accounting
Topic: Drawing Social Security after retirement
Replies: 21
Views: 12656

WEP, only applied when actually collectiing CPP?

CdnAmerican, I'm with you on that. I will retire in Canada. SS is larger than CPP anyway, so if what Nelson says is correct, then it might make sense to take SS early with no WEP penalty since the reduction for taking it early might more or less equal the WEP penalty. I think SS at 62 is about 70%. ...
by stewak2
Mon Jul 13, 2015 6:28 pm
Forum: Canada / United States Tax & Accounting
Topic: Drawing Social Security after retirement
Replies: 21
Views: 12656

In the reverse case though, collecting SS while eligible for, but not collecting, CPP? Does WEP apply? It's pretty unclear, actually, from what I've read.
by stewak2
Mon Jul 13, 2015 6:04 pm
Forum: Canada / United States Tax & Accounting
Topic: Drawing Social Security after retirement
Replies: 21
Views: 12656

WEP, only applied when actually collectiing CPP?

I'm in the same boat, with 18 years employment in Canada, and 16 and counting in US. Is it correct that WEP only applies when actually collecting CPP, not merely having paid into it? In that case, it might make sense to take reduced SS at 62, which is about 70%, and delay CPP, which can be done till...
by stewak2
Wed Mar 04, 2015 7:08 pm
Forum: Canada / United States Tax & Accounting
Topic: New CCRA Income Splitting rules, for commuter with CDN wife
Replies: 5
Views: 2829

Not quite sure I understand the last post. I guess I don't fully understand the Family Tax Cut program. If I transfer, say, $50k of income to my wife, I would not be able to use the US tax paid on that income ( prorated, I guess ) as Foreign Tax credit. I'd expect that, otherwise this would be ridic...
by stewak2
Wed Mar 04, 2015 5:12 pm
Forum: Canada / United States Tax & Accounting
Topic: New CCRA Income Splitting rules, for commuter with CDN wife
Replies: 5
Views: 2829

New CCRA Income Splitting rules, for commuter with CDN wife

My Canadian citizen ( only ) wife makes about 60K. I'm dual citizen residing in Canada commuting to work in US We are wondering if the current provisions to transfer up to 50k of my income to her, for Canadian Federal tax purposes, would make sense. I make considerably more than 60K and could use th...
by stewak2
Tue Jun 24, 2014 4:07 pm
Forum: Canada / United States Tax & Accounting
Topic: reasonable price for accounting dual citizen
Replies: 7
Views: 4990

For what it's worth I pay about $2k, that includes Canadian, US returns and FBAR filings. Toronto accountant.
It's deductible in Canada as well.
by stewak2
Wed Nov 20, 2013 8:58 pm
Forum: Canada / United States Tax & Accounting
Topic: ACA, USC/Canadian Dual citizen
Replies: 9
Views: 4435

I commute to work in US so all my income is US.
So I should be able to claim a foreign tax credit for it on CCRA return, just as I do with all my other US taxes paid. Correct?