Search found 313 matches
- Tue Apr 16, 2019 11:00 am
- Forum: Canada / United States Tax & Accounting
- Topic: Penalty for Form 3520 for TFSA
- Replies: 13
- Views: 9983
Re: Penalty for Form 3520 for TFSA
Hi aed11, I'm very sorry to hear about what is happening to you. I too have received letter after letter about my 3520/3520A filings and I'm getting so sick of it. I agree with CdnAmerican - just get a hold of someone at the IRS office and see if you can get the penalties fully wiped out. The legal ...
- Mon Mar 11, 2019 4:10 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Reporting PFIC income when not required to file Form 8621
- Replies: 8
- Views: 7613
Re: Reporting PFIC income when not required to file Form 8621
By the way, if one doesn't file form 8621, and the annual dividends are consistent enough not to trigger an "excess distribution", then the fund is sold for a loss, then form 8621 never needs to be filed for that specific fund. This happened to me once.
- Mon Mar 11, 2019 4:09 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Reporting PFIC income when not required to file Form 8621
- Replies: 8
- Views: 7613
Re: Reporting PFIC income when not required to file Form 8621
I agree with nelsona- one still needs to do the calculation so avoiding the form doesn't save much. If one takes advantage of the exemption from filing form 8621, then the default tax treatment applies. Dividends are reported as ordinary dividends (not qualified). Unrealized gains do not need to be ...
- Mon Mar 11, 2019 3:42 pm
- Forum: Canada / United States Tax & Accounting
- Topic: PFIC with a loss
- Replies: 14
- Views: 11527
Re: PFIC with a loss
Did you have a mark-to-market election in effect when you reported the $1,350 gain? If so, then you can report the $850 as a mark-to-market loss reported on line 20 (or 21?) "other income". It would just be a negative number on that line. If the loss was from a sale with no mark-to-market ...
- Tue Feb 19, 2019 1:49 pm
- Forum: Canada / United States Tax & Accounting
- Topic: How to report Canadian Maternity Benefits
- Replies: 7
- Views: 3297
Re: How to report Canadian Maternity Benefits
My understanding is that these types of benefits fall under the category of "unemployment compensation" line 19.
- Fri Feb 15, 2019 12:08 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 3520-A Penalty
- Replies: 23
- Views: 18246
Re: 3520-A Penalty
Hello Caninus, One position you can take is that the instructions on the due date for filing a substitute 3520A attached to a 3520 are confusing. The trustee is responsible for filing 3520A by March 15 in order to relieve you of the obligation of completing a substitute 3520A and attaching it to the...
- Thu Jul 19, 2018 10:42 am
- Forum: Canada / United States Tax & Accounting
- Topic: Taking stab at 3520, -A for TFSA
- Replies: 157
- Views: 209036
Re: Taking stab at 3520, -A for TFSA
Hello, I've been wondering about this as well. I want to stop reporting my RESP and TFSA based on the arguments presented by Max Reed, but I don't know how to tell the IRS why I'm stopping. And, I'm worried that this could imply that I should have been reporting them elsewhere. Disregarded entity?, ...
- Thu Jul 19, 2018 10:30 am
- Forum: Canada / United States Tax & Accounting
- Topic: PFIC with loss, doesn't matter?
- Replies: 1
- Views: 1857
Re: PFIC with loss, doesn't matter?
Yes - don't declare the loss on the 8621 - it won't go on your tax return from form 8621.
However, losses in a PFIC under any election can be reported on Schedule D on your 1040.
However, losses in a PFIC under any election can be reported on Schedule D on your 1040.
- Wed Apr 18, 2018 12:59 pm
- Forum: Canada / United States Tax & Accounting
- Topic: QEF Net Gains - Do I need Schedule D ?
- Replies: 3
- Views: 2605
- Thu Mar 29, 2018 7:49 am
- Forum: Canada / United States Tax & Accounting
- Topic: Software suggestions for 1040, form 2555 & possible 1116
- Replies: 18
- Views: 12236
My 2 cents. I think TaxACT is the best option for US citizens in Canada. It supports form 8621 (now up to 20 copies) and it allows efiling with a NRA spouse with no ITIN number. However, the recent price hike to $64 has made me reconsider. Next year, I'm going to manually fill the IRS forms from the...
- Thu Mar 29, 2018 7:43 am
- Forum: Canada / United States Tax & Accounting
- Topic: PFIC excess distribution triggered when vested?
- Replies: 3
- Views: 2260
- Thu Nov 30, 2017 12:15 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Which type of Canadian investments would not be PFIC?
- Replies: 6
- Views: 6318
- Wed May 31, 2017 11:00 am
- Forum: Canada / United States Tax & Accounting
- Topic: Preparation of 8621 for PFIC & Other QEF Questions
- Replies: 12
- Views: 7520
The income from a PFIC would be considered purely Canadian sourced for US tax purposes, and for Canadian purposes, the source of any dividends would be determined by the fund and reported on T3. None of the US taxes arising from QEF income could be creditable on the Canadian return. On the US return...
- Wed May 31, 2017 8:52 am
- Forum: Canada / United States Tax & Accounting
- Topic: Preparation of 8621 for PFIC & Other QEF Questions
- Replies: 12
- Views: 7520
Hi nelsona, That's a good question - in the cases that I've seen, the QEF income inclusion has been higher than the actual distributions from the fund - but it could go both ways. The QEFs I've had to deal with have been mostly index ETFs and mutual funds with very low fund turnover. I imagine activ...
- Wed May 24, 2017 8:06 am
- Forum: Canada / United States Tax & Accounting
- Topic: Preparation of 8621 for PFIC & Other QEF Questions
- Replies: 12
- Views: 7520
Hi ethanpurdy, Based on your example below, I think you are pretty close to having this correct. Check the RBC PFIC statements though, I think they use July 1 to June 30 as their reporting period. As you purchased the fund in late Jan, you would only have to report for the 148 days during the PFIC's...