Search found 18244 matches
- Thu Feb 09, 2006 10:52 am
- Forum: Canada / United States Tax & Accounting
- Topic: H-1 Status and Canadian Dependants
- Replies: 1
- Views: 2204
canadian residents are entitled to be claimed as dependants by US taxpayers on their 1040. Of course, this will merely reduce her US tax, thus increasing her Cdn tax (yes, she will have to pay Cdn tax on her US income because of you living in Canada). You will all need ITINs which will be issued whe...
- Thu Feb 09, 2006 10:50 am
- Forum: Canada / United States Tax & Accounting
- Topic: Taxes on interest of devalued US term deposit
- Replies: 7
- Views: 4809
Your report the interest you recieve as interst income. You report your interest expenses as interest expense on a different line. It doesn't matter which is more or less: they aren't combined. Be aware however, that CRA could deny your expense claim, as they don't usually buy the notion of borrowin...
- Thu Feb 09, 2006 8:29 am
- Forum: Canada / United States Tax & Accounting
- Topic: Taxes on interest of devalued US term deposit
- Replies: 7
- Views: 4809
The currency loss would be a capital loss which *could* be used against capital gains, not against interest income, but only when you sell some of the US cash. Treat your US cash like a mutual fund; the interest (taxable yearly as interest) is like a mutual fund distribution adding to the cost basis...
- Wed Feb 08, 2006 11:13 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Cashed in RRSP - Help on US Reporting
- Replies: 19
- Views: 13261
- Wed Feb 08, 2006 4:09 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Cashed in RRSP - Help on US Reporting
- Replies: 19
- Views: 13261
- Wed Feb 08, 2006 4:07 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RSP Reporting
- Replies: 1
- Views: 2382
- Wed Feb 08, 2006 1:05 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Cashed in RRSP - Help on US Reporting
- Replies: 19
- Views: 13261
- Wed Feb 08, 2006 11:25 am
- Forum: Canada / United States Tax & Accounting
- Topic: Cashed in RRSP - Help on US Reporting
- Replies: 19
- Views: 13261
It is not a lump sum distribution, it is general limitation income. You do have to go thru the worksheets in Ttax, as there are settings which determine if the money is truly foreign and then what deductions go with it. and don't forget to actaully enter your Cdn tax on the form. Bit of a pain, But ...
- Wed Feb 08, 2006 8:04 am
- Forum: Canada / United States Tax & Accounting
- Topic: Canada Goverment employee, US Perm Resident, and CND RRSP
- Replies: 5
- Views: 4341
I also hold a USA RBC Centura account - no advantage of purchasing my RSP via them as all my income is Canadian funds and will be at the mercy of fluctuating exchange rates? American institutions do not sell, manage or know anything about RRSPs. RBC Centura has nothing to do with Canada, anymore th...
- Wed Feb 08, 2006 7:58 am
- Forum: Canada / United States Tax & Accounting
- Topic: Rental loss and at-risk rules
- Replies: 4
- Views: 3350
- Wed Feb 08, 2006 12:00 am
- Forum: Canada / United States Tax & Accounting
- Topic: TN Claim Non-residence
- Replies: 5
- Views: 3876
- Tue Feb 07, 2006 5:00 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Cashed in RRSP - Help on US Reporting
- Replies: 19
- Views: 13261
Not really. Just that now that you have cashed in, there will be no future tax liability (you declaring all your income and are paying all your owed tax this year). Also, it is clear that 8891 will be around for the next while, and is identical to last year, marking the first time in about 6 years t...
- Tue Feb 07, 2006 1:05 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Cashed in RRSP - Help on US Reporting
- Replies: 19
- Views: 13261
- Tue Feb 07, 2006 1:03 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Cashed in RRSP - Help on US Reporting
- Replies: 19
- Views: 13261
The alternative is to ignore all of this. Nothing would please IRS more for you to ignore all this, and subject your self to fines and penalties for back taxes. plus a $500,000 fine for failure to report your foresgn trust for 2003, 2004, and 2005. No, file an 8891 for last year (sent in now) , and...
- Tue Feb 07, 2006 12:41 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Cashed in RRSP - Help on US Reporting
- Replies: 19
- Views: 13261
is there a simple way I can check if they are trying to tack on the additional 10%?) Yeah, there is line 60 on 1040. It should be zero. If it isn't,you need to go into the Ttax form that you entered your RRSP and find a code that excludes your income from the penalty. I can file electronically now ...