Search found 18244 matches

by nelsona
Tue Feb 13, 2024 11:09 am
Forum: Canada / United States Tax & Accounting
Topic: Canada OAP and US Social Security
Replies: 29
Views: 62821

Re: Canada OAP and US Social Security

Incorrect reporting on 1040. You include the income on social security line as gross, zero as net, and then attach an 8833 explaining that you are a Cdn resident and exempt from tax on CPP and OAS (and SS if applicable). Your other choice is to not report these on the SS line at all, but still inclu...
by nelsona
Mon Feb 12, 2024 8:07 pm
Forum: Canada / United States Tax & Accounting
Topic: US citizen looking for advice on how to get assets out of Canada
Replies: 6
Views: 332

Re: US citizen looking for advice on how to get assets out of Canada

Oh, ok, by custodian you meant a brokerage or fund manager. No, she cannot open a US account as a CDN resident. This violates CDN securities regulations. What is her concern about leaving them where they are? She would need to sell the investments, and if then if she wants to give them to you now or...
by nelsona
Mon Feb 12, 2024 5:54 pm
Forum: Canada / United States Tax & Accounting
Topic: principal residence in T1243
Replies: 1
Views: 140

Re: principal residence in T1243

It is not subject to deemed disposition, since you will eventually pay tax on the future sale, with some restrictions. For example, if you sell within a year after leaving, there will be no tax.
by nelsona
Mon Feb 12, 2024 2:46 pm
Forum: Canada / United States Tax & Accounting
Topic: US citizen looking for advice on how to get assets out of Canada
Replies: 6
Views: 332

Re: US citizen looking for advice on how to get assets out of Canada

Why would she need to transfer it? That would be SELLING it to you, or COLLAPSING the accounts.
by nelsona
Sun Feb 11, 2024 3:13 pm
Forum: Canada / United States Tax & Accounting
Topic: US citizen looking for advice on how to get assets out of Canada
Replies: 6
Views: 332

Re: US citizen looking for advice on how to get assets out of Canada

What do you mean exactly by become a "custodian"? HER custodian, or the accounts custodian.
by nelsona
Sun Feb 11, 2024 3:11 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax Filing Software
Replies: 6
Views: 414

Re: Tax Filing Software

I use taxact. I doubt that any of the off-the-shelf programs do 8938, but you can check before paying.
by nelsona
Thu Feb 08, 2024 3:40 pm
Forum: Canada / United States Tax & Accounting
Topic: US and Canada Tax questions on sale of a US House
Replies: 13
Views: 518

Re: US and Canada Tax questions on sale of a US House

The quotes you are reading are for someone LIVING in US, and the spouse is living elswhere. You don't live in US and have never claimed to.
by nelsona
Thu Feb 08, 2024 3:36 pm
Forum: Canada / United States Tax & Accounting
Topic: US and Canada Tax questions on sale of a US House
Replies: 13
Views: 518

Re: US and Canada Tax questions on sale of a US House

You aren't getting it. The US was was never your principal residence. Your Cdn home is. And even if you could *somehow* claim it was (nothing in the quotes you presented would indicate this), you will still owe Canadian taxes on the sale, since your residence is in Canada. So why present a false cla...
by nelsona
Thu Feb 08, 2024 3:29 pm
Forum: Canada / United States Tax & Accounting
Topic: Reporting sale or rental property
Replies: 2
Views: 137

Re: Reporting sale or rental property

1. The expenses are added to the cost basis.

2. Not a bad idea. The interest can be calculated back to the date of sale, but no harm paying some now.
by nelsona
Wed Feb 07, 2024 7:34 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian plan to move back to Canada after years working on TN
Replies: 10
Views: 468

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

All your assets are considered by CRA as sold and bought bask the day you arrive in canada. This is called deemed acquisition. That is why you sell losers before leaving and keep winners until after.
In your example the gain for Cdn purposes would be $5.
by nelsona
Wed Feb 07, 2024 7:31 pm
Forum: Canada / United States Tax & Accounting
Topic: Commuting Sporadically to US for US Employer
Replies: 4
Views: 213

Re: Commuting Sporadically to US for US Employer

well the problem is that neither you nor your employer are paying the EI/CPP, so that is something you will need to resolve with CRA. This is a common problem that CDn residents working in Canada for US employers, and not being on Cdn payroll often face. You, though work occasional in US, so there i...
by nelsona
Wed Feb 07, 2024 7:28 pm
Forum: Canada / United States Tax & Accounting
Topic: US and Canada Tax questions on sale of a US House
Replies: 13
Views: 518

Re: US and Canada Tax questions on sale of a US House

You should be filing 1040NR, as you should have each year. A 1040 implied filing world income. You have never been US resident, so why would you be dual-status? 2. No, it was not your residence, yoi do not meet the requirements for exclusion. besides, as I said, you will owe tax in canada on the sal...
by nelsona
Wed Feb 07, 2024 7:21 pm
Forum: Canada / United States Tax & Accounting
Topic: IRA to RRSP transfer
Replies: 33
Views: 44343

Re: IRA to RRSP transfer

It is always better to e-file.
by nelsona
Wed Feb 07, 2024 7:20 pm
Forum: Canada / United States Tax & Accounting
Topic: for treaty - Spouse Canadian income before/after RRSP contributions
Replies: 1
Views: 126

Re: for treaty - Spouse Canadian income before/after RRSP contributions

If she has made an RRSP withdrawal, it should be the amount that would be taxable if she were a US taxpayer, so it would be (a) the gross amount and then (b) the taxable portion which has been described on this site often. If you cannot figure the taxable amount, then use the gross ammount. You don'...