Search found 18244 matches
- 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...
- 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...
- 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.
- 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.
- 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.
- 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.
- Thu Feb 08, 2024 6:20 pm
- Forum: Canada / United States Tax & Accounting
- Topic: GIC Accrued Interest and FBAR Maximum Account Value
- Replies: 1
- Views: 149
Re: GIC Accrued Interest and FBAR Maximum Account Value
Put $20,259. It really is immaterial.
- 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.
- 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...
- 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.
2. Not a bad idea. The interest can be calculated back to the date of sale, but no harm paying some now.
- 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.
In your example the gain for Cdn purposes would be $5.
- 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...
- 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...
- 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.
- 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'...