Search found 62 matches
- Sat Jul 28, 2018 4:12 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Windfall Elimination Provision
- Replies: 18
- Views: 9916
Windfall Elimination Provision
Can someone here answer the following question regarding WEP? My wife worked in the USA before 1993 and she has accumulated the necessary 40 credits to qualify for retirement benefit without having to invoke the totalization agreement. Since 1993, she has been living and working in Canada and she ha...
- Sat Jul 21, 2018 1:55 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Renouncing US citizenship
- Replies: 8
- Views: 3993
Re: Renouncing US citizenship
Thank you expenn. About TFSA: My wife does have a TFSA and she has been using the full room contribution every year. But in order to avoid potential issues with complicated IRS filing requirements, we decided to keep her TFSA very simple: all of it is at "Epargne Placement Quebec" in vario...
- Sat Jul 14, 2018 4:13 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Renouncing US citizenship
- Replies: 8
- Views: 3993
Re: Renouncing US citizenship
Nelsona, you wrote "The problem is if SHE dies, you may not be entitled to all her assets without her paying estate tax. Once you check into this, you will see that it probably isn’t worth renouncing". I'm not sure if I follow you. Why do you say "it probably isn't worth renouncing&qu...
- Sat Jul 14, 2018 2:09 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Renouncing US citizenship
- Replies: 8
- Views: 3993
Re: Renouncing US citizenship
Thank you Nelsona. Isn't it true that the US estate tax would apply only to her assets held in the USA? As of now, her assets consist only of her Canadian RRSPs (about 400K CAD), half our house in Canada (half of about 500K CAD) and a 401K (about 70K USD) from the few years (more than 25 years ago) ...
- Wed Jun 27, 2018 8:04 am
- Forum: Canada / United States Tax & Accounting
- Topic: Renouncing US citizenship
- Replies: 8
- Views: 3993
Renouncing US citizenship
My wife: Late fifties, US citizen by birth, lives in Canada since 1993, Canadian citizen since 2008. Me: Early sixties, Canadian citizen by birth. The big question: should she renounce her US citizenship? She is up to date with the IRS. She files as "Married filing separately" with me as a...
- Sat Apr 01, 2017 7:24 pm
- Forum: Canada / United States Tax & Accounting
- Topic: T1 General, Line 266, Specified foreign property
- Replies: 1
- Views: 1426
- Sat Apr 01, 2017 6:07 pm
- Forum: Canada / United States Tax & Accounting
- Topic: T1 General, Line 266, Specified foreign property
- Replies: 1
- Views: 1426
T1 General, Line 266, Specified foreign property
I am a Canadian living and working in Canada. From 1986 to 1993, I worked in the USA (on a Green Card) and I contributed to a 401-K pension plan. The money saved in that pension plan has been growing. When I file my Canadian tax return, am I supposed to answer "yes" to the question at the ...
- Mon May 30, 2016 6:09 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 40 years of Canadian residency for full OAS
- Replies: 7
- Views: 4648
40 years of Canadian residency for full OAS
I am not sure if this post is appropriate for this forum. Please send me to an appropriate forum if necessary. In order to get full Old Age Security benefit, one must have been a Canadian resident for at least 40 years between the ages of 18 and 65. Between age 18 and age 65 (a span of 47 years), I ...
- Thu May 12, 2016 5:15 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRS reaction time
- Replies: 3
- Views: 2954
IRS reaction time
My wife is a dual citizen (Canada-USA). We moved to Canada many years ago. She did not file a US tax return for some 20 years. In early 2015, she filed a whole bunch of past years tax returns, up to the year 2013, the "quiet disclosure approach". Quite simple really. One job. One salary. F...
- Sat Mar 19, 2016 3:05 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Double reporting on form 8938 and on FBAR?
- Replies: 3
- Views: 2466
Double reporting on form 8938 and on FBAR?
I have RRSP accounts at BMO and at NBC (National Bank of Canada). In past years I reported both RRSPs on form 8938 and on FBAR. In July 2015, I closed the BMO RRSP account and I had everything transferred to my BNC RRSP account. How should I handle form 8938 and FBAR? Double reporting? Thanks.
- Sun Mar 01, 2015 5:08 pm
- Forum: Canada / United States Tax & Accounting
- Topic: FBAR and Epargne Placements Quebec
- Replies: 1
- Views: 1616
FBAR and Epargne Placements Quebec
I am filing an FBAR for an account I have with Epargne Placements Quebec. In Part II of the FBAR, item 16: Type of Account. The 3 choices are "Bank, Securities, Other". I suppose it is not a bank. Government bonds are a form of "securities", are they not? So then I select "S...
- Fri Feb 27, 2015 4:35 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Filing requirements for former Green Card holder
- Replies: 8
- Views: 5347
- Thu Feb 26, 2015 3:37 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Filing requirements for former Green Card holder
- Replies: 8
- Views: 5347
Today I called the US Consulate General and I asked them if I should turn in a form I-407 (Abandonnement of Lawful Permanent Resident Status). I told them that I wanted an official document stating that I was no longer a Permanent Resident of the USA. I told them that I came back to Canada in 1993 a...
- Thu Feb 26, 2015 8:52 am
- Forum: Canada / United States Tax & Accounting
- Topic: Filing requirements for former Green Card holder
- Replies: 8
- Views: 5347
nelsona, you are renewing my fears of impending doom. Here is my situation. I am a Canadian by birth. I went to the USA on a student visa and after graduation I married my American girlfriend and I applied for a Green Card. I got my GC in late 1986. In June 1993, we moved to Canada where I took a jo...
- Wed Feb 25, 2015 3:17 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Is a 3520 unnecessary for a Tangerine TFSA?
- Replies: 41
- Views: 28448