Search found 18290 matches
- Fri Mar 29, 2024 2:30 pm
- Forum: Canada / United States Tax & Accounting
- Topic: NR7 timing
- Replies: 9
- Views: 280
Re: NR7 timing
So, as I said, you were withheld correctly. You did not correctly make your withdrawal periodic, thus you were not entitled to 15% rate on the first 10%. Only withdrawals made up to the 10% mark are withheld at 15%. Any withdrawal that puts you over the 10% mark is FULLY TAXED at 25%. Better math ne...
- Thu Mar 28, 2024 5:04 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Claiming medical, disability by NR Canadian Selling Rental Property
- Replies: 7
- Views: 215
Re: Claiming medical, disability by NR Canadian Selling Rental Property
216 election is reported on form T1159, which is VERY SHORT.
- Thu Mar 28, 2024 4:59 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Claiming medical, disability by NR Canadian Selling Rental Property
- Replies: 7
- Views: 215
Re: Claiming medical, disability by NR Canadian Selling Rental Property
No. The 216 return has no provision for lowering taxes other than RRSP contributions, FHSA contributions or some legal fees. 216 is designed to determine taxation of rental income and expenses only. If you have other income in Canada that would be reportable on a non-resident return (including a 217...
- Thu Mar 28, 2024 4:55 pm
- Forum: Canada / United States Tax & Accounting
- Topic: NR7 timing
- Replies: 9
- Views: 280
Re: NR7 timing
How many withdrawals di you make?
- Wed Mar 27, 2024 4:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: NR7 timing
- Replies: 9
- Views: 280
Re: NR7 timing
Be careful. If you received this payment in ONE withdrawal, you were correctly withheld. Hope you didn't goof on your withdrawal request. To get the 15%, you must FIRST make withdrawals that total less than 10% of your Beginning of year value. Then, if you need more, all withdrawals that put you ove...
- Tue Mar 26, 2024 9:31 pm
- Forum: Canada / United States Tax & Accounting
- Topic: CPP Disability Child Benefit as Non-Resident of Canada
- Replies: 5
- Views: 163
Re: CPP Disability Child Benefit as Non-Resident of Canada
Reread what I asked" If it was NOT taxable when you lived in canada (I presume you have had this type of income in the past) then it is not if you are in US. If it WAS taxable in Canada, then it is taxable in US the same wat that particular type of income. You will need to figure out how SS Dis...
- Tue Mar 26, 2024 2:52 pm
- Forum: Canada / United States Tax & Accounting
- Topic: CPP Disability Child Benefit as Non-Resident of Canada
- Replies: 5
- Views: 163
Re: CPP Disability Child Benefit as Non-Resident of Canada
Article XVIII.5(b) would apply in this case IF the that benefit would not be taxable in Canada when you lived there.
Was it?
If not, it is not taxable in US either.
If it was, then it would fall under the taxation rules for Social Security Disability payments.
Was it?
If not, it is not taxable in US either.
If it was, then it would fall under the taxation rules for Social Security Disability payments.
- Tue Mar 26, 2024 12:06 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRA to RRSP transfer
- Replies: 3
- Views: 148
Re: IRA to RRSP transfer
Correct. For this type of transfer to work, you must have a good income in Canada.
- Tue Mar 26, 2024 12:04 pm
- Forum: Canada / United States Tax & Accounting
- Topic: When To Report Form 8833 To IRS
- Replies: 4
- Views: 241
Re: When To Report Form 8833 To IRS
the penalty for not filing 8833 is only for a very limited types of elections, which this isn't one of them.
- Tue Mar 26, 2024 12:03 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US dividend stocks in TFSA
- Replies: 4
- Views: 251
Re: US dividend stocks in TFSA
Sorry, not going to read this. Hope you can figure it out. Next year start thinking about this in December
- Mon Mar 25, 2024 8:06 am
- Forum: Canada / United States Tax & Accounting
- Topic: Question for RESP income report
- Replies: 3
- Views: 145
Re: Question for RESP income report
So report those "incomes". Or ask the trustee for better documentation.
- Mon Mar 25, 2024 8:04 am
- Forum: Canada / United States Tax & Accounting
- Topic: IRA to RRSP transfer
- Replies: 3
- Views: 148
Re: IRA to RRSP transfer
Pension income from US, since it was not periodic, is NOT limited to the 15%, so the Cdn form should not be limiting your US tax,
- Mon Mar 25, 2024 8:02 am
- Forum: Canada / United States Tax & Accounting
- Topic: Form 1116
- Replies: 3
- Views: 242
Re: Form 1116
CPP/OAS/SS are simply excluded from reporting on your 1040. So there is no need for any 1116 for these items, since there is no US tax to recover.
- Mon Mar 25, 2024 8:00 am
- Forum: Canada / United States Tax & Accounting
- Topic: When To Report Form 8833 To IRS
- Replies: 4
- Views: 241
Re: When To Report Form 8833 To IRS
1. It should have been included on your 2021 1040 (if you chose to file a 1040 that year), or definitely on 2022 return.
2. As the Rev Proc points out, the treaty article is XIII(7).
2. As the Rev Proc points out, the treaty article is XIII(7).
- Sun Mar 24, 2024 9:37 am
- Forum: Canada / United States Tax & Accounting
- Topic: Optimal Strategy to withdraw from large RRSPs as Non-Residents.
- Replies: 2
- Views: 126
Re: Optimal Strategy to withdraw from large RRSPs as Non-Residents.
Your 25% tax (or 15%) from RRIF will never be lower if you move back to Canada, no matter how slowly you withdraw the funds, unless that is your only source of low income, which, by judging from your current income, is very unlikely. Converting to a RRIF gives you the lowest Cdn tax, and will likely...