Search found 109 matches

by stewak2
Wed Jan 11, 2012 4:32 pm
Forum: Canada / United States Tax & Accounting
Topic: RESPs and US taxes
Replies: 39
Views: 29006

This is getting ridiculous - I have no connection whatsoever to the RESP. I don't fund it and I am not a beneficiary. Any non-taxed growth will be CCRA taxed in my wife's hands if our son does not use it. I can only imagine how much fun it would be to try and fill out a 3520 for an RESP I'm not part...
by stewak2
Wed Jan 11, 2012 3:27 pm
Forum: Canada / United States Tax & Accounting
Topic: RESPs and US taxes
Replies: 39
Views: 29006

To be clear: Wife is not a US Citizen. I am dual citizen. I file US takes MFS. I have no connection to the RESP. Seriously, the IRS expects a 3520 from my wife for the RESP? What are they going to do to her if she declines to file? Child is a potential US citizen - it is not automatic as he was born...
by stewak2
Wed Sep 21, 2011 2:04 pm
Forum: Canada / United States Tax & Accounting
Topic: TFSA, assuming I have figured out Form 3520
Replies: 4
Views: 3297

TFSA, assuming I have figured out Form 3520

Dual citizen residing in Canada commuting to work in US. I have a TFSA ( ING bank account ) and I *think* I have figured out the 3520. At least the IRS seems to have accepted it after several iterations. I report the interest income on US return and the tax payable is used as FTC on my Canadian retu...
by stewak2
Mon Aug 29, 2011 11:49 am
Forum: Canada / United States Tax & Accounting
Topic: OVDI FBAR penalty experience?
Replies: 7
Views: 5865

No RRSPs. I told her repeatedly she should file, for many years. She thought that since she had very little income ( not working in Canada for a lot of the time ) that she did not need to file and I could not convince her. ( note it's my sister-in-law, not sister!!) Do you think she is likely to get...
by stewak2
Mon Aug 29, 2011 11:25 am
Forum: Canada / United States Tax & Accounting
Topic: OVDI FBAR penalty experience?
Replies: 7
Views: 5865

OVDI FBAR penalty experience?

Has anyone actually completed the OVDI process and been assessed penalties? My USC sister in law, living in Canada, is going to do the "quiet disclosure" and just file 7 years returns and 7 years FBARs. For 3 of the 7 years she had one bank account with slightly more than 10k in it, the re...
by stewak2
Tue Feb 01, 2011 2:59 pm
Forum: Canada / United States Tax & Accounting
Topic: Bank Account TFSA, IRS reporting
Replies: 1
Views: 1983

Bank Account TFSA, IRS reporting

I understand that IRS considers a TFSA a trust, and for USC living in Canada, all the appropriate and complex forms must be filed. Is this true even if the TFSA is just a bank account? Last year I reported it as such and reported the interest as income to IRS as I would any other Canadian Bank accou...
by stewak2
Fri Nov 19, 2010 4:23 pm
Forum: Canada / United States Tax & Accounting
Topic: Stock Option question USC Can Res Commuter to USA work
Replies: 1
Views: 1863

Stock Option question USC Can Res Commuter to USA work

I have options I could exercise that would have a value of about $50k, that is difference between option price and current market value. Dual citizen, Canadian resident, commuting to work in USA for US company ( whose stock is the one in question ). My initial research seems to show that in both USA...
by stewak2
Wed Nov 17, 2010 6:40 pm
Forum: Canada / United States Tax & Accounting
Topic: RESPs and US taxes
Replies: 39
Views: 29006

Here's a link to some information about the 2010 HIRE act: http://gswlaw.com/irsblog/2010/08/31/foreign-grantor-trusts-2010-hire-act/ Reading it carefully, it seems the child receipient of the eventual RESP funds ( or, for that matter, of any gift of more than $10,000 / annually from a foreigner, wh...
by stewak2
Wed Nov 17, 2010 6:17 pm
Forum: Canada / United States Tax & Accounting
Topic: RESPs and US taxes
Replies: 39
Views: 29006

I'm curious about this. If spouse is not a US Citizen and not a resident of US, and is sole owner and funder of the RESP, how can IRS demand he/she file a 3520? This would seem to imply a 3520 would need to be filed for any instrument owned by non-US spouse that the IRS might consider a trust? An RR...
by stewak2
Thu Nov 12, 2009 6:50 pm
Forum: Canada / United States Tax & Accounting
Topic: Group Life Insurance Benefits from US Employer
Replies: 10
Views: 5676

Here's one link: http://www.rppbenefits.com/employee_benefits_taxation.html The discussion of GLI is clear that premiums paid by employer are taxable and need to show up on T4. Doesn't say what happens if some or all are not reported ( on W-4 in this case ). Later the section on disability benefits ...
by stewak2
Thu Nov 12, 2009 3:18 pm
Forum: Canada / United States Tax & Accounting
Topic: US Canadian Taxes
Replies: 4
Views: 3105

If you are USC, you have to file US tax returns, forever, period. If you are Canadian residents then you also need to file Canadian returns. In general taxes paid in one country are tax credits in the other. Treatment of pension income is different in each country, maybe Nelson will help you out the...
by stewak2
Thu Nov 12, 2009 3:15 pm
Forum: Canada / United States Tax & Accounting
Topic: Group Life Insurance Benefits from US Employer
Replies: 10
Views: 5676

Thanks. I should plan on dying in 2010, no estate tax....
After that, as you say, who knows.

If you find out how CCRA would view the first 50k of a US sourced
employer GLI benefit payout, where income tax has only been paid on the portion of premiums covering > 50K, I would be interested to know.
by stewak2
Thu Nov 12, 2009 2:04 pm
Forum: Canada / United States Tax & Accounting
Topic: Group Life Insurance Benefits from US Employer
Replies: 10
Views: 5676

I looked at the US Estate side in more detail. I see what you mean in that since my spouse is not USC, then assets cannot be transferred to her (even if jointly held ) to defer estate tax on them until her death. The so-called "martial deduction" cannot be used. So all assets I have an int...
by stewak2
Thu Nov 12, 2009 1:46 pm
Forum: Canada / United States Tax & Accounting
Topic: Group Life Insurance Benefits from US Employer
Replies: 10
Views: 5676

OK, my wife is Canadian citizen (only ) and Canadian resident. The benefit is payable to her, which would mean no Canadian income tax. Since she is not USC or US resident, no US income tax although IRS does not tax life insurance payouts anyway. There is no estate tax in Canada, just deemed disposit...
by stewak2
Thu Nov 12, 2009 11:40 am
Forum: Canada / United States Tax & Accounting
Topic: Group Life Insurance Benefits from US Employer
Replies: 10
Views: 5676

The beneficiary would be surviving spouse...I was under the impression that in this case benefit would not be taxable in her hands. This would be the case whether I bought the life insurance on my own or it was employer provided? Or do I have this seriously wrong? It makes a big difference, obviousl...