Search found 245 matches

by CdnAmerican
Sun Feb 04, 2018 5:12 pm
Forum: Canada / United States Tax & Accounting
Topic: Algorithm for doing a 3520-3520A in 2nd year and beyond
Replies: 28
Views: 27323

Hi all - just a yearly bump for this thread, with a question. If you have a withdrawal from a TFSA or RESP, I assume that is what the IRS calls a "distribution" on the 3520. This year, on my TFSA, I withdrew US$8 solely to see what would happen when I make larger withdrawals. In Part III o...
by CdnAmerican
Sun Jan 28, 2018 8:46 pm
Forum: Canada / United States Tax & Accounting
Topic: Software suggestions for 1040, form 2555 & possible 1116
Replies: 18
Views: 12257

Thanks rafa02! I can see why software manufacturers would not put a lot of effort into forms for expatriates ... lots of work for them, for little payoff.
by CdnAmerican
Sun Jan 28, 2018 1:29 am
Forum: Canada / United States Tax & Accounting
Topic: Software suggestions for 1040, form 2555 & possible 1116
Replies: 18
Views: 12257

And, for what it's worth, the US Deluxe TurboTax is not Deluxe enough to account for a Canada-US totalization agreement for Social Security. Is there any way to note the Canada-US treaty so that it does not compute Self-employment tax (SE)?
by CdnAmerican
Sat Jan 27, 2018 8:24 pm
Forum: Canada / United States Tax & Accounting
Topic: Software suggestions for 1040, form 2555 & possible 1116
Replies: 18
Views: 12257

I was able to order TurboTax from amazon.com. They didn't mind shipping it to Canada, I presume since they didn't offer it at amazon.ca. Good luck!
by CdnAmerican
Sun Feb 19, 2017 7:53 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 3520-a and calculating exchange rate fluctuations
Replies: 6
Views: 3441

Darn - I was hoping that would do the trick! The only other things I could think of would be distributions (which would probably be accounted for on a higher line) or contributions (ditto). Good luck!
by CdnAmerican
Sat Feb 18, 2017 8:15 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 3520-a and calculating exchange rate fluctuations
Replies: 6
Views: 3441

Perhaps the accountant has figured it out in a backwards way .. .computing the total value in US$ at the very bottom, and then subtracting out the prior year value, the investment gains, and your contributions for the year? Just a guess..
by CdnAmerican
Sat Feb 18, 2017 6:05 pm
Forum: Canada / United States Tax & Accounting
Topic: Basic, unusual TFSA/3520 question
Replies: 2
Views: 2824

Basic, unusual TFSA/3520 question

This is probably an easy one. I'm a USC living in Canada. I went to set up an RRSP at my Cdn bank. The agent set this up, and then "helpfully" also set up a TFSA for me, in case I might want one. Do I need to file a 3520 for it? It has no money in it, though I might want to use it in the f...
by CdnAmerican
Sun Nov 13, 2016 10:04 pm
Forum: Canada / United States Tax & Accounting
Topic: Reporting mutual funds held within a TFSA and RESP
Replies: 1
Views: 1538

That's why I do, so I'm claiming the gains every year. I haven't gotten questioned about it yet. Good luck!
by CdnAmerican
Thu Oct 06, 2016 1:00 am
Forum: Canada / United States Tax & Accounting
Topic: Taking stab at 3520, -A for TFSA
Replies: 157
Views: 209145

Hi AliM - I'll take a swing at this, though I will defer largely to Nelsona who has about 100x as many posts as I do, and probably about 100x the expertise too. The unfortunate answer about the TFSA and RESP is that the IRS has not provided solid, clear guidance one way or the other. As such, the co...
by CdnAmerican
Sun Apr 10, 2016 1:10 am
Forum: Canada / United States Tax & Accounting
Topic: F8621
Replies: 3
Views: 2479

I don't know much about the first part of your question (I'd guess it would not be a sale, but I don't know how you'd report it), but I can take a shot at the 2nd part. Yes, many funds would certainly appear to be a loss once the exchange rate is factored in. If you are going mark-to-market on 8621,...
by CdnAmerican
Fri Apr 08, 2016 12:39 am
Forum: Canada / United States Tax & Accounting
Topic: Where Does RESP Withdraw by Student go on his US 1040?
Replies: 27
Views: 27017

Great - thanks MGeorge for this! I wondered how this would work, with a faint hope that the whole thing will be resolved on its own by the IRS (ha) by 2018 when this situation occurs. (Yes, she's a USC too.) This sounds straightforward; I had heard rumblings of double taxation with it, but this soun...
by CdnAmerican
Fri Apr 08, 2016 12:29 am
Forum: Canada / United States Tax & Accounting
Topic: Should I apply for Canadian Citizenship?
Replies: 9
Views: 4610

Hi devoidbmx, this is a really personal decision, but I can share my experience. I'm also a USC who has lived in Canada for the past 10 years (and about 8 in a prior stint). I applied for Cdn citizenship and have been a citizen for about 4 years. As far as I can tell, there haven't been any tax impl...
by CdnAmerican
Wed Apr 06, 2016 7:06 pm
Forum: Canada / United States Tax & Accounting
Topic: Where Does RESP Withdraw by Student go on his US 1040?
Replies: 27
Views: 27017

MGeorge - Thanks for this; I have wondered about this as well (though my distributions to my child are a couple of years away). I file the 3520/3520A on the RESP each year in my name. I claim the gains in the RESP each year on my 8621, using mark-to-market. I don't make enough income for that to be ...
by CdnAmerican
Thu Feb 18, 2016 10:17 pm
Forum: Canada / United States Tax & Accounting
Topic: Taking stab at 3520, -A for TFSA
Replies: 157
Views: 209145

I think you would use end of 2014 for start of year, and end of 2015 for end of year. If you did this form last year, you'd simply transcribe the numbers over from the right column to the left (that may not help this year, but it will help you next year). Good luck!
by CdnAmerican
Sun Feb 14, 2016 6:50 pm
Forum: Canada / United States Tax & Accounting
Topic: Taking stab at 3520, -A for TFSA
Replies: 157
Views: 209145

And a thanks to hapless for starting this extremely popular thread! He's only had 4 posts but he made the most of them ..