Search found 81 matches

by Ron.Henderson
Wed Apr 15, 2020 10:55 am
Forum: Canada / United States Tax & Accounting
Topic: US government stimulus check
Replies: 48
Views: 21345

Re: US government stimulus check

But of course ;-) The outcome is however the same: $0 taxable income, $0 tax owing. One can also take the "treaty position": under the tax treaty, Canada has the first right to tax all income earned in Canada, therefore income earned in Canada is not taxable income in the US and does not c...
by Ron.Henderson
Tue Apr 14, 2020 3:04 pm
Forum: Canada / United States Tax & Accounting
Topic: US government stimulus check
Replies: 48
Views: 21345

Re: US government stimulus check

@MaggieA The point of not giving your real address is to save yourself the trouble of opening letters from the IRS after you cancel the mail-forwarding service, of course! The new form for non-filers will greatly simplify the process for any non-compliant US citizens wishing to collect the stimulus ...
by Ron.Henderson
Fri Apr 10, 2020 1:16 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadians with SSN filing for stimulus check.
Replies: 10
Views: 5341

Re: Canadians with SSN filing for stimulus check.

They are making this free money thing pretty damn easy for anyone with an SSN who hasn't been filing:

https://www.irs.gov/coronavirus/non-fil ... -info-here

Very simple to set up a Transferwise account for direct deposit.
by Ron.Henderson
Wed Apr 08, 2020 11:31 am
Forum: Canada / United States Tax & Accounting
Topic: US government stimulus check
Replies: 48
Views: 21345

Re: US government stimulus check

Fruits of some further research: For those who would rather receive funds by direct deposit, rather than wait for a cheque (even though it would be fun to have one with DJT's signature): If you filed a 2019 return without bank information for direct deposit, the IRS claims there will be a form "...
by Ron.Henderson
Mon Apr 06, 2020 1:26 pm
Forum: Canada / United States Tax & Accounting
Topic: US government stimulus check
Replies: 48
Views: 21345

Re: US government stimulus check

In the long term, compliance is not a smart move for any dual citizens without US income or assets. But firing off one simple return (sub-FEIE income declaration, nothing else) to score some free money might be worthwhile, especially if you use the cash to fund renunciation. As for banking and direc...
by Ron.Henderson
Sun Apr 05, 2020 9:45 pm
Forum: Canada / United States Tax & Accounting
Topic: US government stimulus check
Replies: 48
Views: 21345

Re: US government stimulus check

I read somewhere that they are setting up an online form to enter bank details, to reduce the number of checks they need to send out.
by Ron.Henderson
Sun Apr 05, 2020 8:15 pm
Forum: Canada / United States Tax & Accounting
Topic: US government stimulus check
Replies: 48
Views: 21345

Re: US government stimulus check

Canadian banks will ask about US person status but they don't validate the answer, so you just check "no" on the form and that's it. If born in the US, use a drivers license not a passport as ID when opening a new account. Banks don't seem to take FATCA very seriously. For "Accidental...
by Ron.Henderson
Sun Apr 05, 2020 4:09 pm
Forum: Canada / United States Tax & Accounting
Topic: US government stimulus check
Replies: 48
Views: 21345

Re: US government stimulus check

@CdnAmerican Thanks, that's useful. Since direct deposit is going to be faster than mail, I want to set up a "burner" account to use for the stimulus money, which I can then close after it's all paid out. @Bubba Gums (1) If you declare any sort of Canadian salary, that's foreign earned inc...
by Ron.Henderson
Sun Apr 05, 2020 2:21 pm
Forum: Canada / United States Tax & Accounting
Topic: US government stimulus check
Replies: 48
Views: 21345

Re: US government stimulus check

Thanks. Is there a simple, recommended way for a non-resident to get a US bank account, online?
by Ron.Henderson
Sun Apr 05, 2020 10:30 am
Forum: Canada / United States Tax & Accounting
Topic: US government stimulus check
Replies: 48
Views: 21345

Re: US government stimulus check

Follow up question: does the IRS make direct deposits to Canadian bank accounts?
by Ron.Henderson
Sat Apr 04, 2020 7:42 pm
Forum: Canada / United States Tax & Accounting
Topic: US government stimulus check
Replies: 48
Views: 21345

Re: US government stimulus check

Question about this: I've seen reports that the $1200 isn't a straight giveaway, but some sort of credit against 2020 taxes. So what happens if a non-resident US person files for 2019 to receive the money but then either: (1) has $0 taxable income (or AGI) in 2020 because they use the FEIE? (2) does...
by Ron.Henderson
Sat Apr 04, 2020 7:39 pm
Forum: Canada / United States Tax & Accounting
Topic: 3520 no longer required for RESP?
Replies: 4
Views: 3088

Re: 3520 no longer required for RESP?

3520 was never required for RESP accounts - this was the money-making invention by some genius in the tax compliance industry.
by Ron.Henderson
Tue Mar 31, 2020 11:14 am
Forum: Canada / United States Tax & Accounting
Topic: Life Insurance Canada Segregated Fund
Replies: 7
Views: 3095

Re: Life Insurance Canada Segregated Fund

@stevek

The best way to avoid huge penalties is to simply not report the fund, or to treat it as a savings account if you believe that it is subject to FATCA reporting.
by Ron.Henderson
Tue Mar 31, 2020 11:13 am
Forum: Canada / United States Tax & Accounting
Topic: Life Insurance Canada Segregated Fund
Replies: 7
Views: 3095

Re: Life Insurance Canada Segregated Fund

"Even one wishing to renounce their citizenship need to be compliant in their US returns." Actually no. That is a common misperception. Renunciation is possible without ever having filed, no tax questions will be asked during the appointment, and there appears to be no IRS effort to contac...
by Ron.Henderson
Mon Mar 30, 2020 8:20 pm
Forum: Canada / United States Tax & Accounting
Topic: Life Insurance Canada Segregated Fund
Replies: 7
Views: 3095

Re: Life Insurance Canada Segregated Fund

Doesn't matter what it is - don't call it a trust and don't report it on a 3520. The 3520 is the coronavirus of US tax forms.

If you're a dual citizen living in Canada, why are you filing US tax returns? If you don't have any US financial ties, best not to.