Search found 754 matches
- Thu Apr 30, 2015 5:33 pm
- Forum: Canada / United States Tax & Accounting
- Topic: T1135 joint ownership reporting
- Replies: 1
- Views: 1769
Unlike the US reporting requirements where you need to report bank accounts if in total is is more that $10K if you even just have signatory rights, The CND T1135 will only ask you to report if your share is over $ 100K meaning signatory does not count only if its your own money ( who's cash was it ...
- Sun Apr 19, 2015 11:45 am
- Forum: Canada / United States Tax & Accounting
- Topic: Question on Exemption
- Replies: 2
- Views: 2168
Your CPA obviously is not a cross border advisor, get someone to file the sch 91 for you the general Article is the one that deals with elimination of double taxation Art XX1V this should cover you for your purposes , again if you do not file a T2 you will not get back the tax paid to CRA so you bes...
- Mon Mar 30, 2015 2:01 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Should be an easy tax declaration
- Replies: 12
- Views: 5729
- Mon Mar 30, 2015 12:31 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Misinformed by H&R Block Master Tax Specialist?
- Replies: 11
- Views: 5924
- Sat Mar 28, 2015 8:44 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Misinformed by H&R Block Master Tax Specialist?
- Replies: 11
- Views: 5924
TFSA are not tax free in the US any income they generate will be subject to US tax unlike the tax shield they enjoy in Canada, FBAR form are not for paying tax they simply record tha fact that you have foreign accounts of which tfsa MAY BE ONE OF THEM YOU STILL HAVE TO FILE AND PAY TAX ON THE INCOME...
- Mon Feb 23, 2015 7:39 pm
- Forum: Canada / United States Tax & Accounting
- Topic: PFIC streamline procedures for compliance??
- Replies: 2
- Views: 1975
No they have not it was not part of the June 2014 package that introduced the new OVDI package and penalty relief to apply if you made the disclosures up to August 2014 under the old rule of penalty at 27% vs the new 50% penalty . The foreign passive income elections afforded to p[eople like the mar...
- Mon Feb 23, 2015 7:26 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Filing requirements for former Green Card holder
- Replies: 8
- Views: 5319
- Mon Feb 23, 2015 6:27 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Ontario resident death/crossborder beneficiary ramifications
- Replies: 1
- Views: 1447
THe estate will still be considered to be CND resident if only one beneficiary who may or may not also be an executor is a US resident. Only if the testamentary trust had trustees or executors who were living outside of Canada then the trust is deemed to be non resident this case its Canadian her RR...
- Mon Feb 23, 2015 6:23 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Intent to return
- Replies: 2
- Views: 2253
If your intent is to return then you are technically a CND resident still and should be filing all along a T2 since you say you never gave up yur residency have ties still in Canada like a home. You do not file a departure return if you are a deemed resident its only if your saying you have left for...
- Mon Feb 23, 2015 6:19 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Filing requirements for former Green Card holder
- Replies: 8
- Views: 5319
- Mon Feb 23, 2015 6:16 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Filing Canadian Taxes as a Non-Resident
- Replies: 2
- Views: 1918
- Sun Feb 22, 2015 6:56 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Life Insurance with Cash Value
- Replies: 9
- Views: 6233
When you left Canada you were suppose to inform the insurance comp that you became a non resident. The value at that time was the new cost basis to you in the US. The annual income earned by the policy may have met the exempt accrual ruoles in Canada but should still have been reported to the IRS an...
- Sun Feb 22, 2015 11:48 am
- Forum: Canada / United States Tax & Accounting
- Topic: US Tax Implication of Owning Your Own Company in Canada
- Replies: 4
- Views: 2888
Your corp activities is what determines whether or not you need to file a 1120F not the US control percentage. The US shareholder who owns at least 10% of the CND corp must file disclosure statement to the IRS and must pick up his personal share of income and include it on his 1040 if any income app...
- Mon Feb 16, 2015 9:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian subContracting in US
- Replies: 1
- Views: 1565
your tax filings will be determined on the basis of your work performed for the client regardless of the agents involment. Your TN visa will be required to be mentioned as the basis of your 1120F filings the TN number and issuance date this i validatesa basis of your work in the US so it will allow ...
- Sun Feb 15, 2015 4:16 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US Tax Implication of Owning Your Own Company in Canada
- Replies: 4
- Views: 2888
The reporting requirements are quite involved especially since you are a dual citizen for US purposes you must always pick up the income even if it has not been distributed to you. Your wife could own it but the question will arise that has earned the income or not, if she were to take the income as...