Search found 75 matches
- Sat Jun 04, 2016 10:48 am
- Forum: Canada / United States Tax & Accounting
- Topic: Claim all Canadian income tax as FTC?
- Replies: 14
- Views: 7021
I'm sure you're right about me having some confusion :) I think I follow what you're saying. My question has to do with a situation where in the current tax year the taxpayer has enough other Canadian sourced income (RRIFs) that they need to use the full credit amount in the current year. The taxpay...
- Fri Jun 03, 2016 11:05 am
- Forum: Canada / United States Tax & Accounting
- Topic: Claim all Canadian income tax as FTC?
- Replies: 14
- Views: 7021
nelsona, I understand from your explanation that the Canadian tax due to CPP/OAS/SS can produce a FTC but it can't be applied against the current year's tax. Is it possible to do this in a year where the entire FTC is needed to offset US taxes? Would this be the process: - Full amount of the FTC for...
- Tue May 31, 2016 1:11 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Reporting OAS & CPP/QPP and Form 8833
- Replies: 43
- Views: 45887
rafa02, I posed the question of how to report SS benefits in Taxact to the Taxact support people. I'll paste the response below. They suggest to do as you have done and not report the income at all. As nelsona has pointed out this would then limit your foreign tax credit claim. What I may do to get ...
- Mon May 30, 2016 2:19 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Claim all Canadian income tax as FTC?
- Replies: 14
- Views: 7021
- Sun May 29, 2016 8:05 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Claim all Canadian income tax as FTC?
- Replies: 14
- Views: 7021
- Sun May 29, 2016 10:50 am
- Forum: Canada / United States Tax & Accounting
- Topic: Claim all Canadian income tax as FTC?
- Replies: 14
- Views: 7021
Thanks for the info! That's what makes sense to me but I was confused by what the accounting firm had done and looking through the instructions I only found references to categories of income not whether any specific income was taxable in the US. He will be OK for this year (not owing US taxes) due ...
- Sun May 29, 2016 1:01 am
- Forum: Canada / United States Tax & Accounting
- Topic: Excluding CPP/OAS from 1040 taxable amount with TaxACT
- Replies: 3
- Views: 2573
- Sun May 29, 2016 12:32 am
- Forum: Canada / United States Tax & Accounting
- Topic: Reporting OAS & CPP/QPP and Form 8833
- Replies: 43
- Views: 45887
- Sun May 29, 2016 12:27 am
- Forum: Canada / United States Tax & Accounting
- Topic: Claim all Canadian income tax as FTC?
- Replies: 14
- Views: 7021
Claim all Canadian income tax as FTC?
Can all income tax paid in Canada be claimed as a Foreign Tax Credit in form 1116? Searching this forum I've seen some vague references to this but no clear information. My question relates specifically to income of a US citizen resident in Canada that is not taxable in the U.S. - i.e. OAS, CPP and ...
- Mon Mar 31, 2014 9:53 am
- Forum: Canada / United States Tax & Accounting
- Topic: RESPs and US taxes
- Replies: 39
- Views: 29000
I have seen no evidence that a US citizen is required to file anything for a NRA spouse who doesn't file US taxes though Nelsona has alluded to the possibility of this requirement at some future date. If a law like this does come into effect the US government would basically be requiring its citizen...
- Tue Mar 11, 2014 5:58 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RESP joint account
- Replies: 3
- Views: 2800
- Tue Mar 11, 2014 5:53 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Expatriation & RRSPs
- Replies: 3
- Views: 3079
- Mon Mar 11, 2013 9:48 am
- Forum: Canada / United States Tax & Accounting
- Topic: NRA spouse choosing to file US taxes reporting requirements
- Replies: 4
- Views: 4800
- Mon Mar 11, 2013 9:38 am
- Forum: Canada / United States Tax & Accounting
- Topic: NRA spouse choosing to file US taxes reporting requirements
- Replies: 4
- Views: 4800
nelsona, You make a good point regarding the tax deferral implications of not filing the 8891. If one is willing to claim the RRSP income though, it's still not clear to me whether the 8891 is required. Similarly for the 3520. Even if it's not required you still have to claim the income when filing ...
- Mon Mar 11, 2013 9:28 am
- Forum: Canada / United States Tax & Accounting
- Topic: CRA USD Annual Avg Exchange Rate for 2012 is 1.000!
- Replies: 5
- Views: 4884