Search found 80 matches

by Ron.Henderson
Mon Mar 23, 2020 10:21 pm
Forum: Canada / United States Tax & Accounting
Topic: Tuition Question?
Replies: 3
Views: 1255

Re: Tuition Question?

Yes of course. But if a person is going to stay in Canada, best they minimize the information they pass on to the IRS. Ideally, stop altogether once they acquire Canadian citizenship.
by Ron.Henderson
Mon Mar 23, 2020 10:19 pm
Forum: Canada / United States Tax & Accounting
Topic: TN extended remote work in Canada
Replies: 42
Views: 6515

Re: TN extended remote work in Canada

I figured they would abandon the waiting period.

For now do nothing, but join OHIP the moment you begin coughing.
by Ron.Henderson
Sun Mar 22, 2020 11:11 am
Forum: Canada / United States Tax & Accounting
Topic: 3520 no longer required for RESP?
Replies: 4
Views: 1451

Re: 3520 no longer required for RESP?

Don't file 3520 for either TFSA or RESP. No good will come of it. Either pretend they are regular savings accounts or don't declare them at all, since they are supposedly not subject to FATCA reporting. There was never an IRS requirement to file 3520s for these accounts, it was an invention of the c...
by Ron.Henderson
Sat Mar 21, 2020 6:54 pm
Forum: Canada / United States Tax & Accounting
Topic: Tuition Question?
Replies: 3
Views: 1255

Re: Tuition Question?

If you are planning to stay in Canada, consider as your approach not declaring anything to the IRS that it can't discover, so nothing beyond interest on bank accounts reported under FATCA. The US will have no record of any Canadian scholarship or other income sources.
by Ron.Henderson
Sat Mar 21, 2020 12:43 pm
Forum: Canada / United States Tax & Accounting
Topic: Unemployment benefits for TN visa Job loss
Replies: 8
Views: 2015

Re: Unemployment benefits for TN visa Job loss

Per that link:

If you work outside Canada for a Canadian company or the Canadian government, you are usually covered by EI. However, you will not be insured by the EI program if your job is covered by the country in which you are working.
by Ron.Henderson
Sat Mar 21, 2020 11:43 am
Forum: Canada / United States Tax & Accounting
Topic: Unemployment benefits for TN visa Job loss
Replies: 8
Views: 2015

Re: Unemployment benefits for TN visa Job loss

EI would come from the federal government. Normally you need to have worked a certain number of weeks *in Canada* to qualify, but under wartime conditions they will be giving it to nearly everyone who asks, by the sounds of it. Still, you may not qualify. You also need to look at your health insuran...
by Ron.Henderson
Sat Mar 21, 2020 12:24 am
Forum: Canada / United States Tax & Accounting
Topic: 3520-A Penalty
Replies: 23
Views: 12069

Re: 3520-A Penalty

Send your jackass accountant a bill for $10,000, would be my first step. It's their fault.
by Ron.Henderson
Fri Mar 20, 2020 1:15 pm
Forum: Canada / United States Tax & Accounting
Topic: TN extended remote work in Canada
Replies: 42
Views: 6515

Re: TN extended remote work in Canada

Best of luck.

My advice above stands. Either say nothing about it if you manage to return this year, because nobody's going to care, or get your ass on OHIP ASAP and pay whatever tax bill that entails.
by Ron.Henderson
Fri Mar 20, 2020 11:34 am
Forum: Canada / United States Tax & Accounting
Topic: TN extended remote work in Canada
Replies: 42
Views: 6515

Re: TN extended remote work in Canada

Personally I think your medical coverage is more important than any future tax bill, but that's just my view.
by Ron.Henderson
Fri Mar 20, 2020 11:15 am
Forum: Canada / United States Tax & Accounting
Topic: TN extended remote work in Canada
Replies: 42
Views: 6515

Re: TN extended remote work in Canada

Do you have Canadian health care coverage? That may have an impact on residency/tax question, but may also be extremely important. My instinct is that given there will be great chaos so don't overthink it. If you're actually able to go back after 4 months, say nothing, because nobody will check. If ...
by Ron.Henderson
Sun Mar 08, 2020 2:04 pm
Forum: Canada / United States Tax & Accounting
Topic: 3520 part II form change for 2019 (e.g. TFSA reporting)
Replies: 6
Views: 3563

Re: 3520 part II form change for 2019 (e.g. TFSA reporting)

TFSA/RRSP/RESP accounts are supposedly not subject to FATCA reporting, so a US person who for whatever reason needs to file US taxes can always consider not declaring those accounts, hopefully avoiding the risk of 3520 form penalties.
by Ron.Henderson
Wed Mar 04, 2020 11:50 am
Forum: Canada / United States Tax & Accounting
Topic: Relief for RESP penalty
Replies: 7
Views: 2956

Re: Relief for RESP penalty

Supposedly RESP accounts (and also RRSP, TFSA etc.) are not subject to FATCA reporting, so a US person who for whatever reason needs to file US taxes can always consider not declaring those accounts, thus avoiding risk of penalty.
by Ron.Henderson
Mon Feb 24, 2020 5:41 pm
Forum: Canada / United States Tax & Accounting
Topic: How to fix failure to file 3520/3520-A
Replies: 6
Views: 4486

Re: How to fix failure to file 3520/3520-A

Like RRSP and RESP accounts, TFSA accounts are not required to be reported under FATCA. If you trust your Canadian bank not to "go above and beyond" by reporting accounts they don't need to report, then you can assume that the IRS will never learn about the TFSA accounts, and thus not decl...
by Ron.Henderson
Thu Feb 20, 2020 3:16 pm
Forum: Canada / United States Tax & Accounting
Topic: Rental Property operating at a loss in Canada while working in the US
Replies: 4
Views: 2542

Re: Rental Property operating at a loss in Canada while working in the US

If the rental is losing money, there is no rental income to tax. (The rent paid is revenue, not income.)

Whether you could use the rental loss to reduce your US tax bill is another question.
by Ron.Henderson
Thu Feb 13, 2020 1:35 pm
Forum: Canada / United States Tax & Accounting
Topic: Does my Canadian Wife need to file US taxes
Replies: 10
Views: 3051

Re: Does my Canadian Wife need to file US taxes

Indeed, reporting nothing at all is safer and smarter than reporting something but not everything. Compliance may be necessary for dual citizens with cross-border financial or employment ties, but it's certainly not recommended for those who live and work exclusively in Canada. Fortunately the compl...