Search found 313 matches
- Tue May 23, 2017 1:51 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Preparation of 8621 for PFIC & Other QEF Questions
- Replies: 12
- Views: 8123
Hi ethanpurdy, I just re-read your message. If you hold the fund for 10 years, you will not pay any US tax on unrealized gains with a QEF election. You might get phantom income with the QEF election because, there might be realize gains from the fund's own internal trading of securities, and these g...
- Tue May 23, 2017 1:41 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Preparation of 8621 for PFIC & Other QEF Questions
- Replies: 12
- Views: 8123
- Tue May 23, 2017 10:58 am
- Forum: Canada / United States Tax & Accounting
- Topic: Preparation of 8621 for PFIC & Other QEF Questions
- Replies: 12
- Views: 8123
Hi ethanpurdy, You're correct - the QEF election ensures that any realized long term capital gains resulting from trading assets within the fund (ie. by the fund manager) will be given the long term treatment by US tax principles. The dividends, interest, and any short term realized gains would come...
- Mon May 01, 2017 2:27 pm
- Forum: Canada / United States Tax & Accounting
- Topic: TFSA issues
- Replies: 1
- Views: 1940
Hi There, Here are my two cents: 1. I can't guarantee there would be no penalties, but there really shouldn't be. Just amend your FBAR and if asked, just tell the truth that you didn't know that you had to report zero balance accounts. It's your decision, an accountant told me that he as seen more t...
- Fri Apr 28, 2017 9:21 am
- Forum: Canada / United States Tax & Accounting
- Topic: Form 8965 for Canadian
- Replies: 6
- Views: 4256
- Thu Apr 27, 2017 12:10 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Form 8965 for Canadian
- Replies: 6
- Views: 4256
- Tue Apr 18, 2017 11:52 am
- Forum: Canada / United States Tax & Accounting
- Topic: TFSA capital gains for
- Replies: 32
- Views: 13161
You don't need to file a 3520A separately. Since you're already past the March 15th deadline - you could take the position that you are filing a 3520, and the 3520A is simply an attachment filled out to the best of your ability. I think it could be argued that the March 15th deadline only applies to...
- Tue Apr 18, 2017 11:17 am
- Forum: Canada / United States Tax & Accounting
- Topic: QEF election with MTM purge
- Replies: 1
- Views: 1841
Hi Mrsjack, Ah thanks! I don't understand your question though. What do you mean by doing a purge. Are you talking about election D (deemed sale for first year as a QEF?). Or are you going to sell all of your mutual funds so that you don't have to deal with form 8621 anymore... Either way, you never...
- Tue Apr 18, 2017 11:08 am
- Forum: Canada / United States Tax & Accounting
- Topic: Tripping up on some PFIC stuff - QEF Election
- Replies: 1
- Views: 1563
Hi nabstar, I have the same question. You'll have to report the May - July income on next year's return. The only 2 options I can think of are: 1. amend your 2016 return with the new basis adjustment, or 2. simply add an additional loss (or gain) on schedule D for the adjustment on your 2017 return....
- Mon Mar 27, 2017 2:54 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Reporting TFSA, non-registered joint acount ..
- Replies: 2
- Views: 2611
- Tue Mar 21, 2017 3:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: PFIC QEF statement question
- Replies: 7
- Views: 4674
- Tue Mar 21, 2017 12:10 pm
- Forum: Canada / United States Tax & Accounting
- Topic: PFIC QEF statement question
- Replies: 7
- Views: 4674
- Mon Mar 20, 2017 9:55 am
- Forum: Canada / United States Tax & Accounting
- Topic: PFIC QEF statement question
- Replies: 7
- Views: 4674
Hello, You can use the QEF statements - the tax year does not need to line up. You need to make your ordinary income and net gain calculations based on the units of the fund you owned during the fund's tax year. In your case, the fund's tax year is from Oct 1- sept 30. If you bought 100 units on Jan...
- Tue Mar 07, 2017 4:28 pm
- Forum: Canada / United States Tax & Accounting
- Topic: PFIC as QEF on form 8261 - where to put the numbers
- Replies: 8
- Views: 4677
Thanks Mrs Jack - but that would be a lot of beer and chocolate :) The cost basis, is the amount you invested in that particular fund in USD. The QEF election makes things more complicated though. Since you don't have to report the actual distribution from the fund, this amount is subtracted from th...
- Tue Mar 07, 2017 10:49 am
- Forum: Canada / United States Tax & Accounting
- Topic: bank account - with 1 cent interest
- Replies: 1
- Views: 1616