Search found 18241 matches

by nelsona
Fri Mar 08, 2024 12:14 pm
Forum: Canada / United States Tax & Accounting
Topic: Can CDN resident just file full-year 1040 instead of dual-status return?
Replies: 8
Views: 340

Re: Can CDN resident just file full-year 1040 instead of dual-status return?

You would need to explain yourself, and 8833 is the means. As FunTopic points out, there may be reasons that you should file dual. But they may be overridden by treaty.
by nelsona
Fri Mar 08, 2024 12:11 pm
Forum: Canada / United States Tax & Accounting
Topic: First time US tax filing
Replies: 3
Views: 221

Re: First time US tax filing

The issue of commuter and first year taxes have been dealt with here ad infinitum. PLEASE research.
by nelsona
Fri Mar 08, 2024 12:10 pm
Forum: Canada / United States Tax & Accounting
Topic: Canada foreign tax credit
Replies: 1
Views: 104

Re: Canada foreign tax credit

Well, you would only include US taxes on US-based income. Any US taxes paid on Cdn-source income would need to be handled on your US return, if applicable.

And it is Fed and state taxes as calculated on your tax returns (not simply the tax withheld) plus the FICA that was withheld.
by nelsona
Thu Mar 07, 2024 2:12 pm
Forum: Canada / United States Tax & Accounting
Topic: Hsa
Replies: 2
Views: 114

Re: Hsa

The HSA is protected by the treaty, since it is set up primarily to provide employee benefits, thus is not taxable in Canada unless taxed in US.

Article XXI(2)
by nelsona
Wed Mar 06, 2024 1:26 pm
Forum: Canada / United States Tax & Accounting
Topic: Living in US for 15 years - Just tuning into RRSP challenge!
Replies: 8
Views: 2396

Re: Living in US for 15 years - Just tuning into RRSP challenge!

So, look at the date of my post. Previous to the relief.
by nelsona
Wed Mar 06, 2024 1:24 pm
Forum: Canada / United States Tax & Accounting
Topic: Filing taxes in the US on a TN visa (continuing old post)
Replies: 2
Views: 100

Re: Filing taxes in the US on a TN visa (continuing old post)

You file the request for ITINs along with your return.
by nelsona
Wed Mar 06, 2024 1:23 pm
Forum: Canada / United States Tax & Accounting
Topic: Filing taxes in the US on a TN visa (continuing old post)
Replies: 2
Views: 100

Re: Filing taxes in the US on a TN visa (continuing old post)

HRBlockheads do not know anything about non-US citizen taxes.

Once you get ITINs they will all be treated like US residents.
by nelsona
Tue Mar 05, 2024 2:57 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian non-resident with land inheritance
Replies: 1
Views: 70

Re: Canadian non-resident with land inheritance

There will be no US tax consequences by inheriting this property. You will merely need to report the inheritance on Form 3520, because of its high value. However on the Cdn side, there will indeed be tax consequences for the estate. How to mitigate those need to be discussed with a Cdn estate planner.
by nelsona
Mon Mar 04, 2024 11:24 am
Forum: Canada / United States Tax & Accounting
Topic: Roth reporting
Replies: 6
Views: 233

Re: Roth reporting

Back file the statement and hope for the best.
by nelsona
Mon Mar 04, 2024 11:23 am
Forum: Canada / United States Tax & Accounting
Topic: Tax Filing Extension
Replies: 1
Views: 66

Re: Tax Filing Extension

there are downsides for NOT filing the extension if you owe taxes, including penalties. Also, some forms are required to be filed "timely", which is only true after April if you DO file the extension.
by nelsona
Sun Mar 03, 2024 7:31 pm
Forum: Canada / United States Tax & Accounting
Topic: US Resident: Schedule K-1 Form 1065 income in an RRSP
Replies: 3
Views: 160

Re: US Resident: Schedule K-1 Form 1065 income in an RRSP

the income continues to beexempt from US and Cdn taxes. Ask your broker why the change in reporting.
by nelsona
Sun Mar 03, 2024 7:30 pm
Forum: Canada / United States Tax & Accounting
Topic: Roth reporting
Replies: 6
Views: 233

Re: Roth reporting

yes they must be reported as pension income in order to determine your gross income (for HST, CCTB, clawback purposes). They are then deducted on your 25600 line as a treaty exempt income.
by nelsona
Fri Mar 01, 2024 1:43 pm
Forum: Canada / United States Tax & Accounting
Topic: Moving Canadian ETFs to an American Broker
Replies: 3
Views: 118

Re: Moving Canadian ETFs to an American Broker

It will not. They remain passive foreign investments.
by nelsona
Fri Mar 01, 2024 1:42 pm
Forum: Canada / United States Tax & Accounting
Topic: IRA to RRSP transfer
Replies: 33
Views: 44236

Re: IRA to RRSP transfer

Well, ta act won't let you file without it, and yes, if you do file by paper, you need to attach the 1042-S, because it has the withholding amount.

Where is your 1040-S. Should have received by now.