Search found 55 matches
- Mon Feb 09, 2009 6:01 pm
- Forum: Canada / United States Tax & Accounting
- Topic: I think I erred on my 8891
- Replies: 1
- Views: 1811
I think I erred on my 8891
In 2007, I transferred my RRSP account to a new RRSP account and now looking at the form 8891 I filed, I selected 6a as yes and 6b as 2007 for the new account (thinking that I had previously deferred everything in my plan), but that was the old plan number. Should I have made a new election for the ...
- Sat Jan 24, 2009 1:43 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US revocable trust reporting in Canada
- Replies: 5
- Views: 3777
US revocable trust reporting in Canada
I am a dual citizen, living in Canada, and have a couple of CD's with US banks and have designated my children as beneficiaries. The banks usually refer to this as POD (paid on death), but I believe it is legally considered a revocable trust, and if so, does it require reporting as a foreign trust t...
- Wed Nov 12, 2008 2:26 am
- Forum: Canada / United States Tax & Accounting
- Topic: Foreign Exchange Question
- Replies: 12
- Views: 9229
- Mon Jul 23, 2007 10:09 am
- Forum: Canada / United States Tax & Accounting
- Topic: Determining foreign exchange gains/losses
- Replies: 7
- Views: 5126
- Sun Jul 22, 2007 10:18 am
- Forum: Canada / United States Tax & Accounting
- Topic: Determining foreign exchange gains/losses
- Replies: 7
- Views: 5126
- Sat Jul 21, 2007 2:56 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Determining foreign exchange gains/losses
- Replies: 7
- Views: 5126
Thanks nelsona. If I understand your response, the proposed stock purchase and sale would be reported as a separate transaction, and the currency gain or loss would be reported as different transaction. How does the CRA/IRS determine dates? If I acquired (through an inheritance)US$20k five years ago...
- Sat Jul 21, 2007 1:46 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Determining foreign exchange gains/losses
- Replies: 7
- Views: 5126
Determining foreign exchange gains/losses
As a USC and resident of Canada, if I were to purchase a US stock with US$ 10000 /CDN$ 10500 and next month sell this stock at the same price as purchased (US$ 10000), but assume the CDN$ has declined in value and this is now equal to CDN$ 11000. I would have a $500 capital gain to report to the CRA...
- Tue Jul 03, 2007 11:44 am
- Forum: Canada / United States Tax & Accounting
- Topic: Cap Gains Re home sale
- Replies: 1
- Views: 2034
Cap Gains Re home sale
I am a resident of Canada, and am selling my home in Canada and due to he significant appreciation of the Cdn$, I will be over the 250k exemption limit. As this gain is reported on Sched D, as long term cap gain, I am assuming (hoping) that this gain is considered passive income and can be lumped wi...
- Sat Mar 03, 2007 1:59 pm
- Forum: Canada / United States Tax & Accounting
- Topic: W-9 Requirement
- Replies: 2
- Views: 2308
W-9 Requirement
I have recently stumbled across a reference to the W-9 form. I am a USC and longtime Canadian resident and have never been asked by a Canadian financial institution, if I am a US citizen, and have never filed a W-9. Is it required by the IRS?
- Sun Feb 25, 2007 6:28 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Reporting CPP benefits
- Replies: 4
- Views: 3975
Reporting CPP benefits
I am an US/Can citizen living in Canada receiving CPP benefits. Nelson, in a previous post you indicated that "CPP is NOT taxable in US by treaty (nor is your SS by the way), so there should not be any reporting of it on your 1040, so no 1116 is required. an 8833 form should be filed with your ...
- Sun Jul 23, 2006 6:12 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Proving payment of US tax for Canadian credit
- Replies: 8
- Views: 4158
- Sun Jul 23, 2006 5:08 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Proving payment of US tax for Canadian credit
- Replies: 8
- Views: 4158
- Sat Jul 22, 2006 4:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Proving payment of US tax for Canadian credit
- Replies: 8
- Views: 4158
- Fri Jul 21, 2006 7:00 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Proving payment of US tax for Canadian credit
- Replies: 8
- Views: 4158
- Sun Nov 27, 2005 11:34 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RESPs
- Replies: 9
- Views: 6803
In the past two years, I have spoken with US/Can tax accountants at five accounting firms (4 in Canada/1 in the US) and no one has had a definitive answer Re trust reporting. All told me that none of their clients reported RESP's, mutual funds or income trusts with form 3520. Two individuals told me...