Paying canadian and usa taxes with canadian mutual funds tfs

sarah88 · Post by **sarah88** » Wed Feb 18, 2015 7:00 am

I moved from Canada to the USA in May 2014. From Jan-May 2014 I was a full time student (paid tuition and earned small income in Canada). And from May-December I worked full time in the USA and was a student part time (paid tuition and earned a very small amount of moneys rom the university).

I also cashed out my mutual funds in Canada this year. I have read that mutual fund tax slips don't have to be sent out until late March. Will I recieve this on time to include on my USA tax return?

I also have a TFSA that I am in the process of closing. I know I will not get a tax slip for this, but need to claim the amount earned - is there any standard way of reporting this number?

Lastly - are there any online programs for reporting cross border taxes? I am contemplating using accountant - but the prices seem prohibitively high. Does it matter the order I file them in (us or can first?)

nelsona · Post by **nelsona** » Wed Feb 18, 2015 10:25 am

Whata status are you in? generally a regualr job and a university job each need a different status, and you can't have 2 statuses.

Mutual funs:
While you might get slips for distributions from mutual funds, your big income from these will be cap gains from selling, which doesn't come on a slip. You need to calculate based on cost vs proceeds.

You also need to take care of all departure tax things on your CRA return.

There is no "order" to file taxes. They are independant, and you only need to take credit on one return (the US one).

sarah88 · Post by **sarah88** » Wed Feb 18, 2015 10:45 am

I'm on a TN. I thought I would get a t5008 slip that would be used for reporting my gains? http://www.cra-arc.gc.ca/E/pub/tg/rc4169/rc4169-14e.pdf

When I say universoty job - I mean that in Canada I am still a part time student. Since I am funded through my supervisor - the way the paperwork goes through it looks like I get paid - but then it is directly applied to tuition.

Can you explain further what you mean by "credit" on one tax return? Or point me to a link if it's well documented :)

Thanks

nelsona · Post by **nelsona** » Wed Feb 18, 2015 1:03 pm

Reread that sheet on mutual funds. T5008 form is issued for distributions, as I said. The last section of the sheet describes what you did "redeem units" and explains that you need to calculate these gains/losses.

After you have finished your Cdn departure return, and after you have decided how to file in US we can get back to how you get credit for the Cdn taxes on your US return. baby steps.

nelsona · Post by **nelsona** » Wed Feb 18, 2015 1:09 pm

You will be using software (one in canada and one in US) to prepare both returns.