I assume you mean Investors Group? Yeas they are just salesmen.
A mutual fund is an single investment.
But in an account one may have several mutual funds from a family of funds.
Anyways, hubby's statements will indicate this. And the fund co knows that value of all their funds on the departure dtaein question.
Cdn Couple 1st year choice to file in Cal. as Residents
Moderator: Mark T Serbinski CA CPA
yeah he has many mutual funds within his account. The CRA lady made it seem we'd have to go through EACH stock group within those mutual funds which is insane.
Ok I lied I have one more which isn't explained the emigrant guide unless I'm mistaken. If we elect to defer the taxes to be paid on the capital gains, do we still include those on that year's Schedule 3? i.e. this year's even though we're deferring the tax payment?
Ok I lied I have one more which isn't explained the emigrant guide unless I'm mistaken. If we elect to defer the taxes to be paid on the capital gains, do we still include those on that year's Schedule 3? i.e. this year's even though we're deferring the tax payment?
You can see why I suspend answering questions at this time of year, I do not appreciate rapid fire questions. People get too insistant on mechanical answers. Where were you in january?
Of COURSE you report it on Sched 3. How else do you determine how much tax you are deferring?
No more questions until May.
Of COURSE you report it on Sched 3. How else do you determine how much tax you are deferring?
No more questions until May.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
Not sure if anyone will find this useful but if you went through this thread, here is the summary of tax documents I sent off today with many thanks to nelsona
For Canada:
-Filed as Ontario residents who emigrated part year.
-Requested full year credits for myself (since I am unemployed) but not my husband.
-Deem disposed of mutual funds and reported the total losses on schedule 3.
-Had to submit a separate form for non-resident witholding taxes that we owed since my husband forgot to tell his investors he was a no longer a resident. Sent a cheque to the receiver general and excluded the income for the part of the year we were non-residents from the T1.
For US
-Filed as full year residents 1040, requesting an ITIN for myself.
-Used 2555EZ to excluded wages from Canada (with ufile estimating a tax return of 6000, we only technically paid 4900 in taxes, so in our case it was better to exclude the wages as our total world income for the 2008 year was around 12000 and taxes on that would have been around 24000.
-Used tax worksheet for form 2555EZ
-Used form 1116 to get credit for taxes paid on Dividends, capital gain distributions and interest.
-Filed form 8891 for RRSP
Will eventually file the TDF99 form before June.
Good luck!
For Canada:
-Filed as Ontario residents who emigrated part year.
-Requested full year credits for myself (since I am unemployed) but not my husband.
-Deem disposed of mutual funds and reported the total losses on schedule 3.
-Had to submit a separate form for non-resident witholding taxes that we owed since my husband forgot to tell his investors he was a no longer a resident. Sent a cheque to the receiver general and excluded the income for the part of the year we were non-residents from the T1.
For US
-Filed as full year residents 1040, requesting an ITIN for myself.
-Used 2555EZ to excluded wages from Canada (with ufile estimating a tax return of 6000, we only technically paid 4900 in taxes, so in our case it was better to exclude the wages as our total world income for the 2008 year was around 12000 and taxes on that would have been around 24000.
-Used tax worksheet for form 2555EZ
-Used form 1116 to get credit for taxes paid on Dividends, capital gain distributions and interest.
-Filed form 8891 for RRSP
Will eventually file the TDF99 form before June.
Good luck!
Canadian Assessment
So, an update, I received an assessment from the Canadian government and they refused to give me full tax credits for the year. I called up the International Tax Services Office and the first lady was confusatron in flesh. The second was more helpful and said that while technically they should have accepted my letter stating my foreign income was zero, they probably would have preferred receiving schedule A and B (which I had never heard of). Anyways, so I intend on filing schedule A and B with the T1adj form to see what they say. I"ll post later if it's successful.
Schedule A http://www.cra-arc.gc.ca/E/pbg/tf/5013- ... sa-08e.pdf
Schedule B http://www.cra-arc.gc.ca/E/pbg/tf/5013- ... sb-08e.pdf
Schedule A http://www.cra-arc.gc.ca/E/pbg/tf/5013- ... sa-08e.pdf
Schedule B http://www.cra-arc.gc.ca/E/pbg/tf/5013- ... sb-08e.pdf
Yes, just remember that the schedule A is to reflect only income from AFTER your departure, and you should indicate this on the top of the schedule. It should not include any income from before your move.
That is why, as the guide clearly and correctly states, a statement is better than schedule A which really is for an entire tax year non-resident filer.
Typical CRA misinformation.
But, in their defense (maybe) did your statement include both a listing of your Cdn income and your US income for the post-departure period? It may have been insufficient to merely say you had no US income (I konw, no US income implies obviously that any Cdn income would exceed 90% of your world income), since the instruction in the guide asks for both numbers.
That is why, as the guide clearly and correctly states, a statement is better than schedule A which really is for an entire tax year non-resident filer.
Typical CRA misinformation.
But, in their defense (maybe) did your statement include both a listing of your Cdn income and your US income for the post-departure period? It may have been insufficient to merely say you had no US income (I konw, no US income implies obviously that any Cdn income would exceed 90% of your world income), since the instruction in the guide asks for both numbers.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
UGH! The person on the phone told me to write down line 256 as it appears on the T1. So now I'll have to send in ANOTHER Schedule A to report just the post-departure period. The thing is, the post departure income is from NR4 slips. This shouldn't make a difference right?
As for my statement, yes I put down both Canadian income and US (zero) and stated that 100 percent of my income was Canadian. I don't know why that was confusing for them.
As for my statement, yes I put down both Canadian income and US (zero) and stated that 100 percent of my income was Canadian. I don't know why that was confusing for them.
Yeah, you see, the CRA telephlunkies are of little use. 256 is for the whole year, which is what schedule A is for too.
I wouldn't bother sending one just yet. Let this adjustment take its course.
Sending anymore info now will most certainly confuse them ... more.
I wouldn't bother sending one just yet. Let this adjustment take its course.
Sending anymore info now will most certainly confuse them ... more.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best