Cdn gains and interest form to submit with 1040?

Joz · Post by **Joz** » Mon Mar 14, 2016 12:19 am

We are two Canadians living in the US for about 6 years now (on a J-1 and -2), so we know we're "US people" for tax purposes. While we have American tax to be paid, we also have Canadian Capital Gains, Interest, and Dividends from our T5s. Which forms am I supposed to fill out for those to append to the 1040? There's Form 8938, the FBAR, and I'm pretty sure I found other potential candidates. Which one(s) do I use?

nelsona · Post by **nelsona** » Mon Mar 14, 2016 10:28 am

IRS rarely requires documentation submission with 1040. nang on to your proof should they later ask for it.

But since you're now US tax residents, you should now (or alredy have) declare Cdn non-residency, no?

Joz · Post by **Joz** » Mon Mar 14, 2016 1:12 pm

But don't I have to pay US tax on all foreign assets? Or at least report it?

nelsona · Post by **nelsona** » Mon Mar 14, 2016 1:41 pm

I said nothing about US tax: you already said you knew this.

As to other forms, FBAR, FATCA and PFIC at a minimum, as well as 3520 if you have RESP or TFSA

nelsona · Post by **nelsona** » Mon Mar 14, 2016 1:41 pm

Happy browsing