Child Tax Credit and World Income Reporting

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

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nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Child Tax Credit and World Income Reporting

Post by nelsona »

And, again, if you have that high an income in Canada, you don't need to save US taxes, the 1040NR rate will be lower than your Cdn rate.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
papillary
Posts: 26
Joined: Wed Mar 20, 2019 7:19 pm

Re: Child Tax Credit and World Income Reporting

Post by papillary »

nelsona,

I totally get what you are saying. I am just trying to grasp what the other implications might be, since I will only have my US income to report. I have no rental income, no savings account and the foreign interest income is not even mine since it is my wife's money (although it is a joint account). So if you could elaborate a bit on those other implications so I (everyone else for that matter) is better educated on this, I would really appreciate it.

And I totally understand that as you had indicated many times, when we lower the US taxes the Canada ones will give up so probably zero gain for a lot of trouble perhaps.

do you tax free savings account by TFSA?

What is RESP and PFIC. I am sorry I am not very familiar with those terms.
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Child Tax Credit and World Income Reporting

Post by nelsona »

I would ask that you research these terms. This pretty basic stuff.
All I will say is if you submit a 1040 you are subjecting yourself to ALL requirements of a 1040 filer.
Ask any US citizen living in Canada if they enjoy having that privilege.

So, I am declaring my part in XXV discussions over until July.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
papillary
Posts: 26
Joined: Wed Mar 20, 2019 7:19 pm

Re: Child Tax Credit and World Income Reporting

Post by papillary »

nelsona,

Thank you so much for all your help.

Just one more question about the pro forma 1040, do we need to fill any schedule and submit them along with the 1040NR XXV (3) and pages 1 and 2 of the fake 1040.
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Child Tax Credit and World Income Reporting

Post by nelsona »

So, I am declaring my part in XXV discussions over until July.

Respect, please.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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