Hi all,
Just wanted to check something.
I am a Canadian working in the US on a TN visa since last June. All of my income has been from a US source. So, I plan to fill my US tax form as normal, then fill out a T1 and use the foreign tax credit to offset the US taxes.
Also, I've read that I must declare my 401(k) contribution as income on the T1. Does this sound right?
Appreciate any feedback.
A Canadian in America
Moderator: Mark T Serbinski CA CPA
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">So, I plan to fill my US tax form as normal<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
If you only arrived in US in 2004, you can't report 'as normal, as you were not resident all year. See IRS Pub 519.
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">then fill out a T1 and use the foreign tax credit to offset the US taxes.<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Only if you continue to live in Canada. Otherwise, you have departed Canada and should indicate so on your return, and NOT report any US income after dep. date.
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">declare my 401(k) contribution as income on the T1<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
If you must report in Canad, then, yes, 401(k) contribs must be added to your wages.
<i>nelsona non grata... and non pro</i>
If you only arrived in US in 2004, you can't report 'as normal, as you were not resident all year. See IRS Pub 519.
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">then fill out a T1 and use the foreign tax credit to offset the US taxes.<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Only if you continue to live in Canada. Otherwise, you have departed Canada and should indicate so on your return, and NOT report any US income after dep. date.
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">declare my 401(k) contribution as income on the T1<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
If you must report in Canad, then, yes, 401(k) contribs must be added to your wages.
<i>nelsona non grata... and non pro</i>
nelsona,
thanks for your responses.
Just to clarify: I arrived in June of last year, so I have spent well over 183 days in the U.S., and I seem to pass the substantial presence test. Please correct me if I am wrong.
As for departing Canada, I still have bank accounts and an RRSP in Canada, but no property. Does this still count as having departed Canada? Could you point me where I could get more information?
Thanks very much.
thanks for your responses.
Just to clarify: I arrived in June of last year, so I have spent well over 183 days in the U.S., and I seem to pass the substantial presence test. Please correct me if I am wrong.
As for departing Canada, I still have bank accounts and an RRSP in Canada, but no property. Does this still count as having departed Canada? Could you point me where I could get more information?
Thanks very much.
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">I arrived in June of last year, so I have spent well over 183 days in the U.S., and I seem to pass the substantial presence test<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Yes, so that only makes you a 'dual-status' alien for 2004. If you read about SPT, read on about how to file in 1st year.
It's not normal, by any stretch.
2005 will be normal.
Without house and/or spouse in Canada, you are no longer resident.
See the "emigrants" guide from CRA on how to file in 2004.
<i>nelsona non grata... and non pro</i>
Yes, so that only makes you a 'dual-status' alien for 2004. If you read about SPT, read on about how to file in 1st year.
It's not normal, by any stretch.
2005 will be normal.
Without house and/or spouse in Canada, you are no longer resident.
See the "emigrants" guide from CRA on how to file in 2004.
<i>nelsona non grata... and non pro</i>