canadian living US as US resident with stock account(tdwaterhouse) in canada, and trade US stock only such as Intel. And that stock gain is only source from canada. Need file US or Canada Tax return?
If need file canada return. what schedules required? Is US employment income required to report or taxable from canada? And need elect under section 217?
Thanks
US resident with Stock account in canada
Moderator: Mark T Serbinski CA CPA
First off, as a US resident you can only hold or seel the stocks in that account, you cannot trade or buy new ones.
For tax, since you already filed a deperture return, on which you reported deemed dispostion (right?), your tax obligagttions for Canada are finished for these items.
So you only report sales on your 1040. You should be moving these to a US account anywyas.
As an aside, even if these items were taxable in Canada, they would not be eligible for 217; 217 only applies to pension type income, not investments.
For tax, since you already filed a deperture return, on which you reported deemed dispostion (right?), your tax obligagttions for Canada are finished for these items.
So you only report sales on your 1040. You should be moving these to a US account anywyas.
As an aside, even if these items were taxable in Canada, they would not be eligible for 217; 217 only applies to pension type income, not investments.
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