Canadian resident with dual citizenship (USA/Canada)
Moderator: Mark T Serbinski CA CPA
Canadian resident with dual citizenship (USA/Canada)
Are Canadian stocks (ie. individual stocks, not mutual funds or ETF's), held in non-registered accounts, tax-sheltered by the IRS for Canadian residents with dual citizenship (USA/Canada)?
Re: Canadian resident with dual citizenship (USA/Canada)
All non-US real estate and non-US resource gains are "sheltered" from US tax, even in a TFSA.
But, the sheltering is performed reporting the income and then using form 1116 and claiming tax against the US tax that arises.
One can't simply exclude the income from their 1040.
But, the sheltering is performed reporting the income and then using form 1116 and claiming tax against the US tax that arises.
One can't simply exclude the income from their 1040.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Re: Canadian resident with dual citizenship (USA/Canada)
Thank you for the response, this is helpful information. Much appreciated!