US resident - Canadian cash account - tax reporting

Canadabound · Post by **Canadabound** » Mon Apr 09, 2012 11:57 am

Hi:

I am a US resident, with a (Canadian-addressed) cash account, that owns Canadian dollar exchange-traded funds. What are the ramifications of the Canadian generated (dividend slips and some are return of capital) tax slips for my US taxes? Can I be penalized by either CRA or the IRS? Am I losing US tax benefits by owning these Canadian dividend-paying (or return of capital generating) investments? I am getting the account moved to a US broker, but still was looking for an answer on this issue.

Jospher · Post by **Jospher** » Tue Apr 10, 2012 3:40 am

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JGCA · Post by **JGCA** » Tue Apr 10, 2012 9:02 pm

you answered your own question by doing the right thing and moving them to a US broker, you should have advised your CND broker taht you moved to the US in the first place.

Canadabound · Post by **Canadabound** » Wed Apr 11, 2012 9:50 am

Thanks for you input, JGCA. But actually, transferring the assets solves my issues going forward. My current concern is my immediate situation (tax filing for this year). These Canadian investments should have been subject to non-resident witholding tax, whiich they have not been over the years, due to my using a Canadian address. My question is/was, "Does this cause me any problems with either the IRS or CRA?" I understand the PFIC issues, incidentally.