nelsona, THANK YOU SO MUCH!
I looked at your calculations and was finally (with your guidance) able to do my own inside Ufile.ca.
Now we will consider what you said about pulling 20K or 40K. Technically, since we have a business all income can go either under my name or what's more probable be reinvested in business so she can have 0 income for 2016 as well. What concerns me more is USD vs CAD exchange rate, but this is more of a gamble I guess.
Again, thank you very much for your help and have a great holiday season!
Section 217, RRSP Withdrawal with "near 0" income
Moderator: Mark T Serbinski CA CPA
I certainly wouldn't be worrying about the exchange rate. It will be between 75-80 cents, why would you think it will move up or down very much. Bring the money to US and you won't have to worry (You've been listening to your wife too much. when was the last time an American worried about exchange rates).
There has only been 2 big swings in 30 years, and the last one was a year ago. Its not going anywhere.
As for splitting your US income, whatever you decide the split is, your part goes on page 1, and her part goes the schedule A foreign income.
There has only been 2 big swings in 30 years, and the last one was a year ago. Its not going anywhere.
As for splitting your US income, whatever you decide the split is, your part goes on page 1, and her part goes the schedule A foreign income.
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