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Quero que continuem enviando dicas de perder peso para meu email, pois preciso emagrecer pulando corda (www.Bitcoinapedia.com) de dez uns doze quilos.
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US-Canada Tax Questions / New Resident of Canada with Passive American Income
« Last post by AlyBailey on November 14, 2019, 09:43:35 PM »
Hello,

I am an American citizen and have newly become a permanent resident of Canada.  I will be living and working there full-time soon. Although I am no longer working in the US, I will be receiving profit sharing or royalties from the business that I worked for in the US.

How do I go about doing my taxes? My very basic understanding is that I pay American taxes on what I make there, Canadian taxes on my net world income and taxes from one somehow get credited against the other. Any advice at all would be greatly appreciated
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US-Canada Tax Questions / New Resident of Canada with Passive American Income
« Last post by AlyBailey on November 14, 2019, 09:43:26 PM »
Hello,

I am an American citizen and have newly become a permanent resident of Canada.  I will be living and working there full-time soon. Although I am no longer working in the US, I will be receiving profit sharing or royalties from the business that I worked for in the US.

How do I go about doing my taxes? My very basic understanding is that I pay American taxes on what I make there, Canadian taxes on my net world income and taxes from one somehow get credited against the other. Any advice at all would be greatly appreciated
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US-Canada Tax Questions / Being deemed a non-resident after I've sold property
« Last post by Harvest on August 22, 2019, 08:39:52 PM »
I left Canada in 2016 for a planned period of time (2 years) and went to the USA. I thought, based on the CRA website, that I was considered a Canadian resident still due to the ties I had in Canada. Apparently, having a green card waives that.
paid taxes in both the US and Canada, and in 2018 I sold my principal residence in Canada because I decided I'd rather stay in the US. I had to fill out forms stating that I was a resident of Canada and was NOT a non-resident. I have another Canadian address that I moved all of my mail to.
Now, 2 years later, I got something from the CRA for 2016 tax year saying that I was a non-resident. I tried to appeal this in April. I just received a response today from the TFSA department stating I am considered a non-resident and listed a departure date.
Now I am freaking out about the sale of my house. I did not file any paperwork saying that I was a non-resident, did not have any of the money held, and I have no idea what to do. I do have to do a tax return for 2018 because I cashed out an rrsp, and I've seen horror stories about people not submitting taxes and being back charged.
Help! What can I do? Google searches have revealed no other similar situations but I can't believe I'm the only one...is this something better given to an accountant, or a cross border tax lawyer?
TIA!
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US-Canada Tax Questions / Re: Do I need to file US taxes? (Canadian with US royalties)
« Last post by kmd on August 06, 2019, 03:34:18 PM »
Hi Phil,

Thanks for the response! I realize I'm responding over a year later (my apologies) but yes, I did file a dual status return when I left the US.

I have now received a LTR 2269C requesting that I complete a Form 1040, presumably because most of the payments are misreported on a 1099-misc (instead of a 1042-S). Should I be completing a 1040NR now, claiming US/Canada treaty benefits? I'm not sure how straightforward this is at this point...

Thanks!
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US-Canada Immigration Issues / Planning on moving to the US in 2020
« Last post by sheri on July 02, 2019, 10:51:26 AM »
Hello,
My family and I are moving to the US in a year (summer 2020) and we would like to start to plan early to ensure that we are making the right decisions when in comes to tax implications.

We are all Canadian citizens and own a principal residence and a rental property in Canada. We are not planning to dispose of these properties. We are planning on renting out the principal residence when we leave. We also have various bank accounts, TFSAs, RRSPs and RESPs (for our children).

Would anyone be able to provide some advice on how best to handle the properties and bank/investment accounts so that we limit our tax exposure?

thank you so much in advance.
S.
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Hi there,

I'm currently a Permanent Resident residing in Canada but plan to leave Canada for good to move back to my country of citizenship in September 2019. I am currently employed in Canada and receive a Canadian income, but will be resigning at the end of August 2019.

I don't own any property here or have any investments. I hold a TFSA account with very minimal funds in it.

Do I need to officially inform the CRA of my leaving, and if so, how do I do so? What taxes would then be applicable to me?

Thank you so much for your help!
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I am a dual citizen living in Canada.  I am a teacher and therefore have employment income.  I also offer private piano lessons (self-employment income).  I an an independent contractor for an organization in the US.  I have filed my Canadian income tax return reporting on and paying taxes on my worldwide income, Canada and US, employment and self-employment.  I know I can choose to exclude my Canadian income with Form 2555 or take a tax credit for taxes paid on my Canadian income but what about the taxes I have paid on my American income (1099MISC) as an independent contractor?  Where do I claim that or can I?  Thank you for your help. 
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Hi there

It can be difficult to hit all the tax planning items without gathering all related fact, however let me give you some guidance below:

- You US taxable accounts will be re-valued for Canadian purposes. You'll want to print off some snapshots of the fair market value of the individual securities to ensure you can adjust each security's ACB to FMV upon arrival

- Yes, best to avoid Canadian mutual funds and TFSA accounts once in Canada. However some mutual funds do provide PFIC reporting that allow US clients to hold Canadian mutual funds while in Canada

- Easiest to sell the California home before you enter Canada

- Might want to review securities with losses that may end up being taxable in Canada is they increase in value and are sold after entry

- IRA accounts could be converted to ROTH IRA accounts. This can be beneficial if you tax rate in the year of entry is relatively low.

Hope that helps.

Phil
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US-Canada Tax Questions / Guidelines for US to Canada move
« Last post by dsugar on January 30, 2019, 12:04:55 PM »
My wife and I are dual US/Canadian citizens currently living in California. We are selling our house in California and moving to and purchasing a house in Victoria this summer. We are selling our California house prior to moving, and the purchase of the Victoria house will probably be completed before we move (assuming we find something).

Are there any general guidelines of things to do or avoid pre/post move from a tax perspective?

Here's what I'm aware of currently:
- For investments in our US taxable account we will transfer them in-kind to a Canadian brokerage shortly after moving.
- We will avoid Canadian mutual funds due to FATCA compliance.
- We will avoid setting up a TFSA account in Canada due to US tax treatment.

Is there anything else along those lines that will make filing our US and Canadian taxes easier going forward?
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