Recent Posts

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Generally Canadian Immigration Issues / I am the new one
« Last post by SelenaVanc on May 22, 2020, 12:08:12 AM »
You actually expressed that well!
2
US-Canada Tax Questions / Cross Border Education Tax Credits
« Last post by sparsons88 on April 20, 2020, 10:06:25 AM »
My wife and I are dual citizens (US and Canada) living in Canada.  I file taxes in both Canada and the US, always have (17 years).  My daughter (also a dual citizen) attends college in the US.  Can I claim the AOTC on my US taxes and the tuition deductions (TL11A) on my Canadian taxes or do I have to choose one or the other.  Or do I have to just reduce one based on the other?

Thank you
3
US-Canada Tax Questions / How to Report US Sourced Income?
« Last post by nielkfj on April 16, 2020, 11:31:48 AM »
I am a dual national (Canadian/US citizen) resident in Canada. I own shares in a U.S. domiciled ETF, which is held in a Canadian brokerage account. No tax has been withheld from the ETF distributions because I am a US citizen.

I have some questions about how to report this income on my tax returns:

1) To which country should I pay tax on this income and for which country should I claim a foreign tax credit on the tax paid to the other country?

For example:
Option 1: Pay tax on the distributions through my U.S. tax return, then claim a foreign tax credit on my Canadian tax return.
Option 2: Pay the tax through my Canadian tax return and claim a foreign tax credit on my U.S. tax return?

It seems Option 1 is the correct way because it appears that with Option 2 I will not be able to claim a foreign tax credit on my U.S. tax return for U.S. sourced income. But I'm not sure about this.

2) Looking at form 1116 - Foreign Tax Credit - from the IRS, it seems like there might be a way to make Option 2 work, by classifying the income as "Certain income re-sourced by treaty" (box f). Then it appears that income from the U.S. ETF becomes "re-sourced" as Canadian sourced income, enabling me to claim a foreign tax credit on my U.S. return. But I'm not sure if this is allowed.

3) I have the same questions as above about capital gains income when I sell the ETF shares.

Any help would be appreciated.
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US-Canada Tax Questions / Re: Do I need to file US taxes? (Canadian with US royalties)
« Last post by mvakar on February 16, 2020, 04:41:00 PM »
Hello ,

We can help you with your taxes. We have cross border tax specialist, who can guide you and help you with your taxes! IF you can give me your phone number or good email to contact you I will have my tax expert contact you to help you with your taxes.
6
US-Canada Tax Questions / Re: New Resident of Canada with Passive American Income
« Last post by mvakar on February 16, 2020, 04:39:53 PM »
Hello Alybailey,

We can help you with your taxes. We have cross border tax specialist, who can guide you and help you with your taxes! IF you can give me your phone number or good email to contact you I will have my tax expert contact you to help you with your taxes.
7
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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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