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mrwa11eye1
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- Posted Some of the funds are from an inheritance but some funds... on Investors and rental owners. October 30, 2019 8:03 PM
- Posted USA Foreign Interest and the FTC credit on Investors and rental owners. October 30, 2019 8:03 PM
- Posted How to properly report income from a 1099R in Canada? on Seniors and students. October 30, 2019 8:02 PM
- Posted How do I report the taxes paid in the USA on a capital gain which was not a gain in Canada? on Investors and rental owners. October 30, 2019 7:59 PM
- Posted Thanks, so I would need to prorate the taxes for each T5... on Investors and rental owners. October 30, 2019 7:49 PM
- Posted Thanks .. Taxes were deducted on the pension, not on the... on Investors and rental owners. October 30, 2019 7:49 PM
- Posted Federal foreign tax credits. on Investors and rental owners. October 30, 2019 7:49 PM
- Posted USA side I am clear on just not the Canadian. If I have... on Seniors and students. October 30, 2019 7:34 PM
- Posted It was a non qualified annuity, it is being held under th... on Seniors and students. October 30, 2019 7:34 PM
- Posted What is the proper way to report distribution from an inherited annuity? on Seniors and students. October 30, 2019 7:34 PM
- Posted Should I have filed Form T1142 or T1135? on After you file. October 30, 2019 7:30 PM
October 30, 2019
8:03 PM
Some of the funds are from an inheritance but some funds are not. It is just basic bank interest income.
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October 30, 2019
8:03 PM
Can you confirm something for me ... is it true.. You cannot get credit (FTC) for taxes paid on USA bank interest income. I would have to apply for the credit on the USA side.
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October 30, 2019
8:02 PM
I realize that I have to make a currency conversion. When I transfer the info from my 1099R slip into Turbo Tax ... do I transfer the exact numbers (once exchanged) to the appropriate slip in Turbo? I can find the slips no problem. What I need to know is ... Do I enter the the income and taxes witheld (on 1099R) into the appropriate boxes and then your program computes any applicable foreign tax credit on it?
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October 30, 2019
7:59 PM
US expat sold house in USA and incurred gain ..taxed $4000 on it in the USA. The cost base was the value when I moved to Canada (13 yrs) ... and the gain the difference between value when I moved and sale value. I spent $$$ finishing the house off .. in excess of what the gains in Canada were ... so, it appears I have a loss in Canada now. How does a person report these taxes paid in the USA? The house was a personal use property so my understanding is that NO credits can be carried over?? thanks
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October 30, 2019
7:49 PM
Thanks, so I would need to prorate the taxes for each T5 slip ... ? for foreign source income. There were taxes witheld on the foreign pension ... should I enter the taxes withheld or the taxes actually on that income since I am prorating everything out?
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October 30, 2019
7:49 PM
Thanks .. Taxes were deducted on the pension, not on the interest income or the sale of the home. I do my US return and end up with a US tax bill of $5600. What I was asking was .. how do I report to get credit for these taxes. Would the $5600 be the number I put on line 1 of T2209 - non business income tax paid to a foreign country? and then figure out the credit from there? I don't believe T1135 needs to be filled in for personal use property.
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October 30, 2019
7:49 PM
Foreign taxes for pension, US interest, US capital gains (personal use property) was $5600 to be paid. Would this be the number I put on line 1 of T2209 - non business income tax paid to a foreign country? Or does it have to be broken down somehow depending on the type of income being taxed?? I also read somewhere that non business foreign taxes not recovered as a tax credit can be deducted from line 232 on the T1. I remember it also said that anything in box 20(11) and 20 (12) can also be claimed on this line. Do you have any knowledge of this?
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October 30, 2019
7:34 PM
USA side I am clear on just not the Canadian. If I have a 1099R for $5000 from the USA .. I had to pay tax on the full amount in the USA as interest accumulated since contract started exceeds $5000. This money is inheritance and since I received it I accumulated $2000 in interest for the tax year. I thought I would just claim the 2000 interest on my tax return .. on Schedule D.... but this tax fellow I talked to who was not charging a consulation fee and was in a hurry said the full amount should be recorded? That would mean I would be paying taxes on an inheritance so ........ that is where it is at. How and what dollar amount should I be reporting. It is basically a 5 year GIC that can be withdrawn from, it is no longer an annuity.
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October 30, 2019
7:34 PM
It was a non qualified annuity, it is being held under the 5 year rule, I took a distribution ... claimed the accrued interest for that year. I had to pay tax on the full amount in the USA (till all interest is taxed). I just reported it on Schedule D. A so called cross border tax fellow said I should be reporting the full amount. Not sure if he meant to report the full amount on 1099R and make a deduction or what? I decided to just ask you folks as I doubt you will post incorrect info so it could be trusted.
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October 30, 2019
7:34 PM
I was beneficiary of death benefit from mothers annuity from USA. I can keep it in place for up to 5 years in her name. I can take distributions. How are these distributions recorded on my T1 ... does Canada tax me on the full amount I take out or just on the interest that has accrued?
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