david ingram replies:
Assuming that you filed your T1161 and T1243 and paid the tax on the deemed disposition, you are finished,.
However, if you also filed form 1244 to defer the tax until actual sale, you would need to pay that tax now that you have sold it.
The T5 implies that no tax was withheld. Technically, you need to file a tax return under article XI of the US Canada Tax Treaty to pay 10% tax on the interest.
However, most of the time, you would just send the CRA a cheque for 10% and a copy of the T-5.and forget about the T1.
Then, on the 1040, you would report the interest again, the actual mutual fund sales and have to decide if there was a taxable portion to the life insurance policy between the time you left Canda and the cashed in time. You would then claim the 10% tax on the interest on US form 1116 with your 1040.
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$1,600 would be for two people with income from two countries$2,800 would be all of the above and you moved in and out of the country.This is just a guideline for US / Canadian returnsWe will still prepare Canadian only (lives in Canada, no US connection period) with two or three slips and no capital gains, etc. for $150.00 up.With a Rental for $350A Business for $350 - Rental and business likely $450And an American only (lives in the US with no Canadian income or filing period) with about the same things in the same range with a little bit more if there is a state return.Moving in or out of the country or part year earnings in the US will ALWAYS be $800 and up.TDF 90-22.1 forms are $50 for the first and $25.00 each after that when part of a tax return.8891 forms are generally $50.00 to $100.00 each.18 RRSPs would be $900.00 - (maybe amalgamate a couple)Capital gains *sales) are likely $50.00 for the first and $20.00 each after that.Just a guideline not etched in stone.This from "ask an income trusts tax and immigration expert" from www.centa.com or www.jurock.com or www.featureweb.com. David Ingram deals on a daily basis with expatriate tax returns with multi jurisdictional cross and trans border expatriate problems for the United States, Canada, Mexico, Great Britain, United Kingdom, Kuwait, Dubai, Saudi Arabia, Thailand, Indonesia, Japan, China, New Zealand, France, Germany, Spain, Italy, Russia, Georgia, Brazil, Peru, Ecuador, Bolivia, Scotland, Ireland, Hawaii, Florida, Montana, Morocco, Israel, Iraq, Iran, India, Pakistan, Afghanistan, Mali, Bangkok, Greenland, Iceland, Cuba, Bahamas, Bermuda, Barbados, St Vincent, Grenada,, Virgin Islands, US, UK, GB, and any of the 43 states with state tax returns, etc. Rockwall, Dallas, San Antonio Houston, Denmark, Finland, Sweden Norway Bulgaria Croatia Income Tax and Immigration Tips, Income Tax Immigration Wizard Antarctica Rwanda Guru Consultant Specialist Section 216(4) 216(1) NR6 NR-6 NR 6 Non-Resident Real Estate tax specialist expert preparer expatriate anti money laundering money seasoning FINTRAC E677 E667 105 106 TDF-90 Reporting $10,000 cross border transactions Grand Cayman Aruba Zimbabwe South Africa Namibia help USA US Income Tax Convention
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