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Hello there,
I have been looking on the Canadian sites and US sites to see if there is
anything that shows what from the W-2 is actually included in the Canadian
income after doing up the 1040NR. I have not found anything on either site
and would like it to have something as we get alot of calls about this as we
are in a border town. I have talked to the International Office in Ottawa
and well I am not sure where they are looking at in the Income Tax Act as I
have looked through this numberous times to see if there is something there.
Any HELP!!! would be apprectiated greatly.
Thank you for your time in this mattter.
CXXXXXXXXXX
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david ingram replies:
The gross income (including any 401 plans) is converted to Canadian Dollars and included on the Canadian Return. You then claim a foreign tax credit on the Canadian return for the "actual tax paid" on the 1040NR or 1040 PLUS the social security and medicare taxes deducted on the W2.
The US does not tax the amount put into the 401 plan and Canada does - Twice. Canada is going to tax it when you earn it and then again when you withdraw it as a pension. This is unfair and need sto be addressed by the Canadian Finance Minister. So far noneof them have even answered letters on the subject.
If you need help with the return, you know where to send it.
David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
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