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QUESTION:
I am a Canadian citizen living in Canada and daily commuting to work to US.
I need to know should I be filing 1040NR or the 1040.
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david ingram replies:
You are a resident of Canada under article IV of the US / Canada Income Tax Convention.
Therefore, you are not taxable in the US on your world income, just the US source income..
You will file a US 1040NR and report your US income only on the 1040NR and exempt everything else by showing Article IV and Canada where it asks for the Treaty number on page 5 of the 1040NR.
Then convert your US earnings to Canadian funds and fill-in your Canadian T1 General. Claim the foreign tax you paid as a credit on your Canadian Return on Schedule 1 and on the relevant Provincial schedule as well. Don't forget that the medicare and social security you paid is added to the federal and state tax you paid to make up the taxes paid to the US for the purposes of your Canadian foreign tax credit.
When you get your returns done, make sure that you find someone who does both at the same time. Do not get one done here and the other done "there".
This and other questions can be answered on our new Sunday Radio Show which you can find out about at http://www.centa.com/am600/index.html
You can listen to it and phone in live on Sunday Mornings at 9:00 AM Vancouver time.on 600 AM or at www.600am.com on the Internet.
David Ingram's US/Canada Services
US / Canada / Mexico income tax, immigration and working Visa Specialists
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North Vancouver, BC, CANADA, V7N 3L7
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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 & the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent financial, or real estate planner or advisor & appropriately qualified legal practitioner, tax or immigration specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
This from ask an income tax immigration planning and bankruptcy expert consultant guru or preparer from www.centa.com or www.jurock.com or www.featureweb.com. Canadian David Ingram deals daily with tax returns dealing with expatriate:
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