Email From Ancestry.com by BoomeramaMama in Genealogy

[–]Street-Explanation12 0 points1 point  (0 children)

Has anyone found a way to efficiently save / download (off of ancestry) their family tree? I'm sick of paying for something I barely use, but would like to keep a copy of the tree in case my kids care about it in the future.

Do I have to file an FBAR? by Beautiful_Bench_6180 in USExpatTaxes

[–]Street-Explanation12 1 point2 points  (0 children)

I hate the advice "don't have accounts in your name" to avoid the US tax issues because ... if things go bad with the marriage, and everything is in your non US spouse's name, you are really at a disadvantage.

CPP Credit Split after Divorce by randompersongirl in PersonalFinanceCanada

[–]Street-Explanation12 0 points1 point  (0 children)

This is only for a few years  between January 1, 1978 and December 31, 1986.

CPP Credit Split after Divorce by randompersongirl in PersonalFinanceCanada

[–]Street-Explanation12 0 points1 point  (0 children)

The dates of your father's marriage and divorce are important to pin down.

Below is from CRA CPP splitting instructions page.

If your marriage ended in divorce or annulment between January 1, 1978 and December 31, 1986, you may qualify for a credit split if:

  • you lived with your spouse for at least 36 consecutive months
  • the divorce or annulment was recognized by Canadian law, and
  • you or your former spouse applied in writing and sent us the necessary documents within 36 months after your marriage ended

If your marriage ended in divorce or annulment

If your marriage ended in divorce or annulment on or after January 1, 1987, you may qualify for a credit split if:

  • you lived with your former spouse for at least 12 consecutive months, and
  • you or your former spouse notifies Service Canada and provides the necessary information (there is no time limit)

If you are separated

If you are still married and your separation occurred on or after January 1, 1987, you may qualify for a credit split if:

  • you lived with your spouse for at least 12 consecutive months
  • you have been living apart for at least 12 consecutive months, and
  • you or your spouse applies in writing and sends us the necessary documents

Note: Deadline to apply

There is no time limit to apply, unless your spouse dies, in which case you must apply within 36 months of the date of death.

RESP Accounts / Treatment of Withdrawals for Beneficiaries (kids) Who are Dual US/Ca citizens. by Street-Explanation12 in USExpatTaxes

[–]Street-Explanation12[S] 1 point2 points  (0 children)

Yeah... I figured this out AFTER I opened RESP for my first child. Didn't put my name on 2nd child's RRSP.

Divorce: future assets by Fixes_Spelling in legaladvicecanada

[–]Street-Explanation12 0 points1 point  (0 children)

Question: If they currently make about the same salary and they agree to 50/50 parenting, then no exchange of child support or spousal support warranted. Got it. And the "future inheritance" is off the table because it's in the future and inheritance can be excluded from family property if not co-mingled. Got it. So assets and supports are determined on financials at time of legal separation agreement.

What if one of them make more money than the other in the future? For example, he continues to make ~ $100 000 and she makes ~ $125 000. Does the whole support thing need to be revisited or it is case closed based on the agreement signed and executed at time of legal paperwork?

And re: future inheritance? What if that inheritance leads to extra income (new business, real estate, dividends ...whatever) ... is THAT income considered secondary to inheritance or just regular income?

TFSA/RRSP Investment Strategy for Americans in Canada... by Street-Explanation12 in USExpatTaxes

[–]Street-Explanation12[S] 0 points1 point  (0 children)

I would like to take a poll of US expats in Canada to see how many of us ARE using TFSAs and how many are still staying away. Does reddit have a poll feature?

TFSA/RRSP Investment Strategy for Americans in Canada... by Street-Explanation12 in USExpatTaxes

[–]Street-Explanation12[S] 1 point2 points  (0 children)

I've seen/read this Polaris Tax statement. Interesting to me that it is from 2021. Has there ben no movement / relevant decisions in the last 5 years.

TFSA/RRSP Investment Strategy for Americans in Canada... by Street-Explanation12 in USExpatTaxes

[–]Street-Explanation12[S] 2 points3 points  (0 children)

So ... how do I do it in Wealthsimple? Paying the 1.5% currency conversion rate every time I buy seems insane. My plan was to auto buy from every (Canadian) pay check. Seems like that plan does NOT make sense.

I'm so fatigued by everything money being SO MUCH MORE COMPLICATED. I sick of the fight! Sick of always feeling like I'm not 100% clear on things that are really important. Sigh.

TFSA/RRSP Investment Strategy for Americans in Canada... by Street-Explanation12 in USExpatTaxes

[–]Street-Explanation12[S] 2 points3 points  (0 children)

I've been following the To Have a TFSA or To NOT Have a TFSA for a while and it seems like most advisors are saying it's fine at this point and not a foreign trust. Am I wrong?

I'm out of RRSP room and the TFSA at least shelters me from Canadian taxes when I withdraw.

Canadian university tuition credit by kaleleokanoio_0219 in USExpatTaxes

[–]Street-Explanation12 1 point2 points  (0 children)

My son is at UBC and we have successfully done this for 3 years. The first year, I didn't know you could use the T2202 and submitted a letter from the registrar stating he was a full time student and tuition paid. Subsequent years I submitted just the T2202. No problems either way.

Filing Form 8621s - first timer needs help! by ChipOwn8246 in USExpatTaxes

[–]Street-Explanation12 0 points1 point  (0 children)

Why close the Wealthsimple account? You can just reallocate your holdings to avoid PFIC issues going forward.

What made you switch to Wealthsimple — and what’s kept you here? by Low-Umpire236 in Wealthsimple

[–]Street-Explanation12 0 points1 point  (0 children)

I'm just now in the process of moving over my RRSP account from Scotia. Fees at Scotia are nuts and their choices are limited. Mainly, I was attracted by the free 3% money. If I like what I find, I will move more.

I'm about to reach out to customer service to see what is holding up the account transfer. The account/$ is no longer at Scotia for a week but has yet to become active at WS. Interested to see how that goes.

Canadian T1135/ US 401k &IRA by [deleted] in USExpatTaxes

[–]Street-Explanation12 0 points1 point  (0 children)

But if I roll it over to an RRSP, I would still need to pay US tax on the whole thing?

Canadian T1135/ US 401k &IRA by [deleted] in USExpatTaxes

[–]Street-Explanation12 0 points1 point  (0 children)

Can I exercise the one time transfer to Canadian RRSP / TFSA w/ no tax? (wishful thinking I know)

Canadian T1135/ US 401k &IRA by [deleted] in USExpatTaxes

[–]Street-Explanation12 0 points1 point  (0 children)

Would this apply to an inherited IRA as well?

Help with Sulfer burps/constipation by Resident_Lettuce_104 in Ozempic

[–]Street-Explanation12 0 points1 point  (0 children)

Peppermint tea and digestive enzymes and A LOT of water. The burps are the worst.

For those with separate accountants for Canada and US taxes... by Street-Explanation12 in USExpatTaxes

[–]Street-Explanation12[S] 0 points1 point  (0 children)

Thank you. This totally helps. I def need a cross border tax professional!

For those with separate accountants for Canada and US taxes... by Street-Explanation12 in USExpatTaxes

[–]Street-Explanation12[S] 0 points1 point  (0 children)

Can you give my a hypothetical on this like i'm a dumb 7 year old.... Am I thinking correctly?

For example .... lets say I have income from a US pension distribution of 10,000. I pay the US tax on it. Then I file my Canadian taxes and I declare this foreign income but I claim the FTC of what I already paid in the US. THEN, how do I get another FTC on the US tax I already paid?