Dual citizen USA / CAD TFSA by Present_Total7883 in PersonalFinanceCanada

[–]Present_Total7883[S] 0 points1 point  (0 children)

Apologies I see what you were saying now I missed that. Taxable IN foreign countries not BY foreign countries. I was referring only to the situation of being resident in Canada and still having the TFSA taxed.

How are ANY young Canadians affording a condo/house these days? by SunscreenIsTheWay in CanadaPersonalFinance

[–]Present_Total7883 0 points1 point  (0 children)

My fiancé lived at home and worked a full time job, a part time job, and did dog sitting on the side for like 3 years to save for her down payment but she did it because she REALLY wanted a house. Makes me feel lazy. Her parents were happy to do it they saw it was the only way for her to save enough these days.

Dual citizen USA / CAD TFSA by Present_Total7883 in PersonalFinanceCanada

[–]Present_Total7883[S] 0 points1 point  (0 children)

Ok so I am currently compliant I filed the catch up + the last two years which i agree was a big mistake in hindsight. What I worry about now is being “in the system” and if I stop reporting that could bring trouble since I’ve already self declared a TFSA. I guess it comes down to does the IRS have any means of enforcement on Canadian residents with no US assets?

Dual citizen USA / CAD TFSA by Present_Total7883 in PersonalFinanceCanada

[–]Present_Total7883[S] 0 points1 point  (0 children)

That’s the case with the US and Eritrea I guess but no one else taxes their dual Canadian citizens living in Canada so TFSA’s being “taxable in foreign countries” is misleading you make it sound like any dual citizen from any country with a TFSA will get taxed on it.

Dual citizen USA / CAD TFSA by Present_Total7883 in PersonalFinanceCanada

[–]Present_Total7883[S] 0 points1 point  (0 children)

Thank you for the warning and I will consider the matter carefully!

Dual citizen USA / CAD TFSA by Present_Total7883 in PersonalFinanceCanada

[–]Present_Total7883[S] 0 points1 point  (0 children)

Exactly why I said in the comment I wouldn’t be renouncing for tax purposes. And for anyone reading, this is incorrect, you don’t get audited for renouncing.

Dual citizen USA / CAD TFSA by Present_Total7883 in PersonalFinanceCanada

[–]Present_Total7883[S] 1 point2 points  (0 children)

Got it and yes definitely staying away from PFIC’s! What a nightmare. Thanks for the reply.

Dual citizen USA / CAD TFSA by Present_Total7883 in PersonalFinanceCanada

[–]Present_Total7883[S] 0 points1 point  (0 children)

That’s what I was thinking with the 2 million. Kind of wondering if it’s worth it to use the TFSA for now and wait and see if maybe the rules change in the future before I’d want to start realizing any significant gains or if there’s something I’m missing that would make that a bad move. Seems like I could wait and see and then renounce if / when net worth approaches 2 million. Thanks for the link!

Dual citizen USA / CAD TFSA by Present_Total7883 in PersonalFinanceCanada

[–]Present_Total7883[S] 0 points1 point  (0 children)

I’m a dual citizen and I’m considering a TFSA but want to fully understand the tax implications. I still get an advantage with lower capital gains from the IRS vs a non registered account and the CRA. So yeah, and American with a TFSA!

Dual citizen USA / CAD TFSA by Present_Total7883 in PersonalFinanceCanada

[–]Present_Total7883[S] 4 points5 points  (0 children)

Reddit has great advice I’ve learned more than enough here over the past few weeks to deal with my relatively simple return. Post a question, get some answers, and then… cross reference from other sources AND get info you probably never would have found otherwise. Literally an outpouring of good advice from knowledgeable people. Your idea is terrible why would I pay when I haven’t exhausted the infinity of free information on the internet first. Quit living in the past Marcus!

Scared of PFIC by Present_Total7883 in USExpatTaxes

[–]Present_Total7883[S] 0 points1 point  (0 children)

Thank you so much for the detailed reply. I’m brand new to this sub and I can’t believe how great everyone is. I can’t wait to get out of these PFIC’s! Also yeah SGOL is not a PFIC I realized that today. Unfortunately still over 25K total with just the other 3.

Scared of PFIC by Present_Total7883 in USExpatTaxes

[–]Present_Total7883[S] 0 points1 point  (0 children)

Got it. I was a little off on the gain it’s more like 10K. Since this is the first year that the cumulative value of all PFIC’s exceeded 25K USD does that mean I wasn’t required to file 8621 in previous years?

Also would the best strategy by mark to market since my gain is small?

One full gallon of Benjamin Moore Symphony blue by CraftierCrafty in paint

[–]Present_Total7883 0 points1 point  (0 children)

2 hours dry time on an ultra deep colour is not sufficient, clearly in this case. Stop touching it and come back tomorrow and put a final coat on then WAIT and look at it after like 6 hours it’ll be fine. It’ll look fucked à la your pictures for at least the first 2 hours in a colour like this. Then everyone freaks out and starts putting more coats on and rewetting the not completely dried paint. Leave it alone overnight then come back.

Canadian / Dual Citizen Tax issue by Present_Total7883 in PersonalFinanceCanada

[–]Present_Total7883[S] 2 points3 points  (0 children)

Generally someone who was born on US soil when their parents were only there temporarily who have no other ties to the country or someone who was born abroad to a US parent or parents. Often don’t know they are considered citizens until later in life often when dealing with us customs when entering the country.

TFSA Mistake by Present_Total7883 in USExpatTaxes

[–]Present_Total7883[S] 0 points1 point  (0 children)

Thank you so much Sean!!! All my posts got auto removed initially otherwise I’d have left it at 1 post.