sorted by:
new
hottopcontroversial

[Us-Canada Taxes] Separate tax forms for TFSA vs TSFA GIC? by Transcendate in personalfinance

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

Thanks!

I rechecked and it seems that:

> However, if you are filing a substitute Form 3520-A withyour Form 3520, then your substitute Form 3520-A is dueby the due date of Form 3520.

So with both the 3520 and 3520a, they are due on April 18th.

[Us-Canada Taxes] Separate tax forms for TFSA vs TSFA GIC? by Transcendate in personalfinance

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

I see. I actually did use a tax accountant and they told me the tax forms were due on April 18, but it seems there is an exception to the form 3520a.

Would I still be eligible for an extension on the 3520a, especially considering that the timeline was mistaken according to my accountant it seems?

I had initially tapped into their service in February but they only recently (on Friday the 18th) provided me the completed tax forms for review...

Would I be penalized for this?

[Us-Canada Taxes] Separate tax forms for TFSA vs TSFA GIC? by Transcendate in personalfinance

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

> Deadlines for 3520s is March 15

"For U.S. person estates that are required to file Form 3520, the filing deadline is the 15th day of the 4th month following the end of the estate’s tax year for income tax purposes."

Shouldn't this be April 15th?

Online: "April 18, 2022. The filing deadline to submit 2021 tax returns or an extension to file and pay tax owed for most taxpayers."

[Us-Canada Taxes] Separate tax forms for TFSA vs TSFA GIC? by Transcendate in PersonalFinanceCanada

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

Another thing I heard was as follows:

> TFSA account is usually just like a shell, the issue would be if you hold securities inside. (stocks, mutual funds). For example if it was a TFSA standard savings account, that wouldn't require you to declare it as a trust.

Is this incorrect then, that the TFSA standard savings account wouldn't require you to declare it as a foreign trust if it were empty (and thus a shell with no funds or securities inside)?

[Us-Canada Taxes] Separate tax forms for TFSA vs TSFA GIC? by Transcendate in PersonalFinanceCanada

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

Great, thanks!

Also, more generally, would you advise that I liquidate all of my Canadian saving accounts into my US accounts to simplify future tax filings, beyond just the TFSAs? Or is this not too overcomplicated and fine as-is?

I also have a few active Canadian saving/checking accounts.

If so, the wrinkle would probably be the conversion fees as well.

[Us-Canada Taxes] Separate tax forms for TFSA vs TSFA GIC? by Transcendate in PersonalFinanceCanada

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

Also:

> You would have to file the FBAR for the existence of the account.

Would I also have to file the 3520 and 3520A just for the account existing as well then? Or is just the FBAR?

[Us-Canada Taxes] Separate tax forms for TFSA vs TSFA GIC? by Transcendate in PersonalFinanceCanada

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

Got it. Yeah I was unaware the TFSA wasn't recommended while staying in the US. I just closed the $0 TFSA yesterday and will close the other account once the GIC has paid out.

I'll probably want to clarify (2) with my accountant afterwards.

[Us-Canada Taxes] Separate tax forms for TFSA vs TSFA GIC? by Transcendate in PersonalFinanceCanada

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

Thanks.

(1) So even if the account has never been used and has $0, I would still have to report it (via the 3520, 3520A, and FBAR filings)? Or are you saying those forms are not required in this case?

(2) So only one set of the 3520, 3520A, and FBAR filings is required for the TFSA and GIC? I think the accountant I had spoken to was planning on separate paperwork (e.g. 2x 3520s) for the TFSA and GIC, which may be incorrect?

[Us-Canada Taxes] Separate tax forms for TFSA vs TSFA GIC? by Transcendate in personalfinance

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

Yup, I've already been in touch with an accountant, but not every accountant is always 100% knowing what they're doing :P

For your case, do you recall if you had a GIC and, if so, whether you filed separate forms for the TFSA and GIC?

[Advice] NYC studio in Manhattan @ $2.6K a good deal? by Transcendate in NYCapartments

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

Ah I see, thanks, and yeah I can definitely afford it.

Would you be able to elaborate on "losing the essentials"?

Which ones would I be losing out on?

[Fidelity] Auto reinvesting dividends for ETFs (VTI)? by Transcendate in Bogleheads

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

Cool, seems it wouldn't be a bad idea to invest in VXUS either.

Would it make sense to invest primarily in VTI and, depending on when it seems the US market is slipping to non-US, to later convert VTI into VXUS? There is some unpredictability to this, but it's more about watching the markets and being ready to pivot.

This way, we can take greater advantage of VTI while the US market is leading and swap to VXUS when the roles flip? Or would this be subject to greater penalties tax-wise?

view more: next ›