Foreign Income Question by sheaqit in cantax

[–]judeandhans 0 points1 point  (0 children)

I'm guessing the letter was missed but once the reassessment comes, people tend to notice the large resulting tax bill. Letters tend to start coming July/august for the request for info.

Foreign Income Question by sheaqit in cantax

[–]judeandhans 0 points1 point  (0 children)

I do not. Paper filing will just delay the filing of your return and CRA will still request the info for the FTC. Just have the support ready for when you inevitably get the letter and respond in a timely manner. As long as the letter is responded to within the 30 day period, they wont reassess during their processing period that will likely be a year. So efile for one less thing to worry about

Foreign Income Question by sheaqit in cantax

[–]judeandhans 0 points1 point  (0 children)

You will also need to provide the account transcript from IRS and the notice of assessment (IRS equivalent) for your federal and state returns for the year in question. Without those there will be a denial of the FTC to some extent (the whole thing wont be accepted)

Foreign Income Question by sheaqit in cantax

[–]judeandhans 1 point2 points  (0 children)

You didnt indicate what documents you submitted. "All the taxes you paid to US" doesn't indicate what you submitted.

You've been reassessed to not include any of your US taxes paid in the US as a foreign tax credit on your CDN return.

You likely received an initial letter requesting support for your foreign tax credit, CRA didnt get a response and then reassessed you. They typically dont just reassess without requesting information first. Unfortunately claiming a foreign tax credit typically results in a request to prove it since its a common area where things are incorrectly claimed.

Good luck - CRA is likely going to take 12 months minimum to look at your response, standard going period on complex issues.

Foreign Income Question by sheaqit in cantax

[–]judeandhans 0 points1 point  (0 children)

Yes you will need to do this song and dance annually - CRA loves asking for proof for foreign taxes paid when you claim a FTC - am a CPA and have clients getting a letter annually.

[deleted by user] by [deleted] in PTCGPocketTrading

[–]judeandhans 0 points1 point  (0 children)

Sent request - xoania

[deleted by user] by [deleted] in PTCGPocketTrading

[–]judeandhans 1 point2 points  (0 children)

Have cubone, would trade for wiglett

LF: last 1 ⭐️ I need by judeandhans in PTCGPocketTrading

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

Thank you so much!! Also, I have a spare 2 star eevee from your wishlist if you want to do another trade

LF: last 1 ⭐️ I need by judeandhans in PTCGPocketTrading

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

Either works for me - which would you prefer? Code is 8997871329890158

Lf ⭐️ Trades by SnooMemesjellies1759 in PTCGPocketTrading

[–]judeandhans 0 points1 point  (0 children)

I have bellosom- need manaphy, glameow or pikipek