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Conference kaosws::canada

Title:	True North Strong & Free
Notice:	Introduction in Note 535, For Sale/Wanted in 524
Moderator:	POLAR::RICHARDSON

Created:	Fri Jun 19 1987
Last Modified:	Fri Jun 06 1997
Last Successful Update:	Fri Jun 06 1997
Number of topics:	1040
Total number of notes:	13668

813.0. "Canada & US Income tax filing (Ughhh)" by CSC32::S_BROOK (There and back to see how far it is) Fri Apr 01 1994 15:49

    Wat a taxing problem this all is .....
    
    Is there anyone reading this who has to file both US and Canadian
    Income taxes ... or do you know of anyone who does ???
    
    I need help on determining info on how income is reported in each
    countrt and how the foreign tax credits work.
    
    	US Bottom Line Tax = US Tax - CDN B L Tax Credit
        CDN BL Tax = CDN Tax - US BL Tax Credit
    
    Or some such pair of simultaneous equations ...
    
    
    Thanks
    
    
    Stuart

T.R	Title	User	Personal Name	Date	Lines
813.1	Canada/France income tax filing	ULYSSE::DOROSH		`Mon Apr 11 1994 08:43`	16
	I'm generating the same sort of formulas for Canada/France income tax return... Where: CDN BL Tax = CDN Tax - France BL Tax Credit + S + I S = the suppliment applied to income earned outside of the country (%) I = the interest payed on unpaid CDN income tax until I can proove that I've paid my French income tax, 9 months later in January... uuggghhh... Dale
813.2		CSC32::S_BROOK	There and back to see how far it is	`Fri Apr 15 1994 16:31`	13
	Just a word of warning for anyone who considers moving south ... When you move south, make sure you that you don't come down with family still in Canada selling your house or whatever. Revenue Canada will treat you as a Canadian resident for tax purposes, even if you are in the USA! So they will tax your US income ... and remember your US income is higher in CDN$ ... I had 6 months of US income ... as a result, I have to find somehing near $10,000 CDN for revenue Canada! I knew I'd have to pay some ... I didn't expect that much though! Stuart
813.3		KAOFS::J_DESROSIERS	Lets procrastinate....tomorrow	`Sat Apr 16 1994 00:06`	5
	Stuart, why don't you go tell them to take a hike? would they come and get you in the US? Jean
813.4		CSC32::S_BROOK	There and back to see how far it is	`Mon Apr 18 1994 13:06`	20
	> Stuart, why don't you go tell them to take a hike? would they come and > get you in the US? Don't I wish ... Yes, they can come and get me ... that's what tax treaties are all about, and even if they don't, I am here on a work visa ... which essentially means that the chances are, if Digital should decide my head is no longer required, then I have to return to Canada (or go back to Britain ... not a good option!), and as soon as I arrive at the border .... Hello Mr. Brook, we've been waiting for you ... here is a) your tax bill, b) your penalties for not paying up, the interest accrued on all this, oh and yes, here's a police officer who will escort you to the nearest police station, at Her Majesty's Pleasure for attempting to avoid taxes! So ... it's really a case of Pay Up ... eventually. Stuart
813.5	Mercy from the court	POLAR::ROBINSONP	EVO Inside	`Mon Apr 18 1994 13:19`	15
	Let's see, at 1.38 exchange, they make quite a killing at revenue Canada, don't they? I have heard that they are quite flexible on repayment schedules if you present your case carefully,ie you are destitute from the move , strain on your family. Throw yourself on their mercy, grovelling is your best bet now... Just think of all the programs your are supporting up here, Stuart. We thank you.. Have a nice day. Pat