Real Estate
This is what depreciation is called in Canada
What is CCA?
The two tests to become a resident of the US.
What is the Substantial Presence Test & Green Card Test?
The filing threshold for the FinCEN form 114.
What is US$10,000?
The way rental income would be sourced.
What is location of property?
The forms to complete as part of departure tax when assets exceed 25,000.
What are forms 1161 and form 1243?
In Canada, the section of the act that governs converting real estate from a non-income producing property to an income producing property.
What is section 45?
The three primary residential ties in Canada.
What are Permanent home, your location and your spouse/dependents location?
The filing threshold for a Married individual filing a joint return while living in the US for form 8938.
What is 100,000 on Dec 31st or 150,000 at any other time?
The country US bank interest earned by a non-resident of the US and resident of Canada would be sourced to.
What is Canada?
The assets exempt from departure reporting
What are Registered accounts, cash, Cdn real estate, personal-use property<10K and assets purchase while a resident for less than 60 months?
The length of time a US based property can be depreciated in the US.
What is 27.5 years?
The election to make two married immigrants a full-year resident of the US.
What is a sec. 6013(h) election?
The assets subject to T1135 reporting if exceeding filing threshold:
1) US bank account
2) Shares in Meta within a CIBC account
3) CIBC bank account
4) Shares of CIBC
What are US Bank account & Meta shares?
The way you would source employment income.
What is based on the employee's working location?
The departure tax due on stocks valued at $50,000 with a cost basis of $25,000 for an individual who lived in Ontario and had other taxable income in excess of $300,000.
What is $13,382.50?
The amount of recapture under the following conditions:
UCC: 50,000
Proceeds: 100,000
Original Purchase Price: 75,000
What is 25,000?
The residency start date for an individual meeting SPT on March 3 when family remained in Canada until June 3rd and taxpayer wants to file MFS.
What is June 3rd?
The requirements to filing forms 3520/3520-A
What are being a US resident while owning a non-US based trust?
The country you would pay tax in on $15,000 of US sourced employment income that was paid by a Canadian employer and not charged to a US company to an employee who spent 45 days in the US.
What is Canada?
This is the form to complete to elect a higher cost basis in the US due to Cdn departure tax.
What is form 8833?
The maximum 1st year of CCA for a building in Canada where the building has a FMV at time placed in service of $450,000 and an original purchase price of $300,000?
What is $18,000?
The resident start date for a Brazilian moving to the US who travelled to Canada from Jan 3 - Jan 10 and February 14 - 21 before moving on March 3rd.
What is February 14th?
The percentage the current year distribution can exceed the average of the last three years and not be considered an excess distribution for form 8621?
What is 125%?
Relocation allowances would be sourced to this country for a Canadian moving to the US
What is the US?
Which of the following assets would be subject to departure tax in Canada: Cdn RPP, RESP, Non-registered account, ROTH IRA, 401(k), Cdn principal residence.
What are the Non-registered Account & ROTH IRA?