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Dusy

Income tax and investments

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Hi

I'm a Canadian citizen living in the US since 2006 (permanent resident since 2008). I have Canadian investments and when I moved, I left them there. Every year, I have received an NR4 and this year a T5008. I was doing some research today and saw on a website, that I should have filled out Schedule B on the 1040 (questions 7 & 8). Also, something about FinCEN form 114 (FBAR) and form 3520. This wasn’t a government website so I don’t know if it’s true. Is this something that should have been done all these years? Or is this only for US Citizens? Any answers would be greatly appreciated. Thank you.

Sylvie


AOS, EAD & AP

Aug 3- AOS EAD & AP packet sent to Chicago

Aug 7- USCIS received packet

Aug 15- NOA1 for all 3

Aug 22- Biometrics notice received in mail

Aug 26- Case transferred to CSC

Aug 28- Biometrics appt

Aug 31- Case received by CSC

Sept 5- AOS touched ( didn't know what a "touch" was until today) :)

Sept 7- Touched

Sept 14- Touched

Sept 15- Touched

Sept 21- AOS APPROVED!!! WOOOOOOOOOOOOHOOOOOOOOOOOO!!!

Sept 22- Touched and email received in the wee hours of the morning saying welcome notice was mailed Sept 21

Sept 27- Touched and Email received that my case approved and that an approval notice was mailed today!! Huh??

Sept 28- Touched

Sept 29- Received my greencard and welcome notice :)

I-751 (Removal of Conditions)

7/30/08 I-751 sent today

8/01/08 Received in VT

8/07/08 Check cashed

8/11/08 NOA received - 1 year extension

5/08/09 Biometrics appt---finally, after what........nine months

5/12/09 Congratulations letter received--that was fast :)

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You are a US taxpayer, so it applies to you. If you earn investment income like interest or dividends, the earnings each year should be reported on your US taxes. It is not the whole balance, but anything you earned worldwide during the tax year. I haven"t read the specific tax treaty with Canada, but most say report the income to the country where you reside. So it is not income reported to Canada, but rather to the US. Schedule B is where you typically list that.

The FinCen or FBAR document is a reporting of foreign accounts, as in the balance in the account(s). It is not a tax form filed with the return. It is a report to the US Treasury due at the end of June each year. Google "IRS FBAR " and you will like find the IRS.gov hit near the top of the list.

Not knowing your exact details or anything about treaties with Canada, this reply may or may not be your case but is meant to give you general info to examine to see what applies to you.

Edited by Nich-Nick

England.gifENGLAND ---

K-1 Timeline 4 months, 19 days 03-10-08 VSC to 7-29-08 Interview London

10-05-08 Married

AOS Timeline 5 months, 14 days 10-9-08 to 3-23-09 No interview

Removing Conditions Timeline 5 months, 20 days12-27-10 to 06-10-11 No interview

Citizenship Timeline 3 months, 26 days 12-31-11 Dallas to 4-26-12 Interview Houston

05-16-12 Oath ceremony

The journey from Fiancé to US citizenship:

4 years, 2 months, 6 days

243 pages of forms/documents submitted

No RFEs

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You are a US taxpayer, so it applies to you. If you earn investment income like interest or dividends, the earnings each year should be reported on your US taxes. It is not the whole balance, but anything you earned worldwide during the tax year. I haven"t read the specific tax treaty with Canada, but most say report the income to the country where you reside. So it is not income reported to Canada, but rather to the US. Schedule B is where you typically list that.

The FinCen or FBAR document is a reporting of foreign accounts, as in the balance in the account(s). It is not a tax form filed with the return. It is a report to the US Treasury due at the end of June each year. Google "IRS FBAR " and you will like find the IRS.gov hit near the top of the list.

Not knowing your exact details or anything about treaties with Canada, this reply may or may not be your case but is meant to give you general info to examine to see what applies to you.

Thank you very much for your answer, Nich-Nick. The amount that is on the NR4 is put on the return. I had no idea of any of the other forms that needed to be filled out. Evidently, the accountant didn't know either. :( I will read up on it further. Thanks again.


AOS, EAD & AP

Aug 3- AOS EAD & AP packet sent to Chicago

Aug 7- USCIS received packet

Aug 15- NOA1 for all 3

Aug 22- Biometrics notice received in mail

Aug 26- Case transferred to CSC

Aug 28- Biometrics appt

Aug 31- Case received by CSC

Sept 5- AOS touched ( didn't know what a "touch" was until today) :)

Sept 7- Touched

Sept 14- Touched

Sept 15- Touched

Sept 21- AOS APPROVED!!! WOOOOOOOOOOOOHOOOOOOOOOOOO!!!

Sept 22- Touched and email received in the wee hours of the morning saying welcome notice was mailed Sept 21

Sept 27- Touched and Email received that my case approved and that an approval notice was mailed today!! Huh??

Sept 28- Touched

Sept 29- Received my greencard and welcome notice :)

I-751 (Removal of Conditions)

7/30/08 I-751 sent today

8/01/08 Received in VT

8/07/08 Check cashed

8/11/08 NOA received - 1 year extension

5/08/09 Biometrics appt---finally, after what........nine months

5/12/09 Congratulations letter received--that was fast :)

Share this post


Link to post
Share on other sites

Thank you very much for your answer, Nich-Nick. The amount that is on the NR4 is put on the return. I had no idea of any of the other forms that needed to be filled out. Evidently, the accountant didn't know either. :( I will read up on it further. Thanks again.

I am not familiar with Canadian form numbers so don't know what they are reporting to you. This looks helpful in easy to understand language https://ttlc.intuit.com/questions/1930257-how-do-i-treat-the-funds-reported-on-the-nr4-form-for-my-us-tax-return

And many answers on the T5008 https://ttlc.intuit.com/search?utf8=✓&search_category=All&q=T5008&button=


England.gifENGLAND ---

K-1 Timeline 4 months, 19 days 03-10-08 VSC to 7-29-08 Interview London

10-05-08 Married

AOS Timeline 5 months, 14 days 10-9-08 to 3-23-09 No interview

Removing Conditions Timeline 5 months, 20 days12-27-10 to 06-10-11 No interview

Citizenship Timeline 3 months, 26 days 12-31-11 Dallas to 4-26-12 Interview Houston

05-16-12 Oath ceremony

The journey from Fiancé to US citizenship:

4 years, 2 months, 6 days

243 pages of forms/documents submitted

No RFEs

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Share on other sites
 
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