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Fundamentals of U.S. & Canada Cross Border Returns
INTRODUCTION TO THE COURSE - ADMINISTRATION
Welcome to Preparing Cross Border Tax Returns - Introduction by Ian DiNovo (3:58)
Download course notes here - Refund policy - Certificates (5:00)
Administration - Course Payments, Refund policy, certificates of completion (6:25)
Introduction to Preparing Cross Border Tax Returns - Introductory course by Mark Fehrman (5:30)
Teaching approach we will be using in this course (3:18)
How to contact me and ask questions - Asking the right questions and what I cannot answer (1:29)
Discussing and advising on US & Canadian tax software (1:36)
What we cannot cover in this course - State and Provincial taxes or In-depth rules of each country (1:43)
MODULE 1: OVERVIEW OF CROSS BORDER TAX
Introduction to Module 1 Overview of cross border tax (0:43)
Why we prepare both returns in situations involving cross border tax obligations (3:47)
Look over my shoulder as I take you through a mock scenario to prepare a cross border return (15:09)
Learning the dance - Understanding the mindset of tackling cross border scenarios and returns (2:50)
Qualify before you quantify - How the littles changes can impact the entire return (3:27)
Overview of the treaty and treaty positions (7:56)
The importance of exchange rates and ensuring that you are using the proper converted numbers for each return (1:52)
How to determine residency - Asking the Canada Revenue Agency (CRA) (4:54)
US & Canadian Taxpayer Identification Numbers (TIN) (6:22)
Deadlines for filing Canadian and US returns (2:41)
How to grow a cross border return practice (2:17)
MODULE 2: CANADIAN NON-RESIDENT TAX RETURNS
Introduction to Module 2 and Non-Resident Tax Returns (0:26)
Overview of Non-Resident (NR) returns that can be filed and your options - Your return filing toolbelt (2:38)
Canada Form NR7 - Application for Refund of Part XIII Tax Withheld - Example of filled out form (2:28)
Canadian Non-Resident Return - File for Canadian sources income (3:22)
Section 216 - Non Resident return with election on reporting rental income (3:45)
Section 217 Return - Non-resident return not common but important to understand (1:14)
Drawing a timeline of income with discussion (7:15)
MODULE 3: ENTERING U.S. SLIPS ON CANADIAN TAX RETURNS
Introduction to Module 3 on how to enter US tax slips on Canadian T1 returns (0:19)
W-2 - The wage and tax statement (3:17)
1099-R Pension - Distributions from a US pension (3:35)
SSA 1099 - Social Security Slip (3:58)
K-1 - Investment income slips (4:04)
1099-B - Proceeds from stock sales (7:04)
1099-Div - Dividend income slips (3:26)
1099-Int - Interest income slips (2:33)
1099-G - Gambling income (0:57)
1099-Misc Royalty income slips (2:48)
1099 - Miscellaneous commission income slips (4:40)
Reporting alimony income - no slips (2:06)
MODULE 4: ENTERING FOREIGN PENSION CONTRIBUTIONS
What pensions can be deducted (5:19)
Introduction to Module 4 on entering foreign pension contributions (0:32)
Preparing the RC 268 and the Foreign Tax Credit Schedule (4:44)
MODULE 5: CANADIAN CREDITS & DEDUCTIONS FOR FOREIGN INCOME
Introduction to Module 5 covering credits and deductions (1:05)
Medical expenses and tax credit (4:45)
Tuition credits (5:02)
Donations (5:56)
Child care expense deductions (0:57)
Limitations on credits and deductions for non-residents (2:47)
Moving Expenses (1:47)
MODULE 6: CALCULATION OF FOREIGN TAX CREDITS
Introduction to Module 6 covering calculation of foreign tax credits (1:14)
Overview of Foreign Tax Credit forms T2209 & T2036 (3:29)
Simple Example of Foreign tax credits (4:45)
Complicated example of Foreign Tax Credits (7:18)
Pension splitting and dealing with Foreign tax credits (6:39)
Replying to CRA reviews, questions and audits (6:55)
Maximizing foreign tax credits (7:14)
MODULE 7: NON-RESIDENT SELLING CANADIAN PROPERTY
Introduction to Module 7 on non-residents selling a Canadian property (0:39)
Selling the property and gathering information (9:56)
Calculating the capital gain on the property disposition (11:06)
Filling out the necessary forms to meet filing obligations (8:59)
Preparing the Final T1 tax return (5:38)
Other Disposals (10:42)
MODULE 8: CANADA - FOREIGN ACCOUNT REPORTING - T1135 (IAN DINOVO, CPA)
What is Specified Foreign Property and what needs to be reported (5:55)
Introduction to Module 8 - Foreign Account Reporting in Canada on the T1135 (5:48)
What are the exemption to Specified Foreign Property that are not reported (5:38)
A review of the T1135 form and overview of the simplified and detailed methods (11:58)
Some common scenarios and how to report foreign income (10:14)
Checking verifying and reconciling the information on the T1 and the T1135 (6:50)
Some good news on detailed method reporting for many individuals (5:54)
MODULE 9: U.S. NON-RESIDENT TAX RETURNS
Introduction to Module 9 on Non-resident tax returns (0:19)
Returns that need to be filed - Benefits of filing as a non-resident (2:33)
Understanding form 1040NR and what needs to be reported
Discussion of 1040NR - Requirements , credits & election to be full year resident (6:51)
MODULE 10 & 11: ENTERING CANADIAN SLIPS ON U.S. TAX RETURNS
Introduction to Module 10 on entering Canadian slips into US returns (0:32)
Entering employment income - T4 slip (3:40)
Reporting employment insurance - T4E employment insurance (1:14)
Entering Canadian pension slips - CPP and OAS slips - T4(P) and T4(OAS) (3:41)
Reporting RRSP withdrawals and what to look out for - T4RSP & T4RIF slips (2:26)
Entering investment income from T5 slips (3:20)
Reporting gains and losses on T5008 slips - may require gain/loss reports (4:22)
Reporting Canadian alimony/spousal support on the US return (1:43)
Discussion of pensions contributions on the T4 slip and Form 2555 Foreign Earned Income exclusion (2:53)
MODULE 12: UNITED STATES CREDITS & DEDUCTIONS FOR CANADIAN INCOME
Introduction to Module 12 on US tax credits and deductions for Canadian income (0:31)
Foreign earned income deduction - Exclusion of foreign income excluded from US tax (8:54)
Claiming itemized deductions - Limited versus the standardized deductions (3:12)
Other standard deduction options available on Canadian income (4:22)
Child tax credits and credit for other dependents (4:49)
MODULE 13: CALCULATION OF FOREIGN TAX CREDITS
Foreign Tax Credit Form 116 - Example of preparing the Form 1116 (8:32)
Introduction to Module 13 on the calculation of foreign tax credits (0:38)
Carrying forward tax credits Why you need last years return (2:46)
Maximizing Foreign Tax Credits - Splitting State and Federal to maximize and not lose out on credits (3:23)
MODULE 14: NON-RESIDENT SELLING U.S. PROPERTY
Introduction to Module 14 covering non-residents selling US property (1:05)
Introduction and foundations of FIRPTA and exemptions (4:33)
Calculating the capital gain and preparing the tax return (5:38)
Claiming the capital gain in Canada (2:16)
MODULE 15: FOREIGN ACCOUNT REPORTING
Foreign Bank account reporting and its history (7:35)
Introduction to Module 15 on Foreign Income Reporting (1:12)
Overview of FBAR requirements - Schedule B, Interest and penalties, due date (13:40)
How to prepare the FBAR form (13:47)
Due date for the form - Interest and penalties on late filing the FBAR form (4:33)
Form 8938 - Statement of Specified Foreign Financial Assets - How to prepare the form (4:51)
Other foreign reporting issues - Complications and grey areas to be aware of (3:33)
MODULE 16: PUTTING IT ALL TOGETHER
Introduction to Module 16 on putting everything we've learned together (1:16)
Reviewing and analyzing the flow of information on both tax returns (3:10)
Stick to the basics - Do not confuse yourself (4:38)
Suggestions on client fees and providing estimates - Run scenarios (6:55)
Reviewing tax returns - If one number is wrong, the whole return changes (3:34)
Planning for tax season - Extensions, automatic extensions & need to meet with clients (6:00)
After tax season - A lot more client planning, government letters (5:43)
Don't stop learning - Keep up with changes in both countries (2:18)
MODULE 17: CONCLUSION
Course Conclusion - Thank you and next steps in your journey (2:46)
Preparing the RC 268 and the Foreign Tax Credit Schedule
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