On Mar 16, 12:16 pm, Han <Broek.N...[at]gmail.com> wrote:

- quote -

You are right. The instructions for the form say that you only need
to file if the amount in the account exceeded 10k anytime during the
year. The form has a checkbox for the account value as under 10k.

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On Mar 16, 10:19 am, Jawahar <jawahar.ra...[at]gmail.com> wrote:
- quote -

Capital Gains are reported on Schedule D. Other income is just that,
page one of your 1040.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Mar 13, 7:20 pm, "removeps-gro...[at]yahoo.com" <removeps-
gro...[at]yahoo.com> wrote:
<snip> At the bottom of the page it asks you if you had a foreign financial
- quote -

foreign accounts (likely if you received near $1K in dividends etc,
but still possible).

Han
(posting from Google out of necessity, rather than my usual Verizon IP)

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Mar 13, 11:22*pm, jma...[at]andrewmitchel.com wrote:
- quote -

What I have is a T3 form and on close examination of it I see that it
is two incomes "Other Income" and "Captial gains"
Do i still use schedule B
Many Thanks
Jawahar

========================================= MODERATOR'S COMMENT:
Please trim the post to which you are responding.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Mar 14, 4:54 am, "parrisbraes...[at]yahoo.ca"
<parrisbraes...[at]yahoo.ca> wrote:

- quote -

You might want to first find out what exchange rate they use to see if
it is the most favorable one. Questions are: average rate or rate on
last day of year, interbank rate or typical cash rate or something in-
between.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Mar 13, 2:00 pm, Jawahar <jawahar.ra...[at]gmail.com> wrote:
- quote -

Most Canadian firms are familiar with the US reporting rules which
will make your future returns earlier. (Just not this return.)

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

- quote -

You also should look at Form 8621 as the Canadian mutual funds are
likely PFICs. You may want to make a mark-to-market election to avoid
the complex interest charge rules.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Mar 13, 11:00*am, Jawahar <jawahar.ra...[at]gmail.com> wrote:

- quote -

Is your Canadian mutual fund held at a Canadian bank or brokerage?
This seems to be the case as you received a T3 form, but am just
checking.

Report interest and dividends on Schedule B as usual. I'm not sure
whether you can use the average exchange rate for the year or the
exchange rate on 12/31/2007. As USD/CAD was dropping last year, the
average exchange rate might be better.

Also, I use the typical cash rate and not the interbank rate, as
that's the rate you get (it's not as favorable as the interbank rate),
but it translates to a slightly smaller dollar amount and therefore
less taxes. Search this group for posts by me, and I give the URL of
a website you can use.

At the bottom of the page it asks you if you had a foreign financial
account, and you should check yes. By June 30 you sould file the TDF
form with the department of treasury (they just need the account name,
number, approximate value range).

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

How do I file / report income form a canadian source (mutal funds ect
- Ordinary dividends/interest < $1000) reported on a Canadian T3 form
with our US tax returns?

I am a permananent resident in the US and a Canadian Citizen


Thanks
Jawahar

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >