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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
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Experience:  Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
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For lane, pls? Hi: Lane May I confirm whether the following

Resolved Question:

For lane, pls?

Hi: Lane

May I confirm whether the following article from the tax treaty applies to all dividend and capital gains?

(b) profits, income or gains of a resident of a Contracting State which may not be taxed in the other Contracting State in accordance with the Convention (without regard to paragraph 2 of Article XXIX (Miscellaneous Rules)) or to which paragraph 5 of Article XIII (Gains) applies shall be deemed to arise in the first-mentioned State.

The situation is that the dividend and capital gains are from US public companies invested through a Canadian bank, and the tax payer is a US citizen residing in Canada. He paid tax on these US sourced dividend and capital gains on his Canadian return (if my definition of source of income is correct), and on US return, he could resource these income to Canadian income on F1116, right?

Thanks
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Lane :

Thay's right ... otherwise you'd have double taxation

Lane :

It was picked up by CRA because of the Canadian bank, (reported by the bank) i'm guessing, so using the F1116 makes sense

Lane :

he's already there on the Canadian side, but needs to elect via F1116 on the 1040NR

Lane :

Make sense?

Lane :

I still don't see you coming into the chat session, so I'll move us to the "Q&A" mode. See ya on the other side ... let me know if you have questions

Lane :

Lane

Expert:  Lane replied 1 year ago.

 

 

Hi Lucia,

 

Good to hear from you.

 

Let me know if you have questions,

 

Lane

 

Customer: replied 1 year ago.

Hi: Lane


 


I'm sure that interest can be resourced, but just want to confirm that dividend and capital gain can be resourced as well and I quoted the right article of the treaty.


 


Thanks again

Expert:  Lane replied 1 year ago.

I understand.

Yes interest, dividend AND capital gain all passive (non-earned) investment income can be resourced.

I'm interested, why do you need the article itself?

Lane


Customer: replied 1 year ago.

I think it's treaty benefit, so I need to fill out 8833, right?

Expert:  Lane replied 1 year ago.

It's definitely a treaty issue, but let me check, the F1116 may effectively elect.

Customer: replied 1 year ago.

Hi: Lane


 


Would you give me a reply, pls?


 


Thanks,

Expert:  Lane replied 1 year ago.


SOO sorry,

... was thinking I had answered you on this.

I cannot find anything that says specifically no 8833 is needed.

I would err on the conservative side and use 8833 as well

Again, my apologies Lucia

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 4491
Experience: Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
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Lane
Lane
JD, MBA, CFP, CRPS
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Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986