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What is Form 8891?

IRS Link to Form — Found Here Form 8891 was previously used by individuals with retirement plans held in Canada when they were living in America, each time they took distributions. The process proved to be cumbersome for many good-natured Canadians, and caused the IRS a lot of trouble as well. This form has been retired in favor of an acknowledgement on the IRS Form 1040. Form 8891 is no longer used, which came as a relief to many Canadian-Americans who had retirement plans from work they did in Canada. Certain filing requirements still exist, such as a new form replacing the FBAR, for foreign bank accounts, now called the FinCEN Form 114. Continue reading...

What is a Life Income Fund?

Life Income Funds (LIFs) are available to Canadians who have left a job before retirement and who are entitled to a sum of money in their pension plan. LIFs offer some flexibility, more than some other alternatives, but the amount that can be withdrawn at a time is limited to a minimum and maximum. The former employee could choose to leave the funds in the pension plan, or to use one of the alternatives to LIFs, which include a Locked-In Retirement Account (LIRA), which is provincially-regulated, or a Locked-In Retirement Savings Plan (LRSP), which is federally regulated. LIRAs and LRSPs do not permit regular withdrawals, and are seen as savings vehicles rather than income vehicles. Continue reading...

What is a Dividend Tax Credit?

In Canada, the dividend tax credit eliminates tax liability for eligible dividends. Eligible dividends can come from public companies, foreign-owned companies operating in Canada, and many privately owned companies. It allows Canadian citizens to avoid having their dividends double-taxed. Canada offers a dividend tax credit that allows investors to eliminate their taxes on dividends paid from eligible companies. Continue reading...

What is a currency symbol?

Currency symbols are characters written or typed in a specific arrangement alongside the numerical values of a currency amount, to denote the kind of currency in which the amount of money is held. An example would be the dollar sign ($), which is placed at the beginning of the numbers which describe the amount of currency in question, despite the fact that in most languages the word “dollars” follows the numbers when spoken. Many currencies have their own symbol but not necessarily all do. Continue reading...

Which Silver Miner ETFs Were Top Performers in Q3 2021?

The silver market has been on a remarkable journey over the past year, outperforming the broader stock market indices. As of June 1, 2021, the Bloomberg Silver Subindex showed a staggering 45.4% increase in silver prices over the previous 12 months, surpassing the S&P 500's total return of 39.7%. This bullish trend in silver has piqued the interest of many investors looking to capitalize on the precious metal's momentum. If you're considering entering the silver market, exchange-traded funds (ETFs) focused on silver miners might be an attractive option. In this article, we will explore three silver miner ETFs to watch for in Q3 2021. Continue reading...

What is the foreign earned income exclusion?

Americans working abroad must report their earnings to the IRS, but they are allowed to avoid paying federal income taxes on an amount adjusted for inflation, which is just over $100,000 as of 2016. Americans working abroad often enjoy a few tax advantages. One of which is the Foreign Earned Income Exclusion. The reasoning is that they are probably paying some form of tax in the county in which they are working, even though this is sometimes not the case. Continue reading...

What is the Black-Scholes formula?

The Black-Scholes formula is a formula and market model for explaining or determining the price of European-style options. It was developed in 1973 by two world-renowned economists, Fischer Black and Myron Scholes, and it led to a Nobel Prize in 1997. As opposed to the American-style of options, which can be exercised at any time, European-style options can only be exercised on their expiration date, they are not exposed to dividends, and they have no commission structure to consider. Some are content to use Black-Scholes for quick applications to American-style, but It is not as accurate as it should be. Continue reading...

What is a foreign fund?

A foreign fund is a mutual fund that invests solely in companies abroad and does not invest in corporations owned in the US. Owning foreign companies can be a very good diversification strategy and is considered a core holding in the portfolio of most investors. Foreign exposure means that if the US economy hits a rough patch, you may have a hedge in the foreign fund if the companies or markets in other parts of the world are not entirely correlated. Continue reading...

What is the Lifetime Learning Credit?

The Lifetime Learning Credit is a federal tax credit to offset expenses associated with higher education. There is no age limit and the credit can be applied to part-time student courses, even if it is only one class. The credit is for 20% of the related expenses up to a maximum of a $2,000 credit per household. Tax credits are a dollar-for-dollar reduction of taxes due. The Lifetime Learning Credit can be used for higher education expenses, regardless of the age of the student, but there is a household limit per year. 20% of educational expenses up to a household maximum of $2,000 can be applied as an income tax credit. The credit exists to make it easier for Americans to increase their skill-set and education. Continue reading...

What is a foreign tax deduction?

Workers who earn income in foreign countries will frequently pay taxes on the income in the country in which the wages were earned. In such cases the worker may be eligible to take deductions for the amount of taxes paid so that their entire income is not subject to taxes again in their country of citizenship. Ex-patriot workers who earn income overseas are generally eligible for tax deductions, credits, or exclusions to account for the taxes that they have already paid on their income in the foreign country. Continue reading...

What makes arbitrage trading a legal practice?

Unlock the world of financial opportunities through arbitrage trading. Learn why it's legal, how it enhances market efficiency, and why arbitrageurs are vital in maintaining market liquidity. Dive into the world of profitable and legitimate financial strategies. #ArbitrageTrading #FinancialMarkets #MarketEfficiency Continue reading...

What Are the Top 8 Most Tradable Currencies in Forex and Their Economic Drivers?

Dive into the forex market's heartbeat with our in-depth analysis of the top 8 tradable currencies. From the dominance of the U.S. dollar to the allure of the South African rand, each currency tells a story shaped by its central bank, economic policies, and global standing. Whether you're a seasoned trader or new to the forex scene, our guide offers valuable insights into the currencies that make the financial world go round. Uncover the intricacies of the forex giants and the nuances that drive their value. Get ready to trade with knowledge as your currency. Continue reading...

What Drives the USD/CAD Currency Pair and How Can Traders Capitalize on It?

Venture into the captivating realm of the USD/CAD forex trading world. This dynamic currency pair, representing the U.S. Dollar and Canadian Dollar, offers traders a unique dance of economic forces, historical shifts, and strategic opportunities. From its historical roots, marked by moments of parity and economic upheavals, to the intricate dance influenced by oil prices and central bank policies, the USD/CAD pair stands as a luminary in the forex market. Whether you're a seasoned trader or a newcomer, the USD/CAD narrative provides a rich tapestry of insights, strategies, and potential rewards. Dive deeper to understand the symphony of factors that shape its movements and learn how to harmonize with trading strategies that can enrich your forex journey. Continue reading...

What Is the S&P/TSX Composite Index?

The S&P/TSX Composite Index, often referred to simply as the TSX Composite, is a cornerstone of Canada's financial landscape. It's a capitalization-weighted equity index that tracks the performance of the largest companies listed on the Toronto Stock Exchange (TSX). In this article, we'll delve into the essence of this index, its constituents, and how you can invest in it. he S&P/TSX Composite Index is Canada's answer to the S&P 500 in the United States. It comprises around 230 to 250 publicly traded Canadian companies out of the approximately 1,500 listed on the TSX. Continue reading...

What is a Global Depository Receipt (GDR)?

A Global Depository Receipt is a security which represents ownership in shares of a foreign corporation. Investment banks in the United States and elsewhere purchase shares in foreign corporations and sell the equity in the form of a Global Depository Receipt, also called an International Depository Receipt, and formerly known as an American Depository Receipt. They allow foreign companies to find investors in other countries, and vice versa, and the Americans and other foreigners can pay for the GDRs in American currency. They are typically sold in lots such that 1 GDR equals 10 shares of the underlying foreign company, but other ratios can be used. Continue reading...

What are 'Liar Loans'?

Liar loans are a term that refers to loans or mortgages that were granted with little or no request for qualification documentation, such as proof of income. On certain low-documentation loan programs, such as stated income/stated asset (SISA) loans, income and assets are simply stated on the loan application. Then there are still other loan programs known as no income/no asset (NINA) loans, where the applicant essentially does not have to provide any proof of eligibility. These types of loans opened the door for fraudulent lending practices, which ultimately bankrupted several mortgage companies during the 2008 financial crisis. Continue reading...

What is Accountant Responsibility?

Accountants and companies have responsibilities for maintaining accurate records of financial transactions and accounts. Companies must maintain accurate records and accounts, for the sake of reporting to investors, regulatory agencies, and the IRS. Accountants are the professionals trained in the appropriate methods for maintaining these records. They must make every effort to impartially adhere to the law and to accounting standards with regards to the records and documents for which they are responsible. Continue reading...

Should I buy gold coins?

Gold bullion are an asset that will hold value due to their gold content; gold coins which are more numismatic, that is, collector’s items, may not retain the same value. The value of gold coins is twofold: the price of the gold in the coin and the numismatic value of the coin. There is an important distinction to be made, because some gold coins will have a lot of one, and not the other, and, if you want to make sure your investment is an investment in precious metal and not just a collector’s item, you should make sure you’re getting a coin that qualifies as bullion. Continue reading...

What are Tangible Assets?

Tangible assets are the property of a company that are tangible and can be quickly liquidated. This includes current-period accounts receivable and money in checking, savings, and money-market accounts. Buildings, land, equipment and inventory are all tangible assets as well. Tangible assets are an important part of a company’s book value. For most valuations, intangible assets such as patents, other intellectual property, and goodwill are not included. Continue reading...

What is an Accounting Interpretation?

Similar to the practice of law, the standards and practices of accountants will change based on an ongoing interpretation and application of tax law and codes. Accounting interpretations are generally publications from groups like the Financial Accounting Standards Board (FASB)and the American Institute of CPAs (AICPA). These interpretations are not official standards, and do not have to be followed the way a standard does, but they give insight and suggestions for situations which may be new developments. Continue reading...