Serbinski Accounting Firms

Thank you! Good Suggestion!

Thanks a lot Nelsona! I didn't know about the $250k exemption on the US side. That helps a lot!

A long overdue thank you for your helpful reply! I think my children may too young for a testimonial trust followed by asset transfer. They may need a relative or family friend to oversee see things as a trustee until they are old enough to manage things on their own. My children are USCs living in ...

Hello, I am USC resident in Canada. My wife is Canadian. We co-own a primary residence in Canada that has appreciated. We have no rental income from the property. Here is what I think I understand (please correct me if I have it wrong): 1. If we sell our house Canada, CRA will not tax us because it ...

As dual resident in CDN, I want to have a trust for my dual citizen CDN resident kids in case I pass away before they grow up. My question is about when to set up the trust. For example, should I: 1. Hire someone to set up the trust now even though my health is good and then have assets transferred ...

I am dual USC/CDN residing in Canada. My two dependent children are also dual & living in Canada. In my will, I would like to set up a trust for them to safe guard their inheritance until they are old enough to use it properly. My questions are: 1. Am I correct in thinking that there could be ad...

I live in Canada. My mother lives in U.S. She wants to avoid probate on her estate. My questions are: 1. I remember seeing somewhere that doing this via a US trust can have bad capital gains consequences for me since by Canadian law I would inherit the assets at their original cost instead of their ...

Thank you! So I guess I should keep a log of which days I work from U.S.

How about using foreign tax credit to offset my earnings? Would that be impacted at all by my US telecommuting?

Would the state I visit expect me to file a state return?

Thank you for the helpful reply. My emergency-only travel health insurance is -- I think -- a pretty standard travel health insurance. It wouldn't cover routine doctor visits in the US or anything that I could reasonably return to Canada for to have covered under OHIP. If I needed immediate care in ...

My son and I plan to spend about 3-4 weeks in the US visiting family this summer, the whole time in one state and it will be one single trip. We are both dual citizens living in Canada with OHIP and emergency-only travel health insurance from my Canadian employer. Am I required to buy US health care...

Thank you!

Same for employer contribution to Canadian registered pension plan? I guess it is not reportable in Canada. Is it also not reportable in the U.S.?

I am USC in Canada. I work several days a week from home. My Canadian employer reimburses me for about 1/2 of my home internet costs - meant to represent the part of the cost attributed to work use. HR told me that this is not included in my T4 because they treat it as an expense reimbursement rathe...

Line 14 of my T4 includes my regular salary, a one-time payment, and some taxable (in Canada) health insurance. Do I need to break this down for US tax reporting purposes or is it just the total amount on line 14 (converted to USD) that is needed?
Thanks!

Thank you, Nelsona.

Just in case I do end up owing some small tax in the U.S. my concern is late information forms (8891, 8835, hope I remember the right form numbers), not interest or penalties on late tax payments. I want to make sure that the 8891 on my RRSP is not considered late.

If I qualify for the automatic two month extension on my US tax return, can I still file an extension after April 15, but before June 15, to get an extra 4 months?

Can this still be done by mail or does the request have to be electronically filed?

Thanks a lot.