Serbinski Accounting Firms

Thanks Nelsona as always. How about the sections for "exemptions" and "exempt payee code" and "exemption from FATCA reporting code"? Blank? Or put in something since I'm not subject to withholding, which means I have exemptions?

Received inquiry from ING Canada if I'm US person. After I said yes, they asked me to fill out W-9. Part II is a certification, asking me to certify I'm not subject to backup withholding. Also there are exemptions and exempt payee code and exemption from FATCA reporting code to be entered. I only ha...

Hi Nelsona, when you say "tax would be withheld but refunded by CRA at year end", you mean if I withdraw the unused contribution as a Canadian tax resident, right? Could you let me know where on T746 it shows I will not be taxed (or tax withheld but refunded to me at year end)? I read T404...

Thank you Nelsona and exPenn. I'm glad I asked this question before doing anything. I read form T746 and T4040. The unused contribution can only be refunded the year it was contributed, or the following year, or you withdraw it in the year a notice of assessment or notice of reassessment for the yea...

Hi exPenn, I believe if I have never deducted this contribution before, when I take it out at retirement, only the interest generated from this particular contribution is taxable (as long as I fill out RRSP form correctly to track the contribution and deduction), not the principal contribution, sinc...

Thanks Nelsona. No, I havent asked this question before:) I deducted all the contribution I had at the year of departure. I know if I make extra contribution it will be non deductable, but I have no use of this money and don't plan to use it till retirement. So at least I can get the interest tax sh...

I still have unused contribution room to RRSP prior to moving to US. Can I still contribute to RRSP when my income from Canada is just bank interest income??

Thanks in advance.

Thanks Nelsona. On FBRA I reported the correct USD$ for maximum value. On 8891 IRS will see there is no RRSP distribution which means the reported balance on line 8 should be the maximum value for the account during the year. With last year's exchange rate the 8891 reported CAD$ balance is higher th...

Thanks Nelsona, I won't listen to him:)

I was told by some accountant that since I reported RRSP and TFSA on form 8891/3520/3520a already, I no longer need to report these accounts on FBAR. I don't think this is correct?

Thanks!

I just noticed that on form 8891 I used the CAD$ for the balance instead of USD$ amount. Should I use 1040x to amend form 8891? Do I need to attach supporting documents? Also I'm worried if IRS will penalize me for this simple mistake even if it doesn't affect my tax liability? Thanks for your opini...

Hello I have a question regarding possible tax penalty. I called IRS and was told by some agent as long as you have a refund you don't own penalty, which is obviously not true for line 77. I don't owe penalty for 2013, but because my employer over deducted my 401k in first quarter 2014, I might be u...

Sorry the 3520 is sent to Ogden, not attached to the rest of the return.

If Canadian banks file 3520A for our TFSA accounts the deadline is Mar 15. If we file on our own we need to attach 3520A to 3520, but form 3520 has a deadline of Apr 15. Does this imply that if we file 3520A (because banks refuse to file it), the deadline for 3520A is automatically changed to Apr 15...

I'm asking the question for a friend. She moved to US in Nov 2012 on H1B. She filed 2012 as a single non resident and is filing 2013 as a single resident alien now. She is not Canadian citizen. She meets the threshold for 8938 for 2013 and will file 8938 for 2013. In 2012 she had over USD75000 at on...