Serbinski Accounting Firms

From time to time CRA wavers on their treatment of Social Security taxes, as to whether these are usable towards the foreign tax credit calculation on the Cdn tax return (for Cdn residents paying US soc Sec taxes, or FICA). In a recent Technical Release, they have clarifid that while, in general Soc...

The figure i've seen is $750K.

The true advantage is fir those who will only stay in Canada for less than 5 years.

<i>nelsona non grata</i>

No one, including children, has to report their assets when immigrating to Canada. Even if the money came directly from you, before you lived in Canada, the income generated would not be attributed to you. Any income they earn will be solely in their name, unless you the parents give them funds afte...

Whan leaving US, it is very important that one ESTABLISH their IRA/401(k) account <b>while STILL LIVING IN US</b>. After that, most US firms will continue to deal with you (and Cdn regulators allow it -- SEC does NOT prohibit this). The problem is getting such an account started AFTER leaving is dif...

Would the ISO capital gains be excludable from US taxation based on Art. XIII.4 of the treaty, if paula were to wait until after re-establishing Cdn residency? I realize that the Cdn taxrate would be higher if she waited. Just wanted to know if options are excludable. <i>nelsona non grata</i>

It is not entirely clear wether SEC regs would be violated in this case. However CANADIAN regulatory rules would indeed be violated, since the broker would be accepting by a Cdn resident (specifically a resident a particular province) without THE BROKER having provincial regulatory approval. This is...

Yes you will get EI (or WA UI) based on your WA work.

You will contact HRDC in Canada and they will direct you exactly how you will proceed.

See more info at:
http://www.hrsdc.gc.ca/asp/gateway.asp? ... tml&hs=aed

<i>nelsona non grata</i>

Your residence and work location in Canada, regardless of your US citizenship, means that, as an employee, you and your firm should be paying/withholding tax as a Cdn employee (Fed/Prov tax, EI, CPP). The only way this would not be the case is if you are one temporary assignment in Canada, and then ...

Sure. But seriously, you are over-thinking this issue. There is only a very narrow income range in which your US tax (including the 10% early withdrawal tax) would be more than your Cdn taxrate. Anything more than $12-15K Cdn will be taxed more in Canada than in US. So, in your convoluted scenarios ...

Any non-resident is allowed to withdraw moneys from there RRSP/RRIF and pay 'normal' Cdn tax instead of 25% flat tax. It is called a 217 election and is described in detail on CRA website. To do so however, one must report WORLD income and pay equivalent tax on that, so a person earning much more th...

Filling your W-4 is merely to determine how much taxyour company withholds, and is NOT what you will finally pay in tax. You are married, so you can put married if you wish. Putting single will mean more tax is withheld, wich will mean that you will either owe less in April or get a bigger tax refun...

Unfortunately, the GA DMV person. while nice -- is wrong. SSA has categorically stated that they will not give SSN for DL for ANY state. There are now several states in which TD/H4 spouses are facing this problem. NJ is one. You must go back to DMV and say that SSA will not grant SSN. Go to SSA webs...

My advice on state issues is the following: Unless you hear otherwise, the treatment is no different. Don't ask your state about it. Don't ask your accountant to ask the state about it. Asking your state about it will only raise the issue to them, as it did in California, with much headaches for RRS...

Geez, is it reaaly that hard to do?

<i>nelsona non grata</i>

Some relevant documnents: Rev. Proc 2002-23: http://www.unclefed.com/Tax-Bulls/2002/rp02-23.pdf Rev. Notice 2003-75: http://www.unclefed.com/Tax-Bulls/2003/not03-75.pdf and Form 8891 http://www.irs.gov/pub/irs-dft/d8891.pdf Note: This is a draft and will likely move on IRS website. <i>nelsona non gr...