Serbinski Accounting Firms

[quote="Philmb"]I am relieved to hear that a bequest from a Canadian's will of $25,000 is not reportable on my US tax returns. I have looked everywhere unsuccessfully for the IRS rules that state inheritances of less than $100,000 do not need to be reported. Can you tell me what the rule #...

I have to echo Nelson's advice. If you are performing services "in Canada" for your US employer, it is considered Canadian employment income. You should switch to Canadian payroll immediately. This of course may cause some complications for your employer with regards to taxation in Canada,...

[quote="harley"]Just wanted to share this link with you. http://www.morningstar.ca/globalhome/industry/news.asp?articleid=ArticleID44200315311 In the article, there is mention of the withholding amounts for RRSP withdrawals by a nonresident. There is a scale from 10% to 30% depending on ho...

I've re-read the form instructions and they say this:

"Account in a Foreign Country. A “foreign countryâ€￾ includes
all geographical areas located outside the United States. See
“United States Personâ€￾ above 31 C.F.R. 103.11(nn) for a
definition of United States. The geographical location of the
account, not the nationality of the financial entity institution in
which the account is found determines whether it is in an
account in a foreign country. Report any financial account
(except a military banking facility) that is located in a foreign
country, even if it is held at an affiliate of a United States
bank or other financial institution. Do not report any account
maintained with a branch, agency, or other office of a foreign
bank of other institution that is located in the United States."

What is the gepgraphical location of a PayPal account?? Is it a virtual account?

Assuming you are paid by your Canadian company, then click "foreign".

I thought PayPal was just a service to facilitate payments. It's tied to a credit card, isn't it? It's not a deposit type account??

There is no box, since you're not changing any figures on the 1040. Just explain that you are attaching a corrected 8891(s).

As long as you have RRSP contribution room, you can make contributions, but to what end? You would have a Canadian deduction, but none in the US. Though, you might want to consider making an RRSP contribution, but only enough so that it offsets the extra Canadian tax after the foreign tax credit on ...

You need a cross border accountant.

Read the instructions to line 8 AGAIN. It will become clear with repetition.

Per the form instructions, when electing to defer, you stop at line 8. Easier that way. ;-)

One form per RRSP/RRIF account.

Your question is a multi jurisdictional tax and business question. It certainly isn't a simple question that should be answered on the internet. Do yourself a favour and speak with a CPA or tax attorney at a large US firm with international connections. Be prepared to pay significant dollars to get ...

That's what Form 8891 is for.

It's non reportable to the IRS, b/c as you've said, it's less than USD $100k.