Serbinski Accounting Firms

Thanks. Not the answer I'd like, but not surprising for CRA. I hate contemplating cashing these in, but the fact is that US FIs have become so difficult to deal with post- 9/11. Two follow-up questions:

1) Is the 10% also not creditable in the "transfer to RSP" scenario mentioned above?

2) If I ...

A year later, is there consensus on CRA's treatment of the 10% IRS early withdrawal penalty on 401Ks and IRAs? And if there is still an "out" by putting the proceeds from an early withdrawal of an IRA into an RSP?

(I've searched the boards for "IRA" hoping to find an answer with no luck; apologies ...

HI All - I'm having a hard time getting a straight answer on this one:

Whilst a US resident/Canadian citizen, shares are purchased (alongside a VC round) in a private US company. Three years after moving to Canada (5 years after purchasing shares), company, still private, is sold to another company ...

Thanks for the information, Maggie!

Am I correct that, if US resident relatives fund the 529, the Canadian-resident child would not incur tax liabilities (at least not until distribution)?

Sorry - I'm not trying to be pedantic about things like school codes. But the question arises: is there an advantage to a Canadian funding a 529? Compared to an RESP, it's definitely a better plan, if you can take full advantage of it: full tax deductibliity of contributions at the time of ...

Hi Mark, and thanks very much for your response.

Are you sure that Canadian schools don't qualify? My understanding of 529s is that they are fairly liberal in terms of eligible education expenses. Moreover, the funds flow to the student US federal tax free if the student attends an "eligible ...

My child was born in the US, has dual citizenship, and will probably reside in Canada for the foreseeable future. I'm Canadian only. I've opened an RESP, but US relatives have offered to start a 529 plan in NY. What are the tax implications for a child in this circumstance who, say, never leaves ...

Several sources - nelsona's helpful responses to Veronica in this forum, and the KPMG personal tax guide are examples - state that, after moving to Canada, capital gains on publicly-traded, non-registered (e.g., non RSP, 401K, or IRA) shares are calculated not using the price paid for the shares ...