Serbinski Accounting Firms

Hello, I hope to have an advice about these 2 Canadian account: 1. I have a brokerage Canadian account that holds stocks. The value of the account when we left Canada for USA few years ago was about US3000, now US6000. Purchased price was US4000. 2. I have TFSA that holds a stock, approximately same...

From https://www.law.cornell.edu/cfr/text/26/1.1471-5#b_3_i "(ii)Custodial account. The term custodial account means an arrangement for holding a financial instrument, contract, or investment (including, but not limited to, a share of stock in a corporation, a note, bond, debenture, or other ev...

Thank you! Hope someone replies))

Thank you, neslona! As for question 8, I'm seeing some variations to the answers elsewhere. Does the "foreign entity" pertains to the account, account holder or institution that holds that account? I would think it is about an account, but then it is asking "U.S.Person" vs "...

Thank you.
Are you talking about "Account 1" above? Which other forms do I need to fill out?
Would LIRA be treated the same way as RRSP?

Hello, Filling out the form. Seems easy enough for checking and saving accounts - will be listed as "deposit" accounts in the section I. Now, for the hard stuff: Account 1: TFSA held in a bank with some mutual funds in it. Will go into section V as a deposit account, also into section III....

The TFSA is a mutual fund, so I cannot report loss on it until the time I withdrew in 2015.

It seems that I had an income of US15 unreported from Canadian Savings account in 2014, at the same time I had a loss of about US200 on Canadian TFSA in 2014 - It does not seem I can combine these to get a loss. So I guess I had US15 unreported... I closed the accounts in the beginning of 2015...

Thank you, nelsona, I think I got it right - this is what I meant by saying that I should use the value of the whole asset, not only distribution. Reading more about not submitting form 8938 on time, scary. It seems that I need to use a streamline process, and pay 5% of the value of the assets as pe...

Ok, I found an answer to my question in a different thread that discussed the same topic. I have an answer that "interest in" is, in my case, the value of the asset.

This quote is from for 8938 instruction booklet: "Valuing interests in foreign estates, foreign pension plans, and foreign deferred compensation plans. If you have an interest in a foreign estate, foreign pension plan, or foreign deferred compensation plan, the maximum value of your interest is...

Thank you, exactly my logic - why do they even ask this question.

And when you mention FATCA form - do you mean form 8938?

And just to be clear, to the question "Did *person* make an election in 2015 or before under US-Canada income tax treaty to defer the income accrued in this account with *my RRSP company name*". - I should say "YES", even if I never made such an election?

When you mention FATCA form you mean form 8938?

nelsona wrote: > 2013 was the last year when one had to make an election. You are assumed to > do so since then. We moved from Canada to US in 2014. Could you please clarify why would I say yes if I never made such an election before? And I'm extremely worried about the required form that we have no...