Serbinski Accounting Firms

Thanks.

Thanks.

I understand that gifts over $ 100k made from a non US resident to a US resident have to be reported on a 3520.

Does anyone know why this reporting is required ? And, more importantly, is it an entirely routine matter or are there any tax consequences ?

A Canadian moves to the USA and invests in an IRA and then subsequently moves back to Canada. What would his options be for the IRA ? Would it have to remain in the USA or could it be transferred to a Canadian RSP or TFSA ? Does it make any difference if it is a Traditional or a Roth IRA ? Thanks fo...

Thanks very much Nelsona !

Thanks very much Nelsona.

My daughter emigrated from Canada to the USA a couple of years ago. She has an RESP for her children in Canada and retained it so as not to have to repay the government grant portion of the fund. She sold the Canadian ETFs that were in the fund and replaced them with US ETFs so that there would be n...

Other than having to pay interest on any unpaid tax owing, are there any downsides or problems with filing a 4868 and taking the 6 months extension period for filing a 1040 ?

Thanks Nelsona

Does anyone have a recommendation for free or reasonably priced software for filing a straightforward 1040 ? Married filing jointly, one W2, 2 dependants, only complication is foreign interest and dividends and need to file a 8938. I tried searching the forum but didn't find anything. I also looked ...

All good thoughts, thanks.

Thanks Nelsona. This came up trying to open an online BMO Alto savings account. At the end of the application they required the applicant to certify a number of things, one of which was ' I am exempt from FATCA reporting '. As you say, every US taxpayer has to report foreign assets above a certain t...

I would be very grateful if folks could confirm my understanding of the requirement for FATCA and FBAR reporting. A Canadian couple are currently living and working in the USA. They meet the substantial presence test in 2023 and so are resident aliens and subject to US tax on their full year income....

Thanks Nelsona.

I agree with your interpretation. I'm going to pursue with the bank to try to stop them issuing erroneous T slips which will probbaly cause issues with CRA...

This question is regarding a 5 year compounding Canadian GIC. Such a GIC accrues interest annually and pays out all interest at maturity. My understanding is that if a Canadian resident buys such a GIC then he is issued a T slip each year for the accrued interest even though it is not paid out to hi...