Serbinski Accounting Firms

Sounds good. Thank you for the help, Nelsona.

I see. Would I just use ARTICLE XIII (7) on the 8833 whenever I do sell the securities?

moved to the US from Canada in 2021 and at that time, I owned some stocks and digital assets. As a result, I was subject to deemed disposition rules and paid the appropriate tax to the CRA.

I needed to use Form 8833 to take a treaty based position as per https://www.irs.gov/pub/irs-drop/rp-10-19 ...

Thank you for your help.

The GICs aren't held in a trust and are in a savings account so I assume foreign accounts reporting (form 8938, FATCA) should be enough for this.

With respect to TFSA, it depends on how your TFSA was opened. Some companies like Questrade open it as a trust whereas banks ...

Hi,

I am a Canadian citizen living and working in the US and so is my wife. We are both US tax residents for tax purposes.

Last year (2024), my wife invested a bunch of money from her Canadian bank savings (TD Canada Trust) account into a GIC offered by the bank. This GIC matures in 2026. I am ...

Seems like there's a penalty of $1000 for failing to file this form on time so I will have to lay out all the facts in my amended return

Thank you for the response, Nelsona. I filed a 1040 for the first time in 2022 so I guess it should have been included then. I used an accountant to file my taxes in 2022 and had given him this information but I am unsure as to whether he filed it. Do you know if I can amend my 2022 return to file ...

I moved to the US from Canada in 2021 and at that time, I owned some stocks and digital assets. As a result, I was subject to deemed disposition rules and paid the appropriate tax to the CRA.

I became a US tax resident in 2022. I sold some of these stocks in 2023 and I now need to report the gain ...

Hi,

I moved to the US in 2021 and am filing as Form 1040 MFJ. For the FBAR filing requirement, I was wondering if I need to report any foreign loan accounts like mortgage accounts and credit card accounts?

Thank you.

Yes, I forgot that 1040-NR is only US-sourced income and since you can get FTC only up to the amount of US tax, dual doesn't make sense. In most future years, Cdn income tax will be higher than the US one.

So for the part of the year I am a Canadian non-resident, is there a way for me to claim the ...

Hi,

I moved to US from Canada in September 2021. Throughout 2021, I was working for a US-based employer. Even though I am now a US tax resident, I will have some trailing Canadian income due to some stock grants that were granted while I was in Canada. This is based on the number of working days in ...

You will have to go into your past stock statements to get the cost basis for those stocks. If your Canadian broker doesn't have that, you will have to request it from your US broker.

Remember to use the BOC conversion rate on the settlement date.

Nelsona, any thoughts here? Do you know about how unvested RSUs would be taxed for a non-resident of Canada and if the treaty offers any relief in that regard?

You can find more information here: https://home.kpmg/xx/en/home/insights/2 ... tives.html under General deductions from income

It seems like the answer to this yes, they can. If you have Canadian sourced income, you have to use a days worked calculation from grant date till vesting date and give Canada.

The calculation would look something like this:

(Days worked in Canada / Days worked from grant date till vesting date ...