Serbinski Accounting Firms

Thanks Nelson to attempt to explain to me. I feel so dumb. This is very confusing, I have spoken to two accountants , they both said that you use "step Up" basis when you move to the US. In other words, You may have bought stock for a $1 few months ago, but let's say if you move to the US ...

I am sorry for multiple posts. In RRSP, I understand what you are saying. But what if I buy and sell certain stocks , and not withdraw funds. But when I do withdraw funds after few years, do I need pay tax on appreciated value from Jan 1 2020 to whenever i sold it? My understanding is, you can buy a...

My question was not clear.

If i keep stocks in TFSA , and then sell those stocks in March 2021. Will I use the Fair market value of those stocks that was on Jan 1, 2021? to calculate gain/loss assuming i am choosing to file FUll year resident tax with IRS?

Thanks Nelson for the reply~ I am at a loss on one stock and that stock will likely recover in 2021, so that's why I am not closing TFSA account this year 2020. So, I guess as you mentioned, it would be advantageous from tax perspective to file 1040 for 2021 even if i am part resident for that year....

Hi, I have a question, if i close the TFSA account with capital gain in March and then in April move to the US for work, would I be paying taxes in US on capital gain on TFSA? do I have to file any forms to disclose TFSA with the IRS? do I need to mention that i have closed the account on form 8938 ...

you said " track it", meaning track when i buy and sell stocks?

Thank you Nelson for a reply. I am not sure if i understand correctly. Can you please tell me if i can buy/sell in RRSP while a tax resident in USA, , and if i have any gain from selling the stocks, I wont be paying tax on that year, but only when i withdraw funds in the future when i retire? So why...

It was a hypothetical question. When you are on a work visa, it is not your choice to stay in one country if you lose your job.

Can a person trade stocks in RRSP while being a tax resident in the USA? do you need to report any dividends to the IRS even if you don't withdraw any funds? My understanding is capital gain you don't report until you withdraw funds when you retire, not sure about dividends. Also, lets say in year o...

Hello Everyone, I have been reading different posts about this topic, but the posts are few years old, i was wondering if anything changed.I am Canadian citizen, will be working on TN starting January 2021. I understand that the experts are suggesting to close down the TFSA and Non registered accoun...