Serbinski Accounting Firms

Got it. Thank you very much!

I made about 10k in December 2022. WS estimated $500 and TurboTax estimated double of that as my final return. hmmm.

Thanks for your response, nelsona. Both WealthSimple and TurboTax ask me to provide my income (Canadian and foreign source income) prior to my return to Canada (December 2022). Once I input these numbers and it notified me that I failed to pass the 90% test and it changed my estimate dramatically.

Got it. Thank you for your response. I tried TurboTax afterwards with the same input and it gave me double of tax return compare to WealthSimple. That got me very confused about this full non-refundable federal tax credits.

Hello, I returned to Canada and became a resident in December 2022. I only had US income prior to my return to Canada. Now I am filing my Canadian tax, and the tax tool [WealthSimple] doesn't let me claim for full federal non-refundable tax credits as I don't pass the 90% test. My 2022 income as a n...

Good morning nelsona I did sell my losers. All the stocks I want to transfer are still in green. I am assuming if I trade with my US broker this year, I will need to file tax for 2023 to IRS? If I transfer my stocks now to Canadian broker, then I will only deal my tax filing with CRA in the future? ...

Hello, I moved from US to Canada last December. I have a stock trading account with an US broker. They are mostly long-term investment so I haven't trade any of them for a while. Since I am living in Canada now, should I simply transfer these stocks to a Canadian Broker to avoid any tax issue with U...

nelsona wrote: > file an extension, and file when you meet the test That's going to be at least 6 months extension plus the Canadian side. I've never done it before so I am not sure if they will allow such long extension period. Can I just file full year 1040 including the CDn income for the standar...

nelsona wrote: > One question at a time: > > The request for previous tax year info *might* be for netfiling, which you > probabaly can;t do anyways as a returning resident. You were not supposed > to file in 2021, so don't worry. > > As for 2555, you will only qualify after you leave US for about a...

nelsona wrote: > 1. You can file just the US income, but that forces you to file > "dual-status{, wherby you lose the standard deduction and som other > benefits of filing full-year. It is usually best to simply file full year > 1040, including the CDn income, and getting the beter taxrate, and...

Another question I have is: I informed CRA of my departure date on my 2020 return and I didn't file my return for 2021 because I was not a resident of Canada in that tax year. For my 2022 return, are they going to ask for my Notice of Assessment for 2021? I remember when I did my tax return before, ...

Thanks for all your reply. On my final return before I moved to the US, I did give my departure date. Now I will have to report my 2022 December income. In this case, do I just simply file my 2022 return and CRA will know I am a returning resident? or is there a particular form I need to file to inf...

Hello, I am planning to move to Alberta Canada permanently and will bring my car with me. The province only has 5% GST. If I choose to cross at border in BC, are they going to tax my car based on BC's tax rate? BC has 5% GST + 7% PST while Alberta only has 5% GST. My question is: is the tax on impor...

Thank you for your reply. This is very helpful. When you advised to receive all my US income before I return to Canada, do you mean by the date I actually receive my paycheck? I am planning to go back on December 1 st, but I will receive my paycheck on the 8th for my work during November 15th - 30th...

Hello, I have been working in the States for several years with a TN Status. I recently got a job offer and plan to move back to Canada and start the job in December. In this situation, how should I file my tax for 2022? 1. When I file tax to IRS, should I only file my income from January 2022 - Nov...