Serbinski Accounting Firms

Nelsona I am definitely confused about the 'US tax credits' from the taxes I pay on my RRSP Canadian withdrawals. I was hearing about carrying forward excess FTC - and using them for CPP. But I am trying to figure out where these excess FTC are coming from. My assumption was that I got a 'dollar-for...

Nelsona : Am I correct when I say : We get a "dollar-for-dollar" US FTC for the amount we pay in Canadian taxes when we withdraw from our RRSP. IE : - If I paid $1200 US to the Canadian Gov in taxes for my RRSP withdrawal - I would then get a $1200 US FTC (dollar-for-dollar credit) - I wil...

Nelsona : I am not sure if I framed up the question correctly - so let me try again With a RIF there will be a * Canadian Tax : 15% Canadian withholding tax * US Tax : RIF will be taxed at my MARGINAL RATE (worldly income) * US Tax Credit : Tax credit will be based on my AVERAGE TAX RATE So it makes...

The 'book value' of my rrsp on the day I entered the US is deemed "tax free" in the eyes of the IRS. Are there any rules as to when I have to claim the "tax free" portions - when drawing down my RRSPs? IE Do I 'have to' claim them right away on my first withdrawal - until they ar...

I have been digging around on the forum on Foreign Tax Credits (FTC) rules - this is my understanding but I could be way off : We get a dollar-for-dollar US FTC for the amount we pay in Canadian taxes when we withdraw from our RRSP. But we can NOT use 100% of this credit to write off our US owning t...

Nelsona If I understand this correctly then the best RIF strategy would be to aim to have a total worldly income (including RRIF income) around the upper end of the 15% marginal bracket. This way the US AVERAGE TAX RATE will be closest to the US MARGINAL TAX RATE of 15% (approx 4.25%). Then our US F...

We had a death in the family - and need to get up to canada by next weekend. Will Canadian customs accept a US GreenCard and expired Canadian passport for entry into Canada (travelling by car from the US)? BACKGROUND The Candian Consulate and Canadian Customs are closed for the weekend - so I am una...

I am a Canadian living and working in the US (with Green Card). My RRSP is over 50K - so it appears that I will need to submit an additional form to the IRS this year (8938). At first glance it looked overwhelming - but from what I have gleened from the forum - it is fairly straight forward. Fill ou...

Nelsona : I am trying to understand how I would apply the 'non-taxable' portion of my RRIF account when I start making withdrawls. I have studied the information from your past posts - I have summarized my understanding of the PROPORTIONAL METHOD ; This doles out the non-taxable portion slowly as I ...

Nelsona You mentioned that a LIRA's bookvalue (when you entered the US) does not qualify for the US non-taxable deduction. My question is - is this true for all LIRA's? BACKGROUND On the keatsconnelly forum you said "By IRC 72(w), LIRAs that are funded by pension money, as opposed to self-funde...

Nelsona I want to make sure I understand the how the Foreign Tax Credit works. I always feel that an example is worth a thousand words - so let me know if I have this right. The following example is based on filer in 2011 with a filing status of 'married filing jointly'. http://www.dinkytown.net/jav...

Nelsona : Q1 With reference to collapsing our RRSP accounts one at a time (per year). Do you know if this is doable from a Canadian tax perspective? IE; If I am collapsing my "locked-in" account - then will they force me to also collapse my "non-locked" at the same time? Q2 Just ...

I am looking at my different options on pulling my rrsp down to the us. I have a couple questions on collapsing your rrsp - and paying the 25% cnd withholding tax. Q1 My wife and I have four RRSP accounts, each of us has a locked-in and non-locked in account. In retirement - if we collapse all four ...

I do not profess to know much about accounting and US/CND tax law - and therefore feel overwhelmed when researching these issues. A lot of the threads just sail right over my head. I am looking for a financial plan on how best to proceed with regards to my RRSPs. I am finding it hard to find knowled...

I am a Canadian that is living and working in the US (GC). Retirement is in sight (4 to 5 yrs out) as I am 55 and my wife is 52 - so we want to start positioning our self for this event. Our financial picture is fairly complicated * We have a substantial portfolio in Canadian RRSPs * We have a growi...