Serbinski Accounting Firms

Sorry for the confusion, Nelsona, I was referring to USA taxes. I only have to pay US taxes on capital gain portion (since I did not claim putting aside the original RSP deposit in the US, only in Canada). And those taxes are offset by Canada withholding. Had my cross-border accountants who reside i...

I had Canada Life & Manulife. I got NR4, T4A, & T4RSP forms I received as you will need to show this on US taxes but actual taxes paid will likely be offset as Capital gains tax in US is 20% max and 25% lump sum withholding in Canada. Note there is one option to receive a payment stream over...

Are you already out of Canada now (for good)? If so, then you are limited; see bottom. If not, then talk with your accountant about options on taking out as a resident vs non-resident. If you are no longer a resident, then notify the holder of your RRSP, etc. of your new address (via email, phone, e...

Be very very very careful about buying a car in Canada for importation in the USA. Different safety standards. I tried all the methods offered on the internet to bring my car down and customs wouldn't let me due to tire pressure monitoring system issues (has to be factory and not aftermarket). Do no...

Bluebell, Nelson knows this better than I do. However, lump sum is 25% withholding - no need to file Canadian taxes. CRA will issue a statement if RRSP firm doesn't. You do need to show this on the US side so Federal and State. But, as Nelson pointed out, there is an offset which should make you who...

ok, thx

nelsona wrote:
> Sounds right.
>
> But regardless of the taxrates in each country, the foreign tax credit is
> set up to add the income at your marginal rate, but onlt credit you at the
> effective rate, so you might end up owing.

Can you give an example?

nelsona wrote: > form 1116 is used to determine the foreign tax credit. Your accountant > would have done something like this in 2019, no? Yes, accountant filed that form last year (2019 tax filing) but I thought I had to be a foreign resident to be able to use it for 2020 taxes. I guess I was getti...

Background: Was out of USA starting from 2011 and in Canada 2014-2019. Put in $X in RRSP while employed in Canada (did not take use this as a deduction in US as no tax benefit in doing so). Company put in $Y matching. Capital Gains were $Z. Adding $X+$Y+$Z=$AAA. I took out roughly 1/2 $AAA in late 2...