Serbinski Accounting Firms

CRA informed me after some calls and delays that HSA early withdrawal penalty cannot be claimed as tax credit on the Canadian side. As mentioned previously it seemed like an odd ball and the individual on the phone was not as confident as with the case of 401 k. I did call/email some cross border ta...

nelsona wrote: > The same rule that applies for 401k/IRA penalties applies to any other > penalties arising on early withdrawals. The "penalties" thet CRA > does not accept is for late/delinquent filing. Thank you so much for your reply. I did ask the CRA and they got back to me right away...

I use to live and work in the States but have returned to Canada just before the pandemic. I have about 18 K USD sitting in a low interest savings account (0.05% interest) in the US. I have not had the need to withdraw funds even once for qualified expenses here in Canada as insurance from my spouse...

This is the first time that I got a refund from the IRS. How do I go about the refund on the Canadian side? Do I apply that as income for next year or simply subtract it from the foreign tax credit amount?

Thanks. Quick follow up on the T1135. It has a section to report income. Do I report the interest on the HSA or enter 0?

Thankyou nelsona. I was concerned if this was just some sort of glitch on my return...

I use to work in the US for years before moving to Canada. I still have the HSA with nearly 20K in balance. The penalty for early withdrawal is too much so I rather keep the account. Had a few questions regarding this- 1) Does HSA have to be reported on form T1135? 2) Does interest on this account b...

I was a cross border commuter for 8 months in 2020. I filed form RC268 E (Employee Contributions to a United States Retirement Plan – Cross-Border Commuters). I also contributed to an RRSP. I noticed that while my contribution to RRSP reduced my contribution room, the 401k contribution (RC268) was n...