Serbinski Accounting Firms

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...