Serbinski Accounting Firms

Well, I didn't really address whether it's legal or not. But in my view it is perfectly legal. Cash money is fungible.

Not a lawyer. I pay the installments for both my wife and myself from our joint chequing account. The CRA tax payments go to a designated "address" that identifies the individual taxpayer (me or my wife). So the CRA really doesn't know "where" the money is coming from, from whose...

MaggieA wrote: > In case this is helpful, you can at least split 85% of your Social > Security. Yes, that's helpful, thank you. I am aware of this. It's a bit "tricky" that some pensions may be split, others not so. I notice the CRA makes distinctions of "pension income" and &quo...

hewytZER wrote: > I can't say I completely agree, but your point of view is > thought-provoking. Agree with this. I did some research after reading this thread and from what I saw there is no strict IRS rule on resetting the clock after transferring an existing Roth to a new custodian. I did get rem...

Thank you nelsona. That is pretty clear at CRA, no doubt about it. I wonder how my CPA got this wrong? Roths: Yes, I should have mentioned the important point to send in that letter to the CRA regarding the "election". This is currently described at CRA in Income Tax Folio S5-F3-C1 (https:...

As a public service note: IF pension income splitting is not permitted by CRA on distributions from Regular IRAs, this would seem to add extra weight to doing a super large Roth IRA Conversion BEFORE becoming a Canadian PR. There's been some interesting discussions in forums recently about how over-...

ps: I did search the forum for relevant discussions. :- )

A lot of information is telling me [US citizen, Canada PR, 72] that distributions from my US IRA ("regular" or "traditional") is NOT eligible for pension income splitting with my wife [dual citizen, age 61]. In review of our 2023 T1 returns I see that my Canadian-based CPA (a sma...

I believe that I can file CRA Form T1135 separately and independently of my income tax Form T1. Is this correct?

I will have a CPA produce and submit T1's for my wife and me. But if possible I would like to submit the T1135 myself.

Thanks!

BeaconHillWealth wrote: > Most my clients either have their US SS deposited into their Canadian based USD bank > account or USD US based back account. They often leave the amounts in USD to spend > while in the US. I have my US SS deposited directly into my Canadian RBC chequing account. This provid...

OttawaSenators wrote: > Thanks for sharing your experience! I'm assuming when you cash the IRA, > they'll send you a check to your Canadian address because they don't do > international ACH or wire transfer. Several years on from this previous post. I am a Canadian resident (PR) US citizen. I have a...

@nelsona

Thank you Nelson. I am much obliged. Your explanation is entirely clear (unlike the tax forms and the Treaty itself !) and is very very helpful.

@yoyomum: I submitted form 1199-CN for setting up direct deposit to my Canadian bank. Per the instructions on the form it was sent by postal mail to the "local" office for my location in Alberta, which is the Office of Earnings & International Operations branch in Great Falls, MT. Do n...

The link to the article was broken, this is it: https://www.linkedin.com/pulse/what-tax ... year-phil/

My experience: I am a US citizen residing in Canada as a PR since 2021. I applied for my Social Security retirement in mid-2022. Initially I had direct deposit go to my US Bank (which just happened to be RBC Bank (GA), the US subsidiary of Royal Bank of Canada). It only took me a few months to see t...