Serbinski Accounting Firms

Interesting, complex question. I can only add the complication that you can split the income distributions from the 401K with your spouse, which would not be the case if you rolled the 401K into an IRA. Distributions from an IRA can't be "pension split" under CRA rules

Of course, you could move to ...

us_tax_noob wrote:
> Thanks for replying, nelsona. I assume you mean she can e-sign documents?
> another option I can think of is to have financial power of attorney. Not
> sure how all of this would work if we create a trust for the house.
>
> Regarding the other questions, how to avoid FIRPTA ...

Situation: one spouse is solely on the title of a bank savings account. Can the interest earned be split between the spouses for income tax under CRA?

The source of the cash in the account is difficult to trace. It derives from US sources (via currency exchange from US) that may have been in extant ...

ditto, worked for me for 2024 FBAR. Hopefully this is a temporary glitch that has since be fixed. Or it could be a brower issue: try different browser, try incognito mode, reboot and update the computer and browser, delete cookies, etc.

Good luck. And I hope this doesn't happen to me in a few ...

I was in this position in 2021/2022. Wife and I sold our Florida home, the deal was completed in January, 2022. We had lived there for 12 years, only moving when we moved to Canada in August, 2021 (wife as a citizen, myself as a newly-landed PR). I was concerned about possibly owing tax in either ...

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 pocket. They do ...

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 "retirement income".

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 ...

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://www ...

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 small cross-border ...

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 ...