Serbinski Accounting Firms

Another few questions please. I’ll use numbers to simplify: I had about $140k in us bank account (including certificate of deposit) in 2021. I went for a vacation in the us and ended up spending 20k from these funds. Now my year end cost is $120k. I made $25 interest from the cds. When I report on T...

Hi, just a quick question please.
If I file my us taxes before Canadian ones and I pay tax in the US for rental properties there (since it’s income in the US), can I simply deduct this tax on my Canadian taxes when declaring the foreign income (in T776)? Or what’s the process?
Thanks

Hi, Sorry not a lot of knowledge here hence my questions. I have foreign properties (rental home) in the US. I’m Canadian resident, no income from Canada. Moved here in 2020 First year came to Canada, my accountant claimed part year rental income but didn’t depreciate the properties. We are in Ontar...

Makes sense!
Thanks.

One last question sorry
If I share the rental property with a family member at 50%, do I then take the cost of the property at market value then divide by 2 for my share?

Thank you nelsona I don't work yet in Canada so my only income is from the rental in the US In this case, gross income for the rental properties is the yearly rental value multiplied with the US conversion rate, correct. So am i still good using the market analysis back in september 2020 for 2021 T1...

Hi, US citizen who became canadian residence in september 2020. I have foreign properties (rental) over 250k. For 2020 taxes, I didn't file T1135 (new residents don't have to file it first year resident). I'm filing it this year and I have a few questions please. . For taxation year i'm filling this...

I’m preparing my T776 and I have a question please. My US return has a ‘depreciation expense or depletion’. Do I need to declare this value on my cad return? If so, where? Note that because I’m a newcomer I’m not filing my T1135 this year, so I’m not yet going through current market value of my prop...

Just to clarify:
I need to file this T776 form even though I already filed the rental income to IRS and the fact that it’s negative?

Why am I reporting this income twice (yet it’s a loss)

I’m always confused between form T1135 and T776. If newcomers to Canada don’t have to report T1135 first year, do they still need to complete T776?

Sorry meant form t776

I’m a US citizen who moved to Canada In aug 2020 after marrying a Canadian citizen. I filed my US taxes for 2020 but not my Canadian ones yet. My income in 2020 was from my job in the US before moving to canada plus rental income. Rental property is shared with US family member at 50%. After I moved...