Serbinski Accounting Firms

Is there any reason to file a separate US tax return for a 18-years-old child who did not have taxable income? Perhaps some refundable credits?

Thank you Nelsona. I never had USD and never converted them to CAD. I live in Canada, and all transactions were in CAD, without any currency conversions. So, I do not worry about transaction exchange gain, only about the change of value of the debt because of decrease of CAD vs USD. What you said ab...

The situation is a bit different than in this article. In my initial posting, I was not clear enough. Here is the question in concrete (simplified) terms: Suppose that I borrowed 500,000 CAD from a Canadian bank (I live in Canada) when the exchange rate was 1CAD=0.82USD (in line of credit), and want...

I have a very large loan from a Canadian bank (taken to buy a new house). I now have funds to pay it off (from selling the previous house), and I would like to pay it off as soon as possible to minimize interest charges. However, paying it off in a single lump sum would trigger substantial US curren...