Serbinski Accounting Firms

For clarity, the individual involved here is a dual U.S.-Canadian citizen interested in U.S. tax treatment only

I tried to search on the forum but words like "company pension plan" are too common to enable a meaningful search. Therefore, apologies if I repeat the question - Is a Canadian university/company pension plan (specifically, the University of British Columbia Faculty/Staff Pension Plan) cov...

I'm a U.S. citizen living/working in the U.S. married to a Canadian spouse who is living in Canada. According to a residential analysis done by a cross-border tax attorney based on my facts/circumstances, I should be considered a non-resident in Canada. My spouse and I are thinking of taking out a C...

Thanks Nelsona. Is there a risk that IRS will assess a hefty penalty in this case for amending the FBAR, before the April deadline? We have already been "forgiven" once by the IRS for a late-filed 5471 back in 2017 and don't want to push IRS's patience. As far as we know, the bank at which...

For context, the total value of the RRSP is around US$2,000 only.

We just submitted the 2023 FBAR reporting due in April early. After submission, we realized that we had accidentally left out an RRSP account which we understand is reportable. Is it better to revise the FBAR prior to the April deadline, or is it to let the matter be, and remember to include the mis...

A Canadian company is paying a U.S.-resident contractor who was in Canada for around 4 weeks to perform the work (and the contractor has no SIN or any other number with the CRA). Amount to be paid is around $20,000 or could be less. Is the following the correct way, or are there any U.S.-Canada trea...

Dear Mind Hive: I am a USC and US resident with some minimal T4 employment income (more than $10,000) with a British Columbia based employer to report. No other relevant Canada sourced income beside this T4. About 16% of my worldwide income comes from Canada and I spent less than 183 days in Canada ...

Thank you nelsona for the very thoughtful comments. A few follow-up questions (more technical in nature) -- 1) Shouldn't all non-resident returns, even those that only have rental income in Canada, declare (for informational not taxable purpose only) their worldwide income on a T1 Schedule A (aka 50...

Dear hive-mind: Happy holidays! We need some help on the Canadian side (CRA) of the tax requirements on the following scenario -- - Canadian nonresident owning a Canadian property and renting it out at arm's length to the market in 2021. - Nonresident became resident on August 14, 2022. - Rental agr...

Thank you for the clarification! In order to distinguish between scenarios 1 and 2, is there any proactive tax form (for example the Canadian equivalent of IRS W-8BEN(E) that I should submit to the university or to CRA? And in this case I assume the correct tax form to issue to me will be T4A-NR ins...

I am a Canadian and American living in the US but will be consulting for a research university based in Canada. I have both SIN and SSN numbers. Let's assume two scenarios: 1) I perform all the work for the Canadian client in the US 2) I perform the specified work in Canada for brief periods (less t...

Dual U.S.-Canada citizen, used to live in Canada prior to 2004, living primarily in the U.S. since then (and naturalized as U.S. citizen in the process), even though later on (2018) I got married and my wife currently lives in Canada. I don't have a home in Canada. Based on my facts/circumstances, a...