Serbinski Accounting Firms

Hello, I need a help.. I am considering of withdrawing some money from my RRSP. I am a Canadian who lives in US with my green card since June 2021 and have been married to a US citizen. I am trying to get a lower tax on the withdrawal than 25% withholding tax to elect section 217 if I am eligible.. ...

Thank you so much, nelsona! You are always helpful!!

Thank you for your reply, nelsona. https://www.irs.gov/pub/irs-drop/rp-10-19.pdf I am reading rev proc 2010-19 and still need your advice, please. My husband (US citizen) and I bought our principle house in US in 2020. I moved from Canada to US in 2021. I filed my final Canadian tax return for 2021,...

I just got to know about the treaty on deemed deposition between US and Canada. I emigrated from Canada to US in 2021 and reported my principal home which is located in US as a deemed deposition property to CRA and designated it as a principal resident on T2091 and Schedule 3 to be exempt capital ga...

Thank you, nelsoan as always. Whew, I won't amend my file then:)

I have already submitted my Fincen 114. and then found this law firm website that is saying... https://freemanlaw.com/the-fbar-report-of-foreign-bank-and-financial-accounts-everything-you-need-to-know/ "Aggregate Value Over $10,000 The final criterion triggering the FBAR filing requirement is t...

Hi, My husband and I are filling out Form 8938 for 2021 now. My husband is a US citizen and I moved to US with a green card on Jun 06, 2021. We are going to file the tax return jointly. In the instruction for Form 8938, we found this description. "Exception for Partial Tax Years of Specified In...

Okay! Thank you, nelsona!

Hi, I am preparing to file Fincen 114 right form now. I immigrated to US with a green card on June 06, 2022. I have a checking account ($10,000) and a RRSP saving account (not parked in a investment account but in a bank account) in a Canadian bank. I understand I need to submit Fincen 114. Do I loo...

Thank you, nelsona! Now I understood!

Thanks again, nelsona!
Yes I will fill out schedule 3 and designate out house as a principle residence so to get the exemption!
One more question just to make sure, the adjust cost base should be the same as the FMV so to make the gain to be $0?

Thank you, nelsona! We are still living in the house as our principle residence and I don't have any investments. So for this house, I just need to file T1161 but not T1243? or I still need to file T1243 with The amount under column (5) Fair Market Value on the date emigrated = The amount under (6) ...

Hello, I moved to US in June in 2021 with a green card. My husband (US citizen) and I (Canadian permanent resident) bought a house which located in US back in Apr 2020. This is our principle house. Since I emigrated from Canada, I understand that I need to submit T1161 for our house as part of my la...