Serbinski Accounting Firms

Thanks nelson. I'll follow the general idea and submit to CRA for their nevertheless unavoidable scrutiny for FTC:)

@nelsona would you please help :tears

One more - After some googling, I think my 401k contribution and employer match may not be tax deductible in Canada since I did not have any Canadian tax returns filing for 2020 and thus, I have no RRSP contribution limit. That means I don't have any room to deduct such income from my Canadian retur...

pencileveryone wrote: > And lets say I figured out that Federal tax allocated to this $100K income > is $25000. (proportion of "Total Tax" (line 24 on 1040) based on > $100K/total reportable income on 1040)) Hi pencileveryone and nelsona - I have a question here - where on 1040 should this...

I reached to the point where I need to calculate FTP(NBIT) Just making up an example: W2 100,000, two people combined IRS standard deduction 25,000 taxable wage = 100,000 - 25,000 = 75000 taxes paid to IRS based on the 75,000 = 19,900 * 12% + (75,000 - 19,900) * 22% = 14510 assume that the 60,000 of...

Hi nelsona, I only had CAD 300 Canadian sourced income in 2021 and did not put any FTC on my US returns - I just put the 300CAD as 230sth USD as similar as other 1099-INT there... You helped a lot and I think I know where to head to next for my Cdn returns. 1) split my US taxable income to Cdn non-t...

I'll give myself a few more days to work on it and it's very likely that CRA will ask questions...However IRS approved my taxes just last weekend so I could not start until then as I have no idea how Cdn taxes work. From what I understand now, I need to list my US-sourced income's Cdn reportable por...

Thank you for the response! I continued to work for my US employer remotely for a couple of more months after moving then resigned. So for proration, does it mean foreign tax credit = all-year taxes paid to US * [ (US-taxed income reportable to Cdn, aka earned after moving to Cdn) / (all-year US inc...

Forgot to ask about US state taxes. Can I claim the taxes that I paid to US states as foreign tax credit as well?

Hi everyone! My family moved from US to Canada mid 2021 and became Canadian tax resident. I finished our US tax returns for 2021 (form 1040) already, but am confused when trying to start with the Canadian part. Would appreciate much if anyone could help with these questions below - I am really cluel...