Serbinski Accounting Firms

I repatriated to Canada last year. I didnt convert all of my USD into Canadian funds. Given the recent exchange rate variation should I convert some monies now would I would able to claim the loss (eg the published rate on my repatriation date versus the current going rate) on my Canadian return and...

Thanks. So for a 1040 then can you use an 1116 passive income form to get some relief?

Do you need to file an 8883 for this and explain the capital gain? I had shares in a US brokerage which I sold will I was resident in Canada. I claimed the capital gain in Canada but the sale shows up on my 1099 forms and I dont want any issues with the IRS?

Thanks

To follow up on this as it relates to the Form 2555 and Part VIII - in addition to excluding the moving expense back to Canada (eg reducing the FTC available) does one also need to exclude on Form 2555 mortgage interest and property taxes for a canadian property where mortgage interest and property ...

How do I overcome the fact that CRA requires "proof" of payment when I dont have any deductions at source and wont be filing my US return until the expiration of the 330 day period (eg some time in June)?

Do I merely provide them with a copy of what I intend to file postdated?

Thanks

Nelson thanks for yet another insightful response. I few follow up questions. The Canadian return seems fairly straight forward then as I assume that I merely apply these percentages to the different investment categories and plug the total in as my federal foreign tax credit? Secondly, given that m...

I returned to Canada in June from the US. I am trying to determine what my foreign tax credit will be for our Canadian Return based on investment income that I had in the US for the period since I have been back in Canada (eg dividend, interest income). The amount is approx 10k Cdn so I assume it is...

I returned to Canada last June from the US. I intend to file a 1040 MFJ and exclude my Canadian Income per form 2555 after I satisfy the 330 days. My question is can I deduct the interest on my Canadian mortgage on my 1040 from June until the end of the year? I dont have any real property in the Uni...

I am Canadian and returned to Canada May 2006. I have a number of US stocks for which the market value was less than the book value that I previously paid. I have hung onto them and am now contemplating selling them but there would still be a capital loss. Am I still able to take advantage of this c...

Thank you. I believe that the TDF 90.22.1 was provided in my schedules so that is fine but I will need to address the 8891 and presumable refile. One quick follow up. For the period of time I was in the US in 2006 I file a 1040 dual status individual filing but do I also need to file a 1040NR for th...

I am recently a resident of Canada (ontario) and have a US 401k. Will I still be able to deal with TD Waterhouse given my change of residency or will the account literally be frozen? I dont anticipate assuming US residency. Am I better off cashing this in and repatriating the funds? What penalty wou...

I was resident and working in the US last year until June 1, 2006 when I and my wife/family returned to Canada. Prior to leaving the US I obtained my "sailing permit". Both my wife and I filed US returns in 2005 (married filing jointly) and for part of 2004 (we starting living and working ...

Someone has suggested that if you own real property in Canada you can deduct your interest costs as against your investment income. Is this true and if so where do I find more information?

Also are you restricted to Canadian investments for this or could you have a US brokerage account and do this?

I will be moving back to Canada from the US this June. I am wondering what are the implications regarding establishing Canadian residency should I buy a house (or put in an offer) before I actually return. That is can I go on a house hunting trip in May and not incur adverse tax consequences in Cana...

Nelson Thank you very much for your reply. Given the incredible acumen you have shown on this and the Grasmick board I was hoping that you would comment. If I might indulge you (or anyone else!) with a few more questions 1. In respect of severing the "requirement" to file in the US by esta...