Serbinski Accounting Firms

I think I get it. One of my mutual funds sold itself and re-invested so that is income but my other one just grew somewhat but didn't sell so that's not income.

mutual funds are considered to be distributions that are reinvested. So then every year I'll have to pay tax on the same money? How can I claim credit when it is not taxed in canada? can I claim the basis as an expense?

just got pub 564 might have to file for an extension

I have a cdn mutual fund that made $2 capital gains last year according to the T3 I received. Unfortunately, I have no other info about the fund available. I'm going to try to phone BMO tomorrow and see if they can give out any info but even if that is the case I'm not sure how to it applied to ...

thanks Nelson, that much simplifies the 8891's.

as for the T3. I only received the T3 but I have no statement from the bank as to the actual fund. I'm trying to get one. So I don't have all the info for schedule D. grrrr, it's only $2. Must be from my old trust account

I have two RRSPs that I didn't take any money out of or contribute to in 2005. What is meant by distributions and taxable distributions? are distributions the amounts you took out or the total revenue it generated?

also I received at T3 with $2 capital gains and nothing else on it. I guess this ...

upon reading the instructions to 2555, I may be mis-understanding it but it sounds like to meet the bona fide resident test I must have been in Canada for 330+ days in the full tax year. I don't meet that but I meet the PPT for the period may 29th 04 - may 28 05 so I should just do the PPT and not ...

not sure what you mean, but I'm hoping you mean that I can send it all without 8833s and they probably won't come after me.

Nelson, sorry I can't find the "germany" thread or others to answer this question so I need to ask you.

Do I need to file 8833 to show that I am using the treaty to use 2555 like a US Citizen and 1040 for the full year?

I think I got it. By reading the other threads on this site and nelson's advice. I can file 2555 as a bona fide resident of canada for the 12 months ending May 29th 2005. This covers my canadian income from 2005 that I would like to exclude. Because of the treaty I can be treated just like a US ...

okay, do I need to file an extension 1040-es?

I'm not sure if I can use 2555, the language is confusing. I spent less that 330 days in canada in 2005 but I'm not sure if it means the current tax year or just any 12 month period (say 2004 or june 04-may 05).

as for 1116, I don't know my exact amount of canadian taxes paid on my income yet ...

okay, i'm planning on filling the following items
1040
1116
8891 for each RRSP

I think that is all I need

I have one question right now: Can I claim my tuition on line 34. This is my first year and I am a US resident under the SPT. However the 1040 instruction say that you can only claim it if you ...

ususer, did you end up using 1116?

Okay, I looked a little further. I need to figure out my canadian income and fill out form 1116.

Do I need to file anything to show that I'm using 1040 because of the tax treaty?

also, do I need to disclose the value of my canadian bank account in schedule b

thank you so much nelson. I made little Canadian income and pretty much all of my time in Canada was as a student. However, from pub 519 it looks as if I need to file dual-status unless I am married. I suppose this must be in the treaty as you say. Can someone point me to resources on using the ...