Serbinski Accounting Firms

Canadian citizen and moved back to Canada since work visa expired. Continued to be a W-2 employee as they worked on a new work visa and I worked in Canada. Filled out a 1040NR and OI with a 1040 as a statement for the previous year I was a dual. For the next year filling out a 1040NR and OI where I ...

What are trying to avoid?

So Company A loans you $50k
You take that $50k and repay your corp share loan.
You owe Company A $50k from before
So now you owe them $100k.

CRA will not care about you. They will care about Company A not charging you interest.

Sorry about the double post. For some reason it faulted and it posted twice. So in the software on form RC267, part of the "Calculate your deduction", there is a place under line 51204 that states: Calculation of your deduction for purposes of the foreign tax credit calculation Canadian po...

Example of data: 8 months (Jan-Aug) working in US and 4 months (Aug-Dec) working in Canada for USA employer. Total foreign employment income = $100000 Total foreign investment income = $10 Total foreign taxes paid (including Federal Income Tax, Social Security Tax, Medicare Tax, investment income wi...

Example of data: 8 months (Jan-Aug) working in US and 4 months (Aug-Dec) working in Canada for USA employer. Total foreign employment income = $100000 Total foreign investment income = $10 Total foreign taxes paid (including Federal Income Tax, Social Security Tax, Medicare Tax, investment income wi...

Using a free tax software that is pretty good and certified by CRA for NETFile and using the H&R block online T1 prep account, both do not substract the 401(k) amount from the "Net Foreign non-business income" that is 99.9% employment income and just $10 in foreign bank interest. Readi...

1. Yes no captial gains on sale. 1. Rent: you report it on your 1040 as foreign income and the tax is reported as a foreign tax credit so you are not double taxed. you might be asked for proof (T1 files, slips, Assessment notice, etc) but it is not reported directly and upto you to do it right 2. Pu...

nelsona wrote: > Figure out your Cdn tax (it is all taxable in canada), and then choose the simplest return that will yield a lower tax than Canada. how is it all taxable in Canada if I was in the USA legally working from 2018 to Aug 31, 2023 straight? I was a deemed non-residents of canada and a re...

Single Canadian citizen with all the ties in Canada (Still own home, car, bank accounts, investment accts etc in Canada and paid car insurance, property tax, utilities for the Canadian property all throughout the 5 years in the US. Only came back for 2 weeks each year except of course when border wa...

what do you mean you paid exit tax already??

She cannot state she will be working remotely. US don't have a remote visa like some countries have. Any mention of working is not good.

[quote=nelsona post_id=529925 time=1702819707 user_id=30]
Bank interest is not reported on a 1040NR unless it is part of a business in US.
[/quote]

Yes I am aware of "not effectively connected with a U.S. trade or business" statement. But was wondering what the % rate is.

What is the rate that it is supposed be to charged as I am doing 1040/1040NR and figuring out stuff? I found conflicting amount for Article XI One document https://www.irs.gov/pub/irs-trty/canada.pdf states not exceed 15% Then this https://www.irs.gov/pub/irs-utl/tax-treaty-table-1.pdf states 0% ano...