Serbinski Accounting Firms

Thank you!

Regarding election to defer US tax on undistributed RRSP income: IRS publication 597 (https://www.irs.gov/publications/p597) states "Eligible individuals are treated as having made the election in the first year in which they would have been entitled to defer U.S. tax on the undistributed incom...

formerpatriot wrote: > @fadius, have you considered renouncing your US citizenship? > For years I stressed about my dual-citizen wife’s IRS filing obligations. > She finally renounced her US citizenship 7 years ago. > No more stress. It is actually my wife's situation, not mine. And she's not not in...

TFSA with Wealthsimple was opened in 2024. End up moving the money out of the TFSA and closing it because I'm tired of stressing about it. At least it's been reported in FBARs and 8938. I've been reading a bunch about this and yeah it's a headache. I'm going to file for an extension until October an...

@jbregs where did you find the wording you referenced in your post about the user agreement? I went through the TFSA account user-agreement and couldn't find any of the text you referenced. I went through "WS Investments User Agreement" as well as "Investment Account Agreements",...

I'm no expert but it makes sense to me, assuming that the tax liability on the Canadian side on that 80k income is higher than the one on the US side.

Currently with Wealthsimple and I'm reading that it is opened as a Trust ... But I've mentioned this to my accountant and they still didn't want to report it as a Trust. My initial reaction was to trust them but I'm re-considering.

I also have TFSA with wealthsimple and their chatbot did say that it is considered a Trust. I did mention that to the cross-border accountant but despite that their response was that they don't consider TFSAs a trust and include a statement with the return explaining that "In the taxpayer’s cas...

1-I'm working with a cross-border accountant and I started using taxact.com and Turbotax in parallel as some of the numbers the accountant has entered aren't making a lot of sense to me. Not sure who/what I'll end up filing with. 2-Didn't know about the worksheet, didn't use it. The software(s) appe...

FWIW I've asked several cross-border accountants about our Tangerine GIC and all said that a GIC is not considered a PFIC. As for reporting the interest, it was only reported (by the accountant that prepared our return) when the GIC matured and the interest was paid (though that doesn't necessarily ...

Did some more research and confirmed using tax software that the Line 3e (Gross income from all sources) should include rental income before expenses, so I was wrong about that. However it seems that I was right about Line 1a (gross income within specified country for the specified category). It sho...

Good morning, Could someone please confirm/correct the following: When filling FTC form 1116 for Passive income: -Line 1a (gross income within specified country for the specified category), should only include foreign-sourced passive income, correct? (US sourced income shouldn't be included here). T...

correction: "...Treaty Article XI..."

Update: getting conflicting information about US savings bonds being taxable or not in Canada so I reached out to the CRA. Tier 3 agent did some search and went through US/Canada Tax Treaty Section VI and couldn't give a definitive answer. They will research further and get back to me next week. Wil...

I had considered that as a option/possibility, it's logical and the simplest way to handle it.
But I was unsure and was leaning towards playing it safe, reporting, re-sourcing and claiming FTC... perhaps I'll reconsider!

thanks Nelsona.