Serbinski Accounting Firms

Situations like this really show how complicated things can get when you move between countries and have existing investments or retirement accounts. Even relatively straightforward things like closing TFSAs or withdrawing from RRSPs can create multiple tax reporting obligations depending on the ...

I went through something similar after moving countries and ended up happiest with an advice-only CFP who does cross-border work. The big win was paying hourly for specific questions and a written memo, not handing over accounts. I found good fits via Advice-Only Planners Canada and by filtering ...

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I had similar issues and found a tax pro specializing in non-residents really helped. They can handle the IRS more efficiently and clarify discrepancies.

Yes, if you file a part-year 1040 and keep foreign assets below $10k before becoming a US resident, you won’t need to worry about FBAR. The US-Canada treaty helps with residency but doesn’t affect FBAR rules.

Yes, if you have U.S. assets in a Canadian estate, you’ll likely need to file Form 3520 and maybe 3520-A. A professional can help avoid mistakes and penalties, but if cost is a concern, compare the fees of a pro executor versus tax prep costs.

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You'll face US taxes and Canadian taxes on the funds. The US will likely impose a withholding tax, and Canada will tax you on the income. To minimize tax impact, you might want to transfer the IRA to an account that suits Canadian tax rules or consider rolling it into a similar account with tax ...

Yes, you should report 50% of the gain if you own half the house, so for a $300K gain, you’d report $150K. Regarding the $250K exemption, you’re on the right track. For the tricky bits, consult a tax pro.

So, for Line 25600, they calculate it based on how many days you worked in Canada versus total work days, using your total income. You can deduct stuff like RRSP, pension, and union dues from your Canadian earnings, but you gotta divvy them up between what you earned in Canada versus the US.

Claiming Foreign Tax Credits for US dividends on your Canadian return, even if you haven't paid US taxes yet, is standard practice to avoid double taxation. Amending your Canadian return makes sense now that you're sorting out the details.

Filing the N73 form to confirm your non-resident status with CRA sounds like the right move to close your RRSP account without Canadian tax issues later on. Just make sure your paperwork is thorough and consider consulting a tax advisor familiar with international tax laws for peace of mind.

If you both become residents of Canada again, you will file taxes based on your worldwide income with the Canadian Revenue Agency. Regarding your rental property in Florida, the depreciation you've claimed while in the US could be subject to recapture rules, and future rental income/loss would be ...