Serbinski Accounting Firms

I dont believe CESG will be clawed back in your scenario. For tax-purposes since you are based in Canada your child is also deemed to be a resident of Canada. Your child, by being a US Citizen, has tax paying/filing responsibility regardless of the country of residence. Check with a US tax accountan...

Any withdrawals from RRSP has a non-resident withholding tax of 25%. I understand it can be reduced to 15% by converting it to RRIF and making periodic withdrawals. What is the right way to think about withdrawals? Do the following options make sense or are there other ones. Which option is likely t...

NJ

While I agree with you in principle, that is not the position many accounting firms (especially large ones) take. I do realize in the case of California there is a ruling precedence hence an obligation to follow whereas in the other states it is vague and has not been tested.I live in one of the vag...

you will likely need 3520 and 3520A. Get a EIN first and then prepare and file the 3520s.

This form is not complicated you can do it yourself.

If you had Canadian MFs or Canadian domiciled ETFs then you will need to do PFICS reporting and you will need a professional for it.

Thank you @nelsona for your response. Aside, is there a standard table on what are the withholding taxes for various types of payments? Or is the standard position is 25% for all payments - with specific exceptions as outlined in the Canada-US Tax Treaty?

My wife was working for her Canadian employer of 12 years (in Canada since beginning and from the US since Aug 2023). The remote arrangement did not work well and her employer chose to terminate her employment. She was paid salary until June 2024. Until June 2024 she was paid in Canada with all appl...

You contribute rightaway as long as you will have IRS taxable earned income in the year you are contributing. Also, you may have to take a different route (aka backdoor) if your income is above a certain threshold for your filing status.

I am being told that NJ does not honor federal tax treaties - https://apps.irs.gov/app/vita/content/0 ... 01_001.jsp

And RRSP is not a qualified investment fund as defined by NJ Rev Stat § 54A:5-1. 54A:6-14

@nelsona

What I am told is that NJ does not honor federal treaties - https://apps.irs.gov/app/vita/content/0 ... 01_001.jsp

And RRSP income is not a qualified investment income as defined by NJ Rev Stat § 54A:5-1. 54A:6-14

@nelsona Can you provide any link or pointers on this? - My tax filing is done by one of the big 4 accounting firms and their position is that RRSP income is taxable in NJ. Is there a explicit tax code that either indicates that NJ is following the Fed statutes on RRSP income or that they are overri...

Thank you @nelsona for your quick response. I did understand that best tax outcome can only be achieved by withdrawing as a non-resident, I was only looking at the timing of it. Now vs. gradual vs. just before becoming a Canadian tax resident again (may not happen as well) From your response, I see ...

Situation - A couple has about US$900k in RRSPs and DC Pension - and cost has been reset before moving to the US and has since appreciated by US$100k. (Understand withdrawals can't happen in DC and need to be converted to LIRA and then unlocked.) US income - MFJ - ~$400k. 1. Is there any withdrawal ...