Serbinski Accounting Firms

Interesting to note, the 3520 form isn't just about reporting, it also helps the IRS prevent money laundering and ensure that large foreign gifts don't go unreported.

When becoming a resident of the United States it is possible that your deemed disposition and your choice of residency will have massive influence on the decision-making process of the taxation. It would be wise to talk to a tax professional who is familiar equally with the US and Canadian tax syste...

Since you're in Canada working in the U.S., have you checked if any tax treaties apply? They might help with the surcharge issue!

If it doesn't work out, and he's right, then he should think about getting a penalty relief. This law firm explains how to do it: https://federal-lawyer.com/tax-attorney ... abatement/

When you head back to Canada, you can't just transfer your IRA directly to an RRSP or TFSA without some tax consequences. A Traditional IRA usually means you'll face taxes when you withdraw, while a Roth IRA can offer tax-free withdrawals under certain conditions. Most people find it easier to keep ...

Hey vijar, Too complex of a situation, sounds like? Make sure the trust agreement records it properly (this may affect how things are reported), and in Canada and the U.S., you’ll want to keep track of how the settlement affects your taxes. You should be careful because the payments come in installm...

Gift tax applies if you give over $17,000 per person. If you are giving your mom $16,000 and planning on giving your dad $17,000 you should be ok. When it comes into a joint account it might be counted towards your mom's total. As always a good idea to check with a tax pro for specifics!