Serbinski Accounting Firms

Yes I understand this is just for self-funded RRSP as a pension converted to RRSP could be tax deferred using 8891 but would in the end be fully taxable.

I am fairly sure that you that you are telling me: If I become a US citizen then (1) my book value on leaving Canada continues to not be taxable in US and (2) my earnings are tax deferred until withdrawn if I use the 8891 form each year. To take this a little further not that it applies to me but ju...

Having worked for a large Canadian corporation for 10 years before moving to the USA, I have pension that I will start getting at 65. I do have an option to instead have a lump sum transferred into a LIRA (Locked In Retirement Account). I expect to be able to manage the LIRA to grow to an amount tha...

Nelson you said: " is (for non-US citizens) the book value the day you became US tax resident or, for US citizens, like you, the contributions you made. " If you made the RRSP contributions, then moved to US and became a citizen, is it book value or the total of the contributions? If the R...

Thank-you for the information. It will be very helpful. 1) The 183 days in any 12 month period will get me. My contract is for 9 months ending April and will surely exceed 183 in Febuary or March 2010 for the previous 12 months. I believe I will be doing a non-resident tax return in Canada in April ...

Mid 2009, I became self-empoyed and took a consulting contract in Canada. I am US resident. I believe I can open a self employed 401K and contribute 16500 plus 25% of self employment income and maybe another 5500 as age over 50. (Except that I will need to significantly reduce the 16500 by the amoun...

Yes you did. May have been focusing on the calculation of what to pay Revenue Canada. However, now this makes sense to me. Gains on Canadian stocks not taxable in Canada for US residents and therefore not foreign income for US resident either. Instead gains are treated and taxed in US exactly like g...

With US stock losers, I often have bought more and sold the losers 31 + days later using the designation tool my broker has to properly identify which stock you are selling.

With Canadian and other stocks, I have been realizing losses on foreign stock as I had gains on other foreign stocks.

However this year I may have a flood of unavoidable losses on Canadian stock.

Question: Am I correct in thinking that these foreign losses if large enough (about $80K) will cause negative impacts to my foreign tax credits for several years? Completing 1116 has been giving me about $2000 tax credit each year based on taxes withheld on dividend income on Canadian and other foreign stock.

If these losses are realized. I do have the option of realizing some gains on other foreign stock if that avoids losing the tax credits. However I did have some other plans for at least some of those gains as I was planning to gift some of those to my sons over next couple of years to help them pay their tuition. They would pay little if any tax on the gains as long we make sure that these gifts are not large enough in those years to make them dependents and cause “kiddie taxâ€￾.

We are all North Carolina residents since 2001.

When my children were young, there were no 529 plans and I set them up with a stock portfolio meant to help pay for their education. One of the stocks was Nortel. About $7000 worth of stock now worth much less than $50. If they sell this stock or if Nortel (in bankruptcy protection currently) is dec...

My mother is very sick and her lawyer is suggesting a trust be set up to avoid probate on her home and GICs as they pass to my siblings and me. She is and my siblings are all Canadain and Canadian residents. I am US resident. Her lawyer is not expert on US tax law so does know if there is any impact...

I discussed this with Mark Serbinski. He is suggesting that one cannot choose as you have suggested. Mark told me that for U.S. residents that were previously Canadian residents, you use the original cost of each security, unless you elected to declare the "deemed" value and pay tax in the...

On moving to the US, deemed disposition on Canadian return set a value on each of the of stocks that my wife and I owned, several of which has been sold in 2006 (mostly takeovers). On some of the other posts on this site, I gather that we can use the original cost or the cost on the date moved to US...

International told me that I needed to file and pay by the end of April in the following year. i.e. for assets sold in 2006 by April 2007. No form to use, simply a letter explaining what stocks from the list of stocks on which the deemed disposition were sold and how we calculated the amount owed in...

Thank you for the information. I do appreciate knowing as much as possible before I talk to my accountant. I think I know the answer but I will ask anyway. These Husky shares are in each of my children's accounts. They have been there since we moved from Canada 5 years ago. The other thing in these ...

I have some Husky Energy shares that I am considering selling. i will ask Husky if they are resource based?

If they say yes, will I need to do a Candian return (a 216) or will there be a withholding? If withholding what would withholding be on? On full proceeds?