Serbinski Accounting Firms

I am US citizen resident of Canada. I contribute to my employer's pension plan through automatic payroll deduction. How do I report this? Is this a foreign trust? Is it reported on FBAR?

Realized that I made a mistake in my exchange rate calculations on last year's US return. Though it does not affect my tax owing (which is still $0), it does affect my Form 1116 Carryover amounts and amounts reported on 8891s. Should I bother filing a 1040X, or just keep a record of the correct amou...

Well, I can't seem to figure it out. I understand that Canadian mutual fund divs are ordinary and not qualified, but are you saying that amounts in T3 box 21 ("Capital Gains") should be treated as ordinary divs for IRS purposes and NOT capital gains to be reported on Schedule D line 13? So...

How do boxes on T3 for a Canadian mutual fund match up to boxes on a US 1099-DIV? For example, what are considered "ordinary dividends" for US tax purposes? (ie, those reported on 1099-DIV box 1a): The amount reported on T3 box 49 or box 50? I assume T3 box 21 ("capital gains") i...

You are right about OHP. I just checked my T1 and it is included in Ontario income tax. So no issue there. So, regarding EI and CPP, I infer from the first line of your answer ("For FTC, you should assign CPP and EI strictly to the tax associated with your wages") that one does in fact add...

Sorry, I am a bit dense. Let me clarify by way of example: I have gross income of $100,000 working in Canada ($90,000 wages, $10,000 investment income). My T1 tax bill is $20,000. On 1116 I report my General Income as $90,000 and foreign taxes paid as $18,000 (90% of total tax paid is attributable t...

I have read here and elsewhere that CPP, EI and Ontario Health premium tax can all be claimed on 1116 under General Income. However, if all of one's income is wages from Canada, and you filed a T1, would you not just report your total T1 tax bill on 1116? Seems to me since the CPP and EI credits and...

Any suggestions for American living and working in Canada (no US income) for reporting the following on 1040: 1. [b]Canada Education Savings Grant[/b]. Is this reported as Line 21 other income? I have called IRS international office and the General Counsel's Office in Washington, and no one seems to...

If I understand you correctly, the treaty says that I can treat my spouse as if she were an American anyway, so making this choice about residency was redundant. Right? I know that if you revoke the choice then you can never again make it in future years. I am wondering if she should bother revoking...

Help! I am wondering if I have made a mistake with my filing status, and need some clarification. I am US citizen, resident of Canada, no US income. Spouse is CDN, resident of Canada, no US income. Moved to Canada five years ago, and, at that time my spouse signed a statment to be treated as a US re...

Thanks for the answer. Do you think I need to amend my returns up through this year (I moved to Canada in 2001), or will I be covered retroactively? I did call CRA about this. Though they had no official opinion on it (they said it was a "grey area"), they quoted to me CCH's opinion, which...

I am US citizen living in Canada. I have a Roth IRA, but stopped contributing to it when I moved to Canada. Am I supposed to report internal earnings on the IRA on my Canadian income tax? Are these earnings taxable in Canada? Can I get a credit for taxes paid on Roth IRA earnings on 1116?

A couple years ago I hired an accountant to complete 3520 and 3520A for an RESP I own for my son (I live in Canada). Last year I just used it as a model for completing the forms, and was planning to do the same this year when, upon closer examination, I am not sure it was done correctly: 1. On 3520 ...

How does one report Canadian Universal Child Care Benefit payments on 1040 and 1116? Are they included as 'Other income' on 1040? Are they considered to be passive or general income on 1116?

The TD F 90-22.1 is not sent with your 1040 -- it is sent separately to the US Treasury in Detroit.