Serbinski Accounting Firms

For future readers, not a tax lawyer, but, i find that this depends on the plan details.
In my case, the EPSP (employer match) is 50% of the employee contributions.
Consequently, while it's a 402(b) trust, since my contributions are non-incidental, it triggers grantor trust rules on the employee ...

Hey y'all, just wanted to revisit this and see if anyone on here had opinions on how to treat this ESOP.
Not sure if it matters, but she did receive a T4PS for this on the Canadian side.

Am I diving to deep into this unnecessarily?
Do I just file 8938 & FBAR & 1040 for capital gains and move on? Or ...

schwaz wrote:
> Have you seen any cross-border sites that argue against TFSA being a trust?

This is tricky - particularly because my TFSA agreement structures it as a trust.
It's possible one can argue substance over form, but the form my WealthSimple TFSA takes can generally be argued to be a ...

fadius wrote:
> I've been reading a bunch about this and yeah it's a headache. I'm going to
> file for an extension until October and not worry about the 3520 for now.
> Hoping to get additional pro opinions about it after the tax-crunch period
> is over and will decide how to proceed then.

This is ...

Hi all, my wife is a U.S. resident alien (former Canadian) who received a lump-sum cash distribution from an Employee Share Ownership Plan (ESOP) trust after leaving her employer, the Canadian branch of a U.S. organization (NYSE-listed stock).

We both became resident aliens 01/01/2024, and the ...

fadius wrote:
> @jbregs where did you find the wording you referenced in your post about
> the user agreement?
> I went through the TFSA account user-agreement and couldn't find any of the
> text you referenced. I went through "WS Investments User
> Agreement" as well as "Investment Account ...

I am unable to edit my original post, but as an update, it does seem that -- at least in my specific case -- that I require filing 3520-A.

My TFSA is with Wealthsimple & Wealthsimple explicitly specifies:
- Yes, our TFSAs are a trust arrangement and are generally considered to be foreign trusts ...

Hi all,

Have a question, and I know this is a debated topic -- wanted to get your 2c.

Some context:
- TFSA held an High-Interest ETF asset through Dec 29, 2023.
- High-interest ETF asset was sold Dec 29, 2023
- There was a Dividend event on Dec 29 that triggered $144CAD dividend payment for Jan 07 ...

Hello!

In the midst of filing taxes this year, and realized that my wife and I could have definitely better set our selves up for success in 2024...
I think the biggest challenge is that many of our CAN tax slips came back as resident slips, instead of NR4s...

Some background/context, before I ...