Serbinski Accounting Firms

nelsona can confirm but I believe you use the Bank of Canada exchange rate. For 2006 it was 1.1341.

After my calculations I get an eff. tax rate of 15.0% using MFJ 1040 method and itemizing deductions. Using NR method, my tax rate was 17.3% but my husband's was only 15.1%. It's still a savings of course but I wonder if it's not as good for him because his income is from both Canada & US. Hopef...

But 401k match is not a pension plan as far as I know.

Do I need to submit any paperowork, besides schedule E?

yes, sorry! In the past our accountant has used the 10% calculation but I now realize it was for our own benefit, not the CRA. Thanks.

I would too nelsona - but what is reasonable? :)

Thanks nelsona. I'm wondering if spocket DID declare his 401k contribution as income but did not adjust PA. I thought that the only reason PA is adjusted by 10% is when you have a pension plan (which my company, until last month, did indeed have). I think the CRA doesn't require you to reduce your P...

Thanks nelsona. Believe it or not, I really am strating to get this! :O
IN the pro forma, I should use both mine and my husbands US income as well as my husbands CAD income. Should I also include our Canadian rental income information (with deprecitaion, it is a loss)?

Thanks spocket...that sounds like a much easier method. I think I was combining a couple different methods. I appreciate the feedback, especially since you're in the process of it as well. Please stick around! ;)

Thanks guys! :)

Also, spocket, if you don't mind, did you use calc. the effective rate using your taxable income (after deductions and exemptions)?

Did you have to enter any foreign (Canadian) income or fill out form 8891?

nelsona, the 1040 instructions tell me: if you claimed the foreign earned income exclusion on form 2555, you must figure your tax using the "foreign earned income tax worksheet". When I use this worksheet I get a tax of $18,397 whereas if I used the tax table for my taxable income of $89,9...

Doesn't your prop tax assessment divvy this out for you? No, in Canada (at least in Windsor anyway) it doesn't. In fact, apparently CRA doesn't really care what percentages you use as you'll pay the recapture anyway upon sale. When we claimed CCA once on our Canadian taxes, thr accountant used 75 / ...

Cool. Thanks a lot nelsona. I'll give this a try tonight. Glad you could help improve my outlook...especially for a Monday! :)

Generally, for Canadian property on 1040, what is the worth make-up of the building compared to the land? does 75% / 25% make sense?