Serbinski Accounting Firms

Thank you for enlightening me with the fact that there is no clear and simple answer for any sitution. All my questions were for imaginary scenarios but I got good information for my future planning. Thank you again.

Nelson, It is not a retirement question but relates to the above cross-border disscussion. A Canadian with a home/family in Canada works in the US, commutes weekly, stays in the US in a hotel or temp accomodation, returns to Canada Friday night and gets back to the US Sunday night week after week, p...

Nelson, I have re-read your posts. I am now far more clear. Sorry for not reading your posts in full earlier. I have been watching your valuable US/Cdn tax related answers to other posters for over 10 yrs. Well, I'll think about my issues when I get closer to my retirement. Hope you are not retired ...

Good info for future planning. Thanks. Bottom line is if one decides to live and pay tax in Canada (and use provincial health care), spend 183+ nights in Canada, and file non-res US tax. For low income earners, if 20% US tax deducted at source on 401K is too much, is there any way to get it reduced?

Nelson, Thanks. This info is a great for advance planning for future years. I don't remember where I got the impression about Standard Deduction for non-residents. From your comment about people living and paying tax in Canada for getting health benefit, although they could live elsewhere, suggests ...

Nelson, Never thought of healthcare element, but now I am thinking about it. I am told that Provincial healthcare is too little or not available for use in US, and same is the case for Medicare for being not good in Canada. So for people who want to be on either side will need both, pay at least Par...

Nelson, US presence of a US/Cdn dual citizen for 183+ days makes him/her a US person with obligation of filing a US tax on world income. That person may also have a second home and family links in Canada, making him/her file Cdn tax as well. I am not sure but I believe non-resident US tax Standard D...

Nelson, For a US/Canada dual citizen, having worked in Canada 20 yrs and another 20 yrs in the US, with RRSP/401K and CPP/OAS/SS pensions only on retirement, is it feasible to file tax in both countries as resident, claiming credit of tax of one for the other. Reason of this may be by being non-resi...

Canada permits splitting CPP with spouse in any ratio. If most of CPP is tranferred to non/low CPP/SS spouse, could that benefit in reducing WEP of higher SS spouse

That clarifies an important point. Is working and contributing to SS is necessary, or just living in the US would contribute to the eligibility years. This particularly relates to spouses, who may not be working but living in the US while theri spouse is working and contributing.

Nelson, For a situation given above, for someone having worked say 20 yrs in Canada and another 15 yrs in US, on retirement with incomes from SS/CPP/OAS and may be 401K/RRSP, purely from a broad taxation point of view, which country is better to be resident of. I agree it depends, but there may be s...

Nelson,

Isn't there a requirement of living 20+ yrs in Canada for getting OAS by non-residents.

I was in the same situations several years ago. Most likely, you would need to file Canadian tax for 2012 for the portion you were Canadian resident, with a departure date shown on it so that Canadian govt doesn't expect your tax next year. If you maintained links with Canada (bank accounts, credit ...

Thanks. Any general guide, direction, or general approach by IRS, to ponder about until November will be helpful.

Thanks. May be it can be discussed next November. I agree that IRS does not decide. Nevertheless, there has to be some basis to decide or interpret. I can understand what to do if entire RRSP was to be collapsed in one shoot, but not sure how to treat individual capital gains/losses within a single ...