Serbinski Accounting Firms

Since they are not US citizens or taxpayers, the have nothing to report in either country.
You would only need to report a gift from a foreign person (Form 3520) if it exceeds 100,000 total in the year.
None of this would be taxable in either country.

How about giving us ONE scenario, the most likely one you will face?

Then you will be taxed on the taxable portion determined for your federal return.

It is not that the cap (contribution room)changes, it is that the transfer does not affect you cap, ie. does not count against your cap.

As pl honted, this might not be a great move for USC.

Were you a US citizen before moving to US, if so, you are responsible for more that just gain since moving to US, you are responsible for all gains.

1. In a US brokerage, yers, but not a Cdn one.
2. The property in canada would be taxed in Canada and US (ultimately ay Cdn tax rate), while stock would only be taxable in US. So stock would be lower.

You can trade in an RRSP while living in US, if your RRSP firm allows. You DO accumulate gain. So you want to minimize the gains arising while in US to minimize US tax, thus the strategy to bump up cost before moving to US. In canada you will be paying tax on the whole RRSP regardless. So, if you ar...

Nothing that happens in your RRSP is taxable in US or Canada until you withdraw the funds FROM the RRSP. Nothing to "declare". Nothing to hide. You will only be taxed in US on the income generated in the years you file a 1040, be it from dividends or gains, IF you are a US taxpayer at that time of w...

As I said, your safest baet is to report the income. I f it ios employemnt income (wherever the insructions tell you to out it based on the box it is in, it is defintely excludable by treatty.

Correct. In either case you would report it in your Cdn return, If it is employment income, you would then exclude it.

Nothing has really changed. It is a good idea to close TFSA, since it is not tax-free in US, and may have other onerous reporting requirements, including PFIC . RRSP are still subject to FBAR, since yoy have more than $10K total ALL your accounts, ALL are thus reportable, FBAR is the generic term. F...

As I said, wait for the explanation from IRS. In the meantime, the 1040NR and 1040 instructions describe how to document and report gambling income.

https://www.irs.gov/taxtopics/tc419

Since the poster is a USC, there is no doubt that US tax applies, including state. Article XX, even if it applied to this income, is not available to USCs, by the savings clause. I'm not sure that it would be considered Govt service. From his further comments, it is not employment income, and is the...

Tes, you need to provide documentation of your gambling "costs" and wins -- if requested. This year, they requested them.

Research grants are considered employment income. As you noted, to the extent that this is work performed in US, it should be reported there. To be safe, you would report the income on a Cdn non-resident return and then deduct it on the treaty line (25600) with the explanation that you are working i...