Serbinski Accounting Firms

your assessment is correct.

I believe it is the other way 'round: If you are required to report report PFICs on 8621, you then do not have to report them on 8938.
Any cap gains need to be reported on 1040 whether or not you are required to file 8621, ie. transferring the gains determined on 8621 to your 1040.

No ned. You could tell them so that they can use you more easily in a cross border situation, but from a tax point of view it absolutely doesn't matter.

You can of course buy a house in Canad anytime you wish. Being a Cdn citizen you will avoid any of the non-resident "taxes" that some provinces have put in place to curb foreign buyers, so that is not a worry, However, the banks, all of them, must get a 35% down payment (instead of the 5% ...

Yes, there was mention in the past of something in NJ, but that has never come to pass. Assume that the NJ treats the income as the IRS does.

sory, just to correct myself, since the earned income was excluded, the entire US tax is related to the CERB income reported, so all is eligible for FTC. Why none is being credited would need to look at how the income was reduced on 1116.

Well, it isn't as complicated as you make it sound. Everything you own (that could be taxed if sold) gets reset for Cdn tax purposes when you move to Canada. So, for stocks, mutual funds etc, it is simply the FMV on the day you move. For other things, such as real property or business property, you ...

Don't forget that the standard deduction is also prorated over the income.

The maximum entitled FTC would be 6.25: 12,500/20,000 x 10.

SS has nothing to do with taxes. it is based on work performed in US. Since you won't be working in US, no SS contributions.

As witgh any investment account, you jeep track of the costs and the proceeds. The only difference is the costs/proceeds are in USD on that dya(s) they occur, and you need to track long-term an short-term gains.

Yes, the IRS wants there money throughout the year. Not so for CRA, which was your question.

Have you considered simply splitting your 401(k) as part of the settlement? Transfer (in US) to her as part of a settlement, and there is no immediate tax hit.
Or do you need these funds to buy her out?

pension splitting is only a Cdn thing (thus the reference to CRA).

CRA will 'demand' their taxes when you file your return in the spring. Since this will be a one time tax hit, there will be no penalty for underestimated withholding, nor any request from CRA for installments until you file.

nope.