Serbinski Accounting Firms

Just to clarify, the reason to file a Cdn tax return (known as a Section 217 return) would be to reduce the Cdn tax owed on the withdrawal. You are not required to do so, and as I said, you need to satisfy certain other world income conditions for it to benefit you.

You should not have to report anything to Canada, assuming the following: - Your RRSP and RRIF trustees know that you live in the US - Your withdrawal was correctly withheld at a flat tax rate: 15% or 25% You may wish to file a Cdn tax return if this RRIF/RRSP income makes up most of your total inco...

I wouldn't suggest buying rental property in US before you move, as it will complicate your Cdn return.

Rental property that you currently have in Canada is not protected by the clause I mentioned. Only the home you are living in at the time you move.

The treaty allows Cdn residents leaving for the US to reset the cost basis to no lower than the FMV the day you leave canada. Of course, if you have already lived in your house for two years, you will owe no US tax if you sell within 3 years (no rental) . For Canada, you have 1 year to sell before t...

The reason that US doesn't have the notion of "pre-arrival" gains etc is that deaprture and arrival are not US tax concepts, since US citizens are taxed wherever that live. Canada has departure/arrival dispositions. In any event, the tax you owe in canada will far outstrip your US tax (rem...

Only Book value counts.

Yes, the money paid to you after you move can be included in FEIE, since it is considered foreign source, ie. earned while you were in foreign country. They could still be considered simple foreign income, and you would be allowed to claim any Cdn tax against the US tax that arises from it. This wou...

And before you do more research on this... All you need to do is calculate the BOOK value of your entire RRSP an the day you became a US tax resident (which, if filing full year, is Jan 1, or some other date if you fill dual status). All future taxation in US will be based on that number, which you ...

"Income earned". RRSP internal income is only earned when (a) interest and dividends are deposited into tha account. and (b) when sales of capital assets trigger a capital gain in the account. So, why it is advisable to sell "winners" before moving (or before your become taxable ...

It has been the consistent advice here that one should close their TFSA when (and preferably before) moving to US.

Any account, other than a no fee Cdn bank account, with such a small balance, should be closed for simplicity.

If you live in Canada -- even as a GC holder or US citizen -- you will be taxed in both countries on world income, with each country getting first crack at the income sourced in that country, and the other country giving credit for taxes due. You would still be considered -- by treaty -- a resident ...

Your initial statements are correct. As to your other bullet points: - The only US tax you will be able to include is that arising from the rental income - As you figured out, only Cdn MFs and ETF would be PFIC, nothing else. Some consider TFSAs a trust, so you may have to report the existence of th...

Its never been made absolutely clear that NJ regs specify RRSP internal income. I believe someone mistakenly asked NJ about this, and got the obvious response that "sure, we want your tax money". But, I've never seen the reg that allows them to include that specific income that is not incl...

You vaguely didn't mention which state.

Just a thought: Do all your 1040-S form have the same TAX ID (either SSN or ITIN)> My spouse had an issue one year because Vanguard still had her old ITIN attached to her account, when she had an SSN for many years.