Serbinski Accounting Firms

... and as I said earlier, your kids request for ITIN by filing their own 1040 is MUCH more likely to be denied (since they are not claiming any of the the listed reasons to file a 1040)

they can exclude the income by FEIE, or take credit for the Cdn tax paid.

Your kids have US residency by treaty, like you.

You have a spouse - he will get an ITIN using the spouse box
You have kids -- they will get ITINs using the kids box.

Why were you digging any further than that!?

In my opinion, filing a zero return for the kids will NOT get them an ITIN, since they would not be applying for any benefit -- YOU apply for benefits through YOUR return. Merely filing a return (without the reasons (and proof) required for that exception), won;t work. Proving they are your kids will.

Why do you feel you will get no benefits by including them on your return? You are applying for for the child tax credit. Once again, KISS

It would be much simpler, and more correct -- in order to get ITINs -- to merely add them as dependents on your return. Your filing of a 1040 will result in them getting ITINs and all the benefits you (or they) are entitled to. IRS has become very wary and stingy with issuing ITINs over the past dec...

Ok, so the other lawyer. Agreed that he will be cautious. However saying "it's only withholding" doesn't help our poster, since it would seem to jeopardize them sale altogether (ie. he might not have enough to settle the mortgage, and/or purchase a new home). Compliance letters are taking ...

Your employer-sponsored retirement account is exempt from PFIC reporting. Just like RRSP/RRIFs.

I c presume your lawyer doesn't deal with non-res very often, so may be misinterpreting. He needs guidance form CRA or a more knowledgeable colleague

Unfortunately, rental property (ie. the building) can be considered depreciable property and would be subject to 50% withholding.
I'm not sure if how you hold the property affects this (in a company, etc): I've never heard of anyone on this forum having the 50% definition applied.

If you continue to live in your house, then the October valuation won't really matter (unless you have made too much profit as descibed earlier, because it is still your main home. The 3 year "deadline" only applies once you cease living in your home. While the following is an immigration ...

When you sell within three years, there will be no capital gains, unless the value has increased by more than $250K (or $500K if married). It is not going to make much difference what FMV you use (Oct or later) because if you are taxable in US, you will also have been taxable in canada, so any tax w...

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...