Serbinski Accounting Firms

My assumption is the Canada - US totalization agreement is such that a person who has worked in both countries can not double dip. Is that correct? Thus is say you are getting a fully insured pension from Canada Pension Plan but only had say 20 insured quarters in the USA, there is no advantage to a...

I am a dual citizen living in Canada. My father is Canadian citizen who passed away. As an executor why are financial citizens and lawyers asking my citizenship. There should not be any reporting to the US should there be - he is Canadian, all his assets are in Canada, and I live in Canada. Distribu...

I have a question about reporting government pensions on tax returns. I'm dual citizen living in Canada. I've read the various post and want to confirm the following: On my Canadian return (I'm resident) - US SS at 85% On my US return (non resident) - Foreign gov't pensions (e.g. CPP not reportable,...

I'm a dual citizen living in Canada earning US Social Security. Am I supposed to report these earnings on "BOTH" my US and Canadian tax returns....or Canada only. Reason I'm confused is because I read social security is only reported on the tax return of your domicile which is Canada. Is t...

Thanks for your reply. I looked at 8938 and found the following under Part II Part II Other Foreign Assets (see instructions) Note. If you reported specified foreign financial assets on Forms 3520, 3520-A, 5471, 8621, 8865, or 8891 you do not have to include the assets on Form 8938. You must complet...

RRSP Reporting - Our joint balances in our RRSP's now exceed $400k. Is there additinoal reporting we have to do or just continue doing what we have on form 8891 and claiming the deferral on our 1040?. I thought I read somewhere abut maximums of 200k each but I may be wrong.

You're absolutely right. There it is plain as day lines 8 and 9. I need new glasses or something.....unbelievable I should read the form instead of being intimidated by it.....

:lol: /Great advice thanks....I'm glad I came across your posts. You wouldn't believe the bad advice I've been getting - from professionals no less. I'm becoming much clearer on form 8891 with your help. Hopefully this is my last question...when I look at the form the lines are clear except for line...

Thanks Carson. To take advantage of the deferral of RRSP income under Article XVIII(7) and to disclose the contribution amount, should I file both form 8891 and form 8833. Or is only the former required?

Regards...

I've been reviewing the threads on 8891 and haven't seen any guidance on how to handle the initial contribution amount. Perhaps somebody out there can help. Is there a maximum limit as to what the contribution amount is. for instance on a 401 it is 18k or 100% of gross income whatever is least. Is t...