Serbinski Accounting Firms

Thank you Nelsona. Actually, I left Canada a few years ago, but never changed my address with the company holding the shares. I have been reporting the dividends on my Canadian return, but the trustee did not withhold the non-resident tax. Eventually, Canada Revenue caught up with me and I paid the ...

I have some Sun Life shares received as a result of the company demutualization. The shares are held by AST Trust Co.(AST). I have changed my residency from Canada to the US and wanted to change the residency status with the AST, so that they can start withholding the nonresident tax from the quarte...

Thank you for you sage advice, as usual. I agree that accumulating money in Canada was a mistake. Will try to correct it and will contact the firms you suggested.

Thank you, Nelsona. I would like your opinion on a related issue. In addition to the RIFs accounts (mine and my wife's), we receive OAS and CPP payments that are deposited to a Canadian bank account. Since I don't need the money, at the moment, and the exchange rate is extremely unfavorable, I have ...

I am a dual citizen, residing in the US. Is it possible to transfer a Canadian RIF to an IRA?

Thak you raf02. I received the following response from Tax Act customer service to my query: To enter the retirement income on the worksheet: From within your TaxACT return (Online or Desktop), click on the Federal Q&A tab Click Retirement Plan Income to expand the category, then click Foreign P...

rafa02,

You said you are using TaxAct and so do I. For 2013 their 8891 form was linked to 1040 and my RRIF distribution were automatically entered on 1040, line 15b, I believe. Do you know what is the right way to enter it now, that 8891 has been eliminated?
Thanks

Got it. Thank you.

Nelsona, do you know if it is appropriate to enter the Canadian tax, withheld on the RIF distribution, in Schedule A of the US return, instead of using the Foreign Tax Credit form 1116? And if so, would that result in a dollar for dollar credit?

Thanks.

Thank you.

Nelsona, I have a follow up question: Last year, I claimed the foreign tax credit, on form 1116, for the tax withheld in Canada. However, the credit amount was less than the amount withheld. I was not able to figure why. Have I possibly made a mistake or is there another reason for the discrepancy? ...

Nelsona, thank you for the quick response.

Nelsona, I have a similar situation and a related question. Can you file in Canada a 217 return and at the same time claim a credit in on form 1116 in the US?

Thank you. You are right. The original treaty, or an earlier Protocol, had the 50% SS taxable rule: http://www.irs.gov/pub/irs-trty/canatech.pdf. Page 32 para. 5.

It looks like it was modified with the language you mentioned, in a later Protocol.

Thank you for your reply, JG. Are you saying that the stipulation, I quoted from the Canada/US Tax Treaty, exempting 50% of the Canadian SS income received by a US resident, does not apply?