Serbinski Accounting Firms

So that means that Martin will have to pay tax to the IRS due to currency fluctuation even if he had a capital loss

Nelson... a bunch of example deferral forms are shown at http://www.canadatotwincities.com/ In these forms, the monies are shown in US$ (and in CDN$). Is it important to calcuate the US$ value. Would it be OK to show on CDN$ amount. The problem I see is that the US$ amount is a function of the any c...

This does not make sense... I would think since the account is CDN$ account. All gains/losses should be calculated in CDN$. They should then be converted to US$ on the day the distribution is taken using the exchange rate of that day In Martin's case, he realized a loss CDN$1000. This should be conv...

When in Canada, I was enrolled in a DCPP (Defined Contribution Pension Plan). As the name suggests, this a Pension Plan and contributions were made by my employer when I was employed. I cannot withdraw the money till I retire. When I do retire, I will get this money tax free (I think!!) - Do I have ...

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote"><i>Originally posted by nelsona</i> The value when you moved is not really important: In determining basis you choose ...

On the 1116, what kind of a foreign income is the RRSP income. I am getting confused between whether it is considered as "HIGH WITHHOLDING TAX INCOME" or "LUMP SUM DISTRIBUTION"

I have browsed thru this forum and the old forum on the Grasmick and I believe I understand how line 16b (IRS) is calculated. However, I am a little confused a little about the following: Invested in RRSP : $13K Value when moved to US : $10K (1999) Value when RRSP is distributed : $16K On line 16a, ...