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 ...

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 ...

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 the higher of

a. Your total contributions

or

b. the ...

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 ...