Serbinski Accounting Firms

I was unaware of form 8621 until this past weekend when I read something about it on a Canadian financial discussion forum. The author of the post, citing a Canadian financial adviser, said, "Starting with your 2011 US return...". Looking at the discussion here at the Serbinski forum, I'm ...

Thanks for your comment, nelsona. In my Google-based search to better understand how to calculate the amount of tax I'm paying in Canada on my eligible dividends, I occasionally come across gems like, "Well, believe it or not, for an individual without any other taxable income in 2007, it is po...

I have dual US/Canada citizenship. I came to Canada 25 years ago to do what was supposed to be a three year project and I'm still here. Several years ago, once I realized that I was going to finish my career and retire in Canada, I applied for and got my Canadian citizenship. Regardless of where I r...

Thanks, nelsona, I value your comments and appreciate the effort you give to me and everyone else in this forum.

Hello nelsona - I get what I think are qualified dividends from seven different stocks, six of which I own directly in DRIPs and get the 1099-DIVs or T-5 slips from the transfer agent. The other is in my Canadian brokerage account. Three of the stocks are US companies for which I get 1099-DIVs with ...

Thanks for your comments, nelsona, I appreciate your help. My 2009 investment income was Interest and "other income" $800 Dividends $7200 ($800 of which was qualified) Cap gains distributions $2200 Cap Losses -$5000 Your comment about "creating" 1099s for my investment income mad...

I'm a US/CDN dual citizen living in Canada and doing my US taxes for the first time with TurboTax. I've just finished entering in my 2009 data and TurboTax indicates that Form 1116 isn't necessary. This is a little surprising as I've had to use a 1116 for the past six or seven years but I did have r...

I'm a US citizen residing in Canada. My Canadian source passive income has recently gotten high enough that I need to use form 1116. I do my Canadian taxes with UFile and know the percent of taxable income I paid in taxes. As for passive income from Canadian sources, I know I pay tax on 100% of my i...

Thanks, Nelson - your help is much appreciated.

This thread made me aware of form 8891 and I'm now filling them out from 2003 onward as well as 1040-X forms for the respective years. I have Federal Taxes withheld every year on some US dividend reinvestment plans which I claim and get refunded when I file my US taxes. On form 1040-X I enter the wi...

I'm a US citizen and a landed immigrant in Canada permanently residing in Canada. I own a closed end mutual fund on the NYSE. I'm enrolled in its Dividend Reinvestment Plan and hold the stock certificate myself. I receive a 1042-S form every year from the transfer agent with my tax information. (As ...

Thanks, nelson. Read through your first answer too quickly. :oops:

Thank you very much, nelson. I infer from your answer that a cap gain from the sale of stock in a US company would also have to go into the "income re-sourced by treaty" category. Is that right?

This is really a question about Form 1116 but it's illustrated with a question I asked earlier in this thread regarding a cap gains distribution. Form 1116, Part I 1a asks for "Gross income from sources within country shown above..." I'm not sure what "sources within country" mea...

Thanks Norbert and Nelson. Ouch! The distribution was approximately 13% so it wasn't exactly peanuts. Now to decide whether to bite the bullet and sell it with a sizable cap gains hit (it's up >300% since I bought it) plus figure out where to re-deploy the funds or go through this agony every spring...