Serbinski Accounting Firms

Bruce, I am interested in this thread too as I will soon have a similar situation as you (US Citizen residing in Canada), and I am also wanting to see Nelsona's answer. Just for consideration, doesn't the Tax Treaty Article XIII Gains, paragraph 4 mean that any gains form the sale of stocks or mutua...

Got it.
Thanks.

Nelsona,
Where do I find a copy of the technical explanation with examples of re-sourcing that you mention?

Bruce You were correct wrt superficial loss. I too found the link Nelsona forwarded. I contacted CRA 3 times yesterday - the first two still telling me that it was not a superficial loss, but finally the 3rd person said yes it was and referenced a Tax Ruling on the matter. If you want it the Tax Rul...

I think you're on the right track by talking to them and getting the withholding tax paid. They should be able to determine the amount (%) of withholding, and be able to explain it to you. There is a guide for them at this link http://www.cra-arc.gc.ca/E/pub/tg/t4061/t4061-e.html and there is an inf...

Sorry Bruce. CRA has previously told me that this type of transaction is not a superficial loss.
But based on what you say I need to follow up.
Thanks.

Did you sell the stock in a non-IRA, i.e., regular investment account, and then buy back inside your IRA? I think for US tax this is a wash sale and the loss is disallowed. Which is too bad, and I can't see anyway around it. Did you already do this trade? Maybe someone else knows a way around it. In...

Some other thoughts: 1) did you acquire the properties before moving to Canada? If so then I think CRA would recognize them as having a fair market value on the day you took up residence in Canada. In which case your capital gain will only be the difference between the FMV when you moved to Canada a...

I think you answered your own question. You need to tell the insurance company you are a US resident, and they need to issue you a NR-4 for any income that is taxable. They should also be withholding tax from any payment made. I think this might depend on the type of income, but will be something li...

I'm quite sure that CPP and OAS are treated in the same manner as US social security for US tax purposes, which means you enter them on 1040 by adding them to your US social security amount (if you have any). See this link http://www.irs.gov/faqs/faq/0,,id=199667,00.html

And the Roth won't be taxable if it meets the qualified distribution rules.

Thanks for your answers.

I'd like to follow along and ask about inheritance issues. If a Roth IRA is inherited it seems as though the heir can take the Roth funds out anytime within 5 years of the year following the death, and that the heir would have no taxes to pay, assuming any roll over amounts have been in the Roth for...

Thanks Nelsona. OK, so from this last post I understand she could convert from traditional to Roth before leaving, which would not be reported as income in 2010 Cdn tax, and by electing to spread the income into 2011/12 for US taxes, it would also not be reported as Cdn income in 2011/12. Is that ri...

Can anyone clarify for me if the conversion from traditional to Roth before moving triggers a new 5 year wait period for the Roth? Again IRS publication 590 states that each conversion starts its own 5 year period, but the Ordering Rules apply only to distributions that are not qualified distributio...

Thanks. I was thinking that if the conversion was made before moving, then CRA would not see it as income in 2010. Then if she carried forward for US tax purposes to 2011/12, what would CRA see, since there would be no conversion in 2011/12. In fact there could be no traditional IRA left if it was a...