Serbinski Accounting Firms

I’m a dual U.S./Canadian citizen residing in Quebec. I received a Schedule K-1 (Form 1065) for a passive U.S. limited partnership real estate investment, which reports a loss on line 2 (Net rental real estate income/loss).

I can report the loss on my federal T1 (Line 12200) as a limited partner ...

Dual US/Canadian citizen residing in Quebec-Canada.

For many years I have avoided TFSA since they would end up being taxed in the US and there would be no benefit to their tax free status in Canada.

BUT....!!!

I just saw an interesting posting from someone in a similar situation that caught my ...

PS happy holidays!

Ten years have passed. I am no longer a temporary resident in Canada. I have dual citizenship in US and Canada.

I just opened a TFSA and deposited the max--$63,500. But I just came across this posting from 10 years ago and realize that while Canada will not tax the annual earnings--the US will! And ...

Nelsona,

Thank you so much for your reply! I thought FTC could not be applied against my self-employment income tax because Turbo-Tax was not allowing it. AND when I researched I found this article:

https://www.goldinglawyers.com/will-the-foreign-tax-credit-reduce-my-self-employment-tax/

I will ...

I worked with your firm years ago and the experience was a positive one. I stopped because my business activity decreased. But now it is increasing, and I just posted a topic regarding Foreign Tax Credit on Self-Employment Income.

My question is: do you work with any clients who do all of their ...

I am a citizen of the US and Canada, residing full-time in Quebec Canada. I used to have a Quebec corporation where I earned income from general management services. I paid myself through the corporation and I was able to avoid double taxation by taking the foreign tax credit on my US return. I closed the company several years ago. In 2017 I started earning income from general management services again. But this time I was paid directly, not through a corporation. I am preparing my 2017 US Tax returns and am surprised to see that the foreign tax credit “generally does notâ€￾ reduce my US taxable liability from the self-employment income I receive. "Generally does not??" Rats!

Is there anything I can do? It’s about $35K in income, resulting in a tax bill in Canada for about $4,500 and another tax bill in the US for $4,500. I hate to have to double pay! I anticipate my fee income will also increase this year, to $60K, and perhaps more in the future. So, I might be best to open a corporation again. I also think I might, again, need your assistance in future tax prep as this is becoming complicated again.


Thanks for your reply!

Jeff

I have two NY State 529 NY State Tax Deferred College Savings Accounts. One is in my name and my son is the beneficiary. The other is in my spouse’s name and my daughter is the beneficiary.

Question: Can we make withdrawals from the account for which my daughter is the beneficiary and use those ...

I have no issue with filing Canadian income taxes for kids. Just trying to understand why I am being advised to do so. I have an email to Mark and Stephen to discuss re-engaging you. If I do, I will address this issue in detail as it appears it will not be so simple to resolve on this forum.

In the ...

I made a mistake. I was advised that my children should be filing CANADIAN tax returns. Again, they have never had this requirement before. I'm told if I will be taking some sort of credit for them, that they have to file this Canadian return. It would be a nil return since they have no income. Does ...

1) I am a US citizen and a Canadian resident. I have a NY 529 College Savings Plan. As one of my children are about to attend University and I have eligible expenses, I am about to make my first withdrawal.

I noticed that I have the opportunity to have the distribution made to me (the owner) or to ...

didn't notice the signature tag. you're very knowledgeable. you answer all of the questions on these forums?

Got it. This board is excellent and appreciated. I understand you are not employed by Serbinski--I assume you run this board and you are an independent contractor who is also a Certified Public Accountant (US) and/or a Chartered Accountant (CN) ?

Why do you say "IF you elect"? Is is not required for a US citizen to report withdrawls from an RRSP if residing in Canada?

Is there an equivalent of an 8891 in Canada. A requirement to report holdings and interest on tax sheletered US instruments, i.e. IRA's, 401(k)'s, etc. ??

then under this scenario there would be absolutely no advantage at all in a TFSA, Agree?

"just like an RESP." That's interesting. I was trying to get into an RESP, but because of my current temporary immigration status--my kids couldn't get SIN's and therefore I am unable to contribute for the time ...