Serbinski Accounting Firms

What exactly does your agent have to send in every month? Do they send in the remmitance voucher with payment, or a NR-4 slip with payment?

Which means I should send in a NR-4 with 25% of half the gross rent amount?

Hello again, We have found a renter for our condo in Canada starting October 6th. My wife is leaving for the US a few weeks after that (staying at her mom's). So we dont have to send in a NR-4 and cheque for October rent since she is still a Cdn resident? After see arrives in US we can file a NR-6 t...

At the time of departure the form states to provide a FMV for the property. If we got a market evauation by a realator is that good enough? Or is CRA pretty firm on reporting this number in another matter?

We should only need to fill out form T1161 to report our property, and not have to report deemed dispositons of property? It is my wife's personal residence up until the time she leaves for the US, so before then it has no capital gains.

So depending on how many years we keep it for we can make our decision at that time, either option 1 or 2. Thanks for the advice on getting a market evaulation. I will contact a real estate agent to get one done. Is there a special form they need to fill out for CRA? Thanks again for all your help.

Ok so if my soon to be wife comes to the US in October we have one year from then to sell the house and the gains become tax free? And if I understand correctly, after that one year we will have to pay 50% of half the capital gains from then on. So if in 2008 it appreciates $10000 we would have to p...

Another question for you. If we have my wife's sister (canadian resident) move in to our condo and not charge her rent only pay utilites, will we have to pay capital gains tax when we sell the condo? This would be her principal residence. Would we have to report this to CRA? Looking at options to re...

-Will we have to claim her income earned in Canada before she became a resident of the US on our joint 1040? Or do we just pay CDN income tax on it?

-When we file our NR-6 do we have to put both our names on it and that it is 50/50 ownership?

Thanks again for all your help!!

So keep things simple and have her become a NR of Canada when she moves to the US in October. When she moves back to Canada in June 2008, will she have to file to become a resident of Canada again to start work?

So if my wife remains a resident of Canada, my income after we are married(end of August) becomes taxable in Canada, right? But the tax you pay to Canada you get a credit for on your US return. In the end how much more tax does it work out to be? Using the example of a salary of $100,000 US per year...

Ok great! She will become a US resident once we are married. She has worked in Canada in 2007, and will also have rental income. What will be her status when she files her 2007 taxes? I know we will also have to claim worldwide income on US return, and include her Canada wages. You've been a great h...

Just wanted to clarifly a few things. Will my spouse have to become a NR of Canada? She will be living in US for 6months and Canada for 6months of the year. We have started the process of getting her a US ITIN so that we can file a joint 2007 US return. Also, will we have to file a joint return in C...

Ok thanks for the suggestion. So we need to file a NR-6 before we start renting it out, anything else we need to do before it is time to file our return next April?

Thanks. How do you handle the condo in terms of principal residence? We are renting an apartment in US. When you switch the condo to rental property from principal residence do you have to pay capital gains, or can you wait til you actually sell?