Serbinski Accounting Firms

Hi nelsona,

Thank you for the reply.

I guess I wasn't thinking about taking the money right away as I wasn't sure whether there were any tax/inheritance/gift/etc implications. In other words, what is the best strategy to follow.

If my mother sells the house and goes into an assisted living ...

Hi nelsona,

What if my mother had to move into an assisted care facility and thus sell the home to fund that? Given the exact same setup as described in the first post in this thread, what would be the best strategy for my brother and I to receive the remaining proceeds from my mothers home upon ...

Thank you nelsona. Very good information here. It's looking like it's best to NOT add my brother and I to the deed.

Hi,

My mother is giving her house to my brother and I via her will upon passing. It will be a 50/50 split between the two of us. Both my mother and brother are Canadian citizens with no U.S. ties. My mother lives in Ontario. I am a Canada/U.S. citizen living in the U.S. and non-resident for tax ...

Hi,

1. I am a dual Canada/U.S. citizen residing in Florida. I am non-resident for Canadian tax purposes.

2. My brother and mother are Canadian citizens living in Canada.

3. My mother is going to leave her house to my brother and I, divided 50/50.

4. We would like to keep the house, even if we ...

Thanks nelsona.

Hi,

So as a U.S. resident I have a Canadian Bank account that has a debit card attached to it.

Naturally, the bank account has an account number, also, the debit card has a credit card style number printed on it.

So on the FBAR, I report the Canadian Bank account number. But what about the debit ...

Trying to be certain that I understand what you mean by "positive".

So if I have a line of credit and borrow $1,000 from it, then my belief is that is negative since I owe that money.

Then if I pay back that $1,000 but for some reason pay back $1,500 when only $1,000 is owed, then my belied is ...

Naveg, here is my advice.

Make an appointment with the Serbinski firm and pay them to do your Canadian, U.S. and California tax returns if and when you go. If you live near Toronto then it's simple to go visit with them.

As a dual Canada/U.S. citizen living in Florida for over 20 years now, let me ...

Hi, I've read the instructions for form 8938 and believe I already know the answer, but just want to be certain.

Each year I file the FBAR where I list my foreign accounts as well as my mothers over which I have bank power of attorney. i.e. signature authority

Form 8938 is only interested in my ...

Thank you for the reply.

Hi,

I am a dual Canada/US citizen living in Florida with no residential ties to Canada.

My parents are Canadian citizens living in Ontario.

My parents want to give me $30,000 from a regular bank account.

Are there any tax concerns for my parents or myself for this gift?

Are there any forms that ...

>>How about we wait for that time... you in some kind of hurry?

LOL

No, definitely not in a hurry.

But no harm in being prepared.

So there will be no tax implications in Canada or the US for me? I like that!

Will there at least be any forms I need to file in Canada or the US to say where I got all that money from?

Hi,

I am a dual Canada/US citizen living in the US. I am non-resident in Canada for tax purposes.

Just wondering what my tax implications will be when my parents pass away and I inherit my share.

There is a house that my brother and I will split equally, and likely sell. There are some RRIF's and ...