Serbinski Accounting Firms

In years past I have always just used the bank of canada average USD exchange rate for my tax returns....but this is a "cheque" rate It is possilbe on that site to pull the cash rate for the year....which is about 2% lower....Will the CRA make a stink if I use that rate on my returns? do I...

thank you for clarifying that.

I thought we were going to be able to deduct our 401k contributions this year? Am I mistaken? I thought that treaty recognizing this was approved and effective. If it is deductible now can you point me to the right spot in the Canadian tax forms to include it.

Thank you.

if you file using a 1040 NR is it possible to obtain this Recovery rebate credit?

Royal bank is also a possibility for you. They can set you up an account with RBC Centura (US BANK) for your direct deposits, and you can link this account to an account at Royal. Transfers can be done completely online between accounts. You can even get a US line of credit through RBC centura and a...

got it...understood. Thank you!

I guess there is no such thing as a simple answer when it comes to taxes is there? When I went through the Proforma 1040 MFJ, I was not subjected to the AMT. Going through the 1040 NR, the AMT now wants a piece of the pie. Here is what I'm thinking: Using the tax determined by the tables for the NR ...

Hopefully this is a quick question. After calculating the effective tax rate (proforma 1040), I read that you apply it to your taxable income on line 58 on 1040NR. I need some clarification to this. This year I will be required to pay some AMT. So do I multiply the effective tax rate by line 40 and ...

Understood...thank you for your advice/help!

I believe I'm using the FTC correctly. Last year I paid $21945.96 in US taxes (fed, state, SS, medicare)...$15,446.38 of that went to the Federal FTC and the remaining $6499.58 went to the Provincial FTC. The numbers tell me I used all that I could. Essentially I came up shy $1200 for Ontario taxes....

Yes I have been able to use all my US taxes on my Canadian return to date. I also feared that this additional AMT would push me over that foreign tax credit limit this year if I simply filed a 1040 NR. I'm actually a friend of Telly and have been reading some of her posts and talking with her. Not s...

Thank you for the reply Nelsona.
My thought was that If I've currently paid for eg. $14k in fed tax and with deductions can get back $3k, but than because my income triggers the AMT I have to pay $11k + $2k(AMT) = $13k, therfore seeing a return of $1k versus owing <$2k.
Does that make sense?

Hello, I've been working in the US for 7 years (living in Windsor, commuting daily), and from a quick look at my tax situation for 2007 it looks as though I'm going to be stung by the AMT this year for over $2K. I've traditionally been filing a 1040NR. After reading through the forums I understand t...