Serbinski Accounting Firms

"...you won't be let back in until you establish a home in Canada (lease, phone, utilities)." I know that to enter the US as a Canadian visitor you need to have a "permanent home" in Canada. Do the lease, phone, utilities, etc have to be in your name? What if you live with a fami...

1) Ok, after reading JohnSt's first two links again, I think I understand a little bit better. It seems that the form is, in part, for ensuring that UNdistributed income is taxed in the year it's earned. So does this mean that if you own a fund that distributes your income yearly, there's no deferre...

In my case, I moved back to Can from US and am filing 1040 for the year. I bought a mutual fund after I moved back. If I file dual status instead, with 1040NR covering the time I owned the fund, I guess the problem would not arise. My mutual fund (a money market) paid "interest" periodical...

The third site that JohnSt links to was one of the ones I saw. The other site, that seemed to say the opposite, was David Ingram's Cen-ta site. My browser for some reason won't let me cut &paste the link, but if you type "form 8621" on the site's search page it's the only reference tha...

Is it necessary to file form 8621 if, as a US resident (1040 filer), I owned Canadian mutual fund shares? I've read conflicting things on other sites (one saying that all Canadian mutual funds fall under this form and another saying that mutual funds don't count as the kind of company this form appl...

Thanks.

Thanks.

I have some money in a money market fund with RBC Securities and noticed that the T3 they sent says its a "statement of trust income allocations." (They seem to be referring to the fund as a trust.) Is this the kind of "trust" that the IRS means when it asks if you have a stake i...

Does the above response also apply to the question about foreign trusts (#8) on 1040 sched B and/or to form 3250? Some of the language in the isntructions for form 3250 left me a bit unclear on it. My Canadian mother has me and one of my siblings listed as beneficiaries of her RRSP, meaning we don't...

Thanks for the replies. And also the great forum.

Do you know what the penalty would normally be for this kind of violation? A fine? deportation? Or could it affect eligibility for future travel to US? (I know under some circumstances being in US 'out of status' can get you 'banned' for 5 years.)

I'm Canadian and worked in US from 2004-2006 on an H1-B. In 2005, I attended a series of work-related workshops for which I received money (less than $1000) from the organization that sponsored the workshops (not my H1B employer.) It didn't occur to me at the time that this was an "employment&q...

I just read (re CRA) that fellowships are all nontaxable as of 2006. That still leaves 2005 though. Does my sister need to correct her 2005 return to declare 'free' tuition? Thks.

Thanks for your help with my last question, Nelsona. After telling my sister about you and this forum I have another one. She goes to university in US, but is Can. tax resident. Her school gives her free tuition (calls it a 'tuition fellowship' but basically the school pays itself; it doesn't give h...

I worked in US for 2004-2006, as a resident. Returned to Canada in 2007. In 2006 I opened a bank account in Canada, greater than US $10,000. A tax-preparer did my returns in the US and in '06 he used a 1040A. I only discovered this was wrong last week when I was doing my '07 taxes and came across th...